Stacks and Toncoin Lead the Bull Cycle as Global Crypto Market Surges

10:00 pm
August 30, 2023

The global crypto market cap has surged, with Stacks (STX) and Toncoin (TON) leading the bull cycle. Bitcoin Cash (BCH) has also experienced a significant jump. The surge in the crypto market coincides with Grayscale’s win against the US SEC in the Bitcoin ETF case.

Stacks (STX) has gained 18.43% to trade at $0.5319, while Toncoin (TON) has gained 15.51% to trade at $1.74. Bitcoin Cash (BCH) has jumped by 12.33% to trade at $216.57.

Today’s surge in the crypto market has resulted in a 4.35% increase in the global crypto market cap, reaching $1.09 trillion.

Why is the Crypto Market Rising Today?

The surge in the crypto market today is attributed to Grayscale’s victory against the US Securities & Exchange Commission (SEC) in the Bitcoin ETF case.

The US Court of Appeals for the DC Circuit ruled in favor of Grayscale on August 29, marking a significant win for the crypto industry. The ruling not only paves the way for Grayscale’s Bitcoin ETF petition approval but also for the BTC ETF applications from BlackRock and Fidelity.

Following the court ruling, Bitcoin’s price briefly surged above $28,000 from a consolidation of around $26,000. Although the price has slightly pulled back since then, the bull market seems to be in control.

Ethereum (ETH), the second-largest cryptocurrency by market cap, has also experienced a surge, surpassing $1,700 after remaining below that level for two consecutive weeks.

FAQ

What are Stacks (STX) and Toncoin (TON)?

Stacks (STX) and Toncoin (TON) are cryptocurrencies that have experienced significant gains in the market. Stacks is currently trading at $0.5319, while Toncoin is trading at $1.74.

What is the global crypto market cap?

The global crypto market cap refers to the total value of all cryptocurrencies combined. It has surged to $1.09 trillion, with the recent increase attributed to the rise in prices of various cryptocurrencies.

Why did the crypto market surge?

The surge in the crypto market is attributed to Grayscale’s legal victory against the US SEC in the Bitcoin ETF case. This ruling has positive implications for the approval of Bitcoin ETF petitions filed by Grayscale, as well as applications from other major players like BlackRock and Fidelity.

Has Bitcoin’s price increased?

Bitcoin’s price briefly surged above $28,000 after the court ruling, indicating a bullish sentiment. However, the price has slightly pulled back since then.

What is the current price of Ethereum (ETH)?

Ethereum (ETH) is currently trading above $1,700, experiencing a surge after staying below that level for two consecutive weeks.

What is the significance of the crypto market surge?

The surge in the crypto market indicates increased investor interest and confidence in cryptocurrencies. It also suggests a positive outlook for the overall crypto industry and the potential for further growth in the market.


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