Stacks and Toncoin lead the bull cycle as global crypto market cap surge

The cryptocurrency market has turned green today with a majority of the top cryptocurrencies by market cap registering significant price surges. Stacks (STX), Toncoin (TON), and Bitcoin Cash (BCH) have come out as the top gainers as the global crypto market cap increased by 4.35% to hit $1.09 trillion.

But what is making the crypto market surge? Well, let’s delve into the factors behind today’s crypto price surges.

Today’s crypto market price surge coincides with Grayscale’s win against the US SEC in the Bitcoin ETF case.

Why is the crypto market rising today?

The US Court of Appeals for the DC Circuit on August 29 ruled in favour of Grayscale in its long-running lawsuit against the Securities & Exchange Commission.

The ruling was monumental for the crypto industry which has been agitating for SEC’s approval of Bitcoin ETFs. The ruling not only paves the way for the approval of the Bitcoin ETF petition filed by Grayscale but also for the BTC ETF applications made by BlackRock and Fidelity.

Bitcoin price chart

After a long consolidation of around $26k, Bitcoin price momentarily surged above $28k minutes after the court ruling on August 29. Although the price of BTC has since slightly pulled back the bulls still seem to be squarely in control.

Ethereum (ETH), the second-largest cryptocurrency by market cap has also surged above $1,700 after staying below $1,700 for two straight weeks.

  • Stacks (STX) has gained 18.43% today to trade at $0.5319 at press time.
  • Toncoin (TON) has gained 15.51% today to trade at $1.74 at press time
  • Bitcoin Cash (BCH) had jumped by 12.33% to trade at $216.57.

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