Today, the cryptocurrency market experienced significant price gains with a majority of the top-ranked cryptocurrencies by market cap. Stacks (STX) saw an increase of 18.43%, Toncoin (TON) increased by 15.51%, and Bitcoin Cash (BCH) rose 12.33%. This caused the crypto market cap in the world to increase by 4.5% to $1.09 billion.
What is causing the crypto market to surge? Grayscale’s win in the Bitcoin ETF Case in the US Court of Appeals DC Circuit on August 29th may be the most significant factor. The ruling was monumental for the crypto industry, as it paves the way to the approval of Bitcoin ETFs. BlackRock has also made a BTC ETF application, as well as Fidelity.
After a long period of consolidation of approximately $26k, Bitcoin price momentarily surged above $28k minutes after the court ruling. Although the price of BTC is slightly lower, the bulls remain in control. Ethereum (ETH), the second largest cryptocurrency in terms of market capital, has also risen above $1700 after two weeks of staying below $1700.
It is clear that the crypto market has been positively impacted by the news of Grayscale’s win against the US SEC. This news could be the key to the ongoing growth of the crypto market.
