ISTANBUL 

Bitcoin jumped more than 7% Tuesday after a US court ruled in favor of cryptocurrency investment firm Grayscale's exchange-traded fund (ETF). 

The price of Bitcoin climbed to as high as $28,040 at 1.10 p.m. EDT for a 7.3% daily gain after closing the previous day at $26,121.

Ethereum, the world's biggest altcoin by market value, also rose 5.4% to as much as $1,743 after closing Monday at $1,653.

Some altcoins saw their prices soar around 10% in the past 24 hours, according to data from the digital asset price-tracking website, CoinMarketCap.

The total value of the crypto market was up 5% to $1.11 trillion at 1.56 p.m. EDT, the data showed.

The US Court of Appeals for the D.C. Circuit decided against the US' Securities and Exchange Commission, which had rejected last year Grayscale's application to convert its Bitcoin Trust to an ETF.