ETH prices have skyrocketed over $2,000 for the first time since mid-April following the Ripple victory over the SEC.
Ethereum is up just almost 8% on the day, reaching a high of $2,020 during the Friday morning Asian trading session.
Furthermore, the asset, which was also deemed a security by Gary Gensler and the SEC, has outperformed Bitcoin, which has only managed a 3.5% daily gain.
#ETH is dancing around the 2k mark! This is more than just a number, it’s a sign of strength and resilience. Keep your eyes on the prize, folks. $ETH is not done yet! 🚀💪 #Crypto #Ethereum pic.twitter.com/QvfMlErtji
— Cryptachi (@itachi_cryptoo) July 14, 2023
Ethereum Boosted by Ripple Win
On July 13, the judge presiding over the Ripple case, Judge Torres, ruled that secondary sales of XRP were not investment contracts. This has dealt a blow to the SEC since XRP can no longer be considered a security in this instance.
As a result, it has been re-listed on several exchanges, including Coinbase, which has boosted its price by over 70%. Other assets that the SEC alleged were securities such as Ethereum have enjoyed the ride up as prices jumped.
XRP (XRP) is now live on & in the Coinbase iOS & Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store this asset.
— Coinbase Assets 🛡️ (@CoinbaseAssets) July 13, 2023
Zooming out shows that Ethereum is still within its sideways channel despite this jump. It needs to break resistance at mid-April’s high of $2,120 to register further gains, so may well resume its range-bound action for a while.
Nevertheless, ETH has made an impressive 16% over the past month though half of that is in the past few hours.
Ethereum staking stats are also bullish, with a record high of 24 million staked ETH, according to Nansen. This represents a record 20% of the total supply and is valued at $48 billion at current prices.
Other Altcoins Skyrocketing
Total market capitalization is up 6.4% on the day at $1.3 trillion, which is the highest it has been since mid-April.
However, zooming out shows that markets have been sideways since mid-March, and today’s increases are just a minor blip.
Other altcoins getting a big boost from the Ripple victory include BNB, which is up over 6% at $258. Cardano (ADA) has jumped a whopping 26% to reach $0.363, while Solana is up 33% at $29 at the time of writing.
Other altcoins getting double-figure gains today include Dogecoin (DOGE), Polygon (MATIC), Avalanche (AVAX), Uniswap (UNI), and Ripple’s sister coin Stellar (XLM) surging a whopping 55% to reach $0.148.
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