March 10th, 2017, will go down in history as one of the most volatile days for the digital currency, Bitcoin, due to the Securities and Exchange Commission’s decision to not list shares of the Winklevoss Bitcoin Trust for trading in the United States.
While SEC’s move to deny the Winklevoss Bitcoin ETF caused the price of the world’s most valuable digital currency to plunge 24% in a matter of minutes on Friday – ether, the token of the Ethereum blockchain, had one of its best days on record.
As the value of Bitcoin plunged from $1290 to $975, the ETH/BTC pair climbed to a 6-month high of 0.017997. The last time Ether traded this high was on October 25, 2016.
On Hong Kong-based Bitfinex, which has the highest-volume ETH/USD pair, Etereum’s token was trading as high as $19.70 per coin on Friday afternoon:
Today’s monumental developments gave ETH a significant boost, however, the innovative digital asset has been in an uptrend since the start of this year.
Improving fundamentals, particularly the Enterprise Ethereum initiative, which was backed by major investment banks J.P. Morgan and Banco Santander, among many others, vaulted ETH to new 2017 highs back in February.