Bitcoin [BTC] advanced to the present 2-month highs earlier on Monday while Ethereum [ETH] clocked 3-week highs after Grayscale revealed that its Ethereum Trust transforms into an SEC reporting company.
BTC, the leading cryptocurrency by market price, clocked a high of $11,524 USD at 13:45 UTC, the very best level since 2nd Sept., and was trading at $11,540 USD at the reporting time, gaining 0.95% over the past 24 hours, consistent CoinMarketCap.
Meanwhile, ETH, at the same time, was traded around $385.70 USD at the reporting time, up 3.01% within the past 24 hours. That’s the very best level since 20th Sept.
The rally came as cryptocurrency asset manager Grayscale added that its Ethereum Trust has become an SEC [Securities and Exchange Commission] reporting firm.
“This voluntary filing shouldn’t be confused as an attempt to classify Grayscale Ethereum Trust as an ETF,” Grayscale, owned by CoinDesk’ parent company Digital Currency Group, wrote within an official press-release.
While adding further, Vinokourov, head of research at the London-based prime brokerage Bequant added
“The news will likely spur on another wave of Ethereum outperforming bitcoin, especially given the growing TVL across the DeFi universe,” Denis
Bitcoin [BTC] has gained 59% this year while Ethereum has rallied by nearly 200% within this period of growth.
Both cryptocurrencies added over 6% last week following payments firm Square’s disclosure of a $50 Mln in BTC investment.