Digital currencies rebounded again after a slight decline during the past few hours of trading on Thursday, after Bitcoin recorded its highest level in 18 months.

The largest digital currency in terms of market value is consolidating around the important level of $35,000, which paves the way for an upcoming rise in digital currencies in general, as the price of Bitcoin has not exceeded the $35,000 barrier since May of last year.

However, the recent rally is a preparation for an upcoming bull market, which may coincide with the Bitcoin mining reward halving event. These possibilities increase thanks to accelerating positive developments, including reports indicating that the US Securities and Exchange Commission may approve the launch of a Bitcoin exchange-traded fund.

The huge rise in digital currency prices over the past few days was prompted by a court ruling in favor of the American company Grayscale Investments from the Federal Court of Appeals, on Monday, in its effort to establish spot funds for trading Bitcoin on the exchange, despite the objection of the Securities and Exchange Commission.

Among the leading companies competing to offer similar products are asset management companies BlackRock and Fidelity Investments. Digital asset traders expect ETFs to contribute to expanding adoption of the use of digital currencies.

These formal decisions reinforce the court's previous ruling two months ago, which held that the SEC was arbitrary in rejecting Grayscale's attempt to convert the roughly $17 billion Grayscale Bitcoin Trust into an exchange-traded fund.

This exchange-traded fund would give investors a way to follow the price movements of digital currencies without having to own them directly.

Cryptocurrencies now

The combined market value of the crypto market during these moments of today’s trading amounted to approximately $1.26 trillion. The trading volume reached approximately $64.99 billion.

Bitcoin rose during the last 24 hours to the levels of $34,677, by 1.5%, while recording weekly gains of 22.4%. Its market value now stands at $674 billion.

While Ethereum, which is the largest digital currency by market value after Bitcoin, rose by about 1.4% during the last 24 hours, reaching $1,831, with weekly gains of 17%, and a market value of about $216 billion.

The price of Binance Coin fell by 1.4% to record $225.

While Ripple gained approximately 0.45%, recording $0.55577.

Solana rose by 3.5% during the last 24 hours to $33,057, and by 37% during the last 7 days.

Cardano witnessed a rise to $0.2931, by 3.5%, while it rose in the last 7 days by 20%.

On the other hand, Dogecoin rose to the level of $0.071025, by 6.8%.