Bitcoin markets aren’t the only ones on the rise in the wake of the SEC’s exchange-trade fund (ETF) listing rejection.
Perhaps in response to the publicity that has followed, the price of the digital currency rose back above its pre-ETF rejection levels this morning, days after US regulators deflected a bid to get the Cameron and Tyler Winklevoss-backed fund’s shares listed on the Bats BZX Exchange.
Yet, market data suggests that other digital currencies are seeing significant price gains this morning. All told, the across-the-board capitalization for the digital currency market is up roughly $4.59bn since the market low on Friday, shortly after the SEC had issued its rejection, CoinMarketCap figures reveal.
Ether, the cryptocurrency of the ethereum network, is up more than 30%, climbing as high as $30 on some exchanges. According to CoinMarketCap, trading volumes have exceeded $200m worldwide in the past 24 hours.
Likewise, dash has continued a price increase trend to climb to over $70. And privacy-oriented currency monero is averaging $18 at press time, representing a climb of about 22% in the past day. Even older digital currencies such as namecoin and peercoin have seen significant price increases today, rising by 135% and 40%, respectively, as of press time.
As observed by some market observers, digital currency markets saw price increases broadly in the wake of the decision, suggesting that volumes are being driven at least in part by increased exposure for the industry at large.
Images via CoinDesk; Shutterstock
Disclosure Read More
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.