Two major cryptocurrencies, Bitcoin and Ethereum, have reached new all-time high limits.
Bitcoin now trades at $1,437. The all-time high of $1,456.35 was registered on Monday.
Bitcoin has been keeping moving up over the past week as the SEC unveiled its decision to review the refusal of the Winklevoss bitcoin ETF.
Earlier, the SEC stated that it “is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.”
The refusal clogged more-than-three-year efforts of investors Cameron and Tyler Winklevoss to bring the Bitcoin ETF to market.
The 2017 is definitely a shaky year for Bitcoin. At the very beginning of the year, it gained 20% but soon crashed 35% due to unstable situation in China that cracked down on trading. The SEC’s rejection of two bitcoin ETFs and fears developers could set up a “hard fork” that would split the cryptocurrency in two, caused the boost of Bitcoin by more than 80%.
Bitcoin has been the top-performing currency every year since 2010, apart from 2014.
Meanwhile, it is the first time ever that altcoins account for more of the overall cryptocurrency market capitalization. Bitcoin’s dominance currently stands at just 59.1 percent, the lowest it has ever been. At the beginning of the year, Bitcoin’s market dominance was 87 percent.
There are a number of factors influencing the boost of altcoins. The current situations owes mainly to Ethereum. Its market capitalization has jumped from $4.5 bln to $7.5 bln for the last week. The price now makes up $78.43 while the previous top of $71.90 was registered last week. Experts explain the popularity of Ethereum by investor trust in such market startups as Gnosis, the platform for the next generation of prediction market applications with token sale named as the most successful in cryptocurrency market.
One of the reasons for Ethereum boost is its ETF that is currently struggling to get an approval. On July 15, 2016, the EtherIndex Ether Trust team filed an application for an Ether ETF to the SEC. The agency is now considering the ETF and soon will start working with appropriate parties and persons of interest to come to a final conclusion whether the EtherIndex Ether Trust is approved or not.
Ethereum Classic has risen from a $240 mln to $600 mln cap since April 26.
It is reported that the launch of Barry Silbert’s dedicated trading fund was a key to the increased excitement among traders regarding Ethereum Classic.