The price surge marked a new high for the cryptocurrency in the last three months. 

Despite today’s increase, Ethereum’s price is still 59% lower than its all-time high.

Following a judgment by a U.S. federal court that XRP should not be deemed a security in some contexts, the larger cryptocurrency market is nearly uniformly green today. This upswing has pushed Ethereum, the second-biggest cryptocurrency by market size, back over $2,000 after a two-month absence.

The price of Ether (ETH) has risen past $2,000, marking a new high for the cryptocurrency by three months. During the Asian morning hours, the second biggest cryptocurrency by market size rose 7.4 percent, reaching $2,010 in value.

Altcoins Rally

Following Thursday’s Ripple-SEC verdict, the value of a number of layer-1 tokens rose by double digits, including Solana’s SOL, which has been labeled by the SEC as being a security.

The Lido DAO governance token (LDO) has also increased by 25% in the last day. In addition, Bitcoin (BTC) surpassed its yearly high, with prices reaching $31,424. At the time of writing, Ripple’s XRP had risen by 64%, trading at $0.779 cents.

Coinglass reports that in the previous 12 hours, cryptocurrency traders have closed short positions totaling $203 million. May 5 was the last day Ethereum traded for more than $2,000, according to data from CoinGecko. There were two short occasions in which Ethereum’s price was over $2,100 in April, but otherwise, ETH has been below $2,000 for the last 11 months.

Despite today’s increase, Ethereum’s price is still 59% lower than its all-time high of $4,878 reached in November 2021, when the cryptocurrency market peaked.

XRP’s own price has rocketed by 81% over the past 24 hours, and Ethereum is likely to follow the momentum and maintain a base above the $2k mark.

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Filed under: Bitcoin - @ July 14, 2023 10:12 am