07:13 AM EDT, 05/21/2024 (MT Newswires) -- Major cryptocurrencies bitcoin (BTC) and ethereum (ETH) continued to rally early Tuesday, buoyed by market optimism ahead of the US Securities and Exchange Commission's decision on certain spot ether ETF applications this week.

Ethereum was up more than 19% at $3,710, while bitcoin was over 5% higher at $70,991.

According to a Reuters source reported Tuesday, "outright approval is a long shot, but any guidance on a pathway to eventual acceptance would be a big step forward."