The cryptocurrency market has experienced an upward momentum following Grayscale’s victory in the SEC lawsuit. Within the past 24 hours, Ethereum (ETH) has gained significant value, surpassing the $1700 price level.
The Grayscale lawsuit has had a strong impact on the cryptocurrency market. With the announcement of Grayscale’s victory in the SEC lawsuit, the market quickly surged. Yesterday, the leading cryptocurrency Bitcoin (BTC) exceeded the $28,000 level, but after its recent price movements, it began trading at around $27,300.
Most altcoins in the cryptocurrency market have also experienced significant value increases due to the rise in BTC and the overall market capitalization of the crypto industry reached $1.09 trillion, according to CoinMarketCap (CMC) data.
The market’s upward movement has also led to increased volatility. According to Coinglass data, the cryptocurrency market witnessed the liquidation of approximately $150 million worth of short and long positions within the past 24 hours.
Over the past few weeks, Ethereum (ETH) has been fluctuating between the $1600 and $1700 levels. Although it tested the $1700 level multiple times, it experienced a decline and dropped to $1650. However, with the rise of the cryptocurrency market due to the Grayscale lawsuit, ETH, like many other cryptocurrencies, has reversed its course and started moving upwards.
Ethereum (ETH) has surpassed the $1700 level, which it has tested multiple times in the past, with the value increase it has recorded within the past 24 hours. It reached as high as $1740 yesterday. Following the recent surge, ETH’s total market capitalization has exceeded $200 billion. Additionally, ETH’s 24-hour trading volume has increased by over 100%.
Furthermore, Santiment, a cryptocurrency analysis platform, recently evaluated the current situation of Ethereum and highlighted critical metrics. The platform suggested that important indicators such as development activity and network activity did not show a significant decline, indicating that current metrics are not at alarming levels.