BTC Reaches Two-Week Peak While These Altcoins Saw Significant Gains Following Grayscale’s Victory Against SEC

After several days of lackluster price activity, bitcoin finally took a positive turn yesterday, surging by over $2,000 within hours following another legal victory against the SEC in US courts.

Today, altcoins have also shown positive movement, with TONCOIN and BCH leading the way by achieving 15% gains.

BTC Surged Past $28K

The environment surrounding the leading cryptocurrency had been rather uneventful for several days. Following last Thursday’s failed attempt to break through $27,000, the asset reverted to $26,000 and remained stagnant until Tuesday.

This changed when a US judge ruled in favor of Grayscale in its legal dispute with the Securities and Exchange Commission concerning the agency’s refusal to review Grayscale’s spot Bitcoin ETF application.

This ruling significantly influenced BTC’s price, which soared by over $2,000 in a matter of hours, resulting in the liquidation of millions in short positions. Bitcoin reached $28,200, marking its highest price in nearly two weeks.

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Although it has retraced more than $500 from that local peak, BTC remains over 5% higher for the day. Its market capitalization has risen to above $530 billion, and its dominance over altcoins increased to 49% on CMC.

BTCUSD. Source: TradingView

Alts Show Positive Movement

As is often the case when BTC experiences rapid movement, most altcoins follow suit. However, some have outperformed others. This is evident with BCH and TONCOIN, both of which have surged approximately 15% in a day, reaching $220 and $1.73, respectively.

Ethereum has gained over 6% in value, approaching $1,750, although it has since lost some ground. Nonetheless, ETH is still up 4% for the day and is positioned above $1,700.

Solana has increased by more than 6.5%, while BNB, DOGE, XRP, ADA, MATIC, and LTC have all seen gains ranging from 3% to 5% within a day.

The total cryptocurrency market capitalization briefly rose by over $60 billion but now sits just below $1.1 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.