The price of digital currency Ethereum surpassed hit new highs on Monday, surging against the US dollar to trade at around $25.
The currency has flown over the past two days in an unmistakeable bull run, increasing the chances that it may move towards $26 in the near term.
The currency has further reached a market cap of more than $2 billion, the highest ever achieved by any digital currency except for bitcoin. Ethereum now has a market cap around 10 percent of Bitcoin’s market cap.
The currency’s surge comes after the US Securities and Exchange Commission denied a request to list first U.S. exchange-traded fund built to track Bitcoin on Friday. The Bitcoin ETF’s investors, Cameron and Tyler Winklevoss, had been campaigning for several years to list the ETF, but were denied the request on the grounds that it would present too large a risk to investors.
Bitcoin’s price plunged, falling as much as 18 percent before rebounding to trade down around 7 percent.