Ethereum Classic (ETC) Explodes Over 50% In Massive Price Jump – Here’s Why
January 12 2024 - 6:30AM
NEWSBTC
The long-awaited arrival of a Bitcoin spot ETF in the US has
sparked a surge in cryptocurrency prices, with Ethereum Classic
leading the charge among altcoins. After languishing around $20 for
months, Ethereum Classic (ETC) has skyrocketed over 50% in the past
seven days, currently hovering around $29.45 and just a breath away
from reclaiming the $30 mark. This impressive rally comes amidst a
broader market upswing triggered by the Securities and Exchange
Commission’s (SEC) historic approval of the Bitcoin Trust ETF on
January 10th, 2024. Related Reading: Crypto CEO Bets Big: ‘Perfect
Storm’ Event To Slingshot Bitcoin To $1 Million ETC price action in
the last week. Source: Coingecko Ethereum Classic Surge: A
Combination Of Factors ETF-fueled optimism: The approval of the
Bitcoin spot ETF signifies increased institutional interest in the
crypto market, a development that traditionally benefits the entire
ecosystem, including altcoins like ETC. This optimism is
reflected in the strong performance of other major
cryptocurrencies, with Ethereum witnessing a 10% climb and briefly
hitting a 20-month high above $2,600. Ethereum Classic’s unique
appeal: Compared to its Ethereum counterpart, Ethereum Classic
boasts a smaller market cap and lower transaction fees, potentially
making it a more attractive option for traders seeking higher
returns and cheaper on-chain activity. Its recent network
upgrades have also bolstered confidence in its technological
capabilities. Spillover effect and community hype: The Bitcoin ETF
approval has undoubtedly fueled a general sense of bullishness
across the crypto landscape, influencing investor sentiment towards
altcoins with perceived potential. Additionally, the strong
community support and active development around Ethereum Classic
further contribute to its upward momentum. ETC market cap currently
at $4.248 billion. Chart: TradingView.com ETC Trading Volume Soars
The surge isn’t just limited to price. Ethereum Classic’s trading
volume has also soared by a staggering 276% in the past 24 hours,
reaching a volume of $1.8 billion. This increase in trading
activity further validates the market’s interest in Ethereum
Classic and potentially indicates continued upward pressure on its
price. However, it’s crucial to remember that the crypto market
remains highly volatile. While the Bitcoin spot ETF approval and
Ethereum Classic’s recent performance are positive indicators,
investors should conduct thorough research and consider both the
potential benefits and risks before making any investment
decisions. Related Reading: Analyst’s Crystal Ball: Bitcoin Price
Targets $600,000 After ETF Approval With its strong community,
technological advancements, and now, the tailwinds of the Bitcoin
ETF approval, Ethereum Classic has positioned itself as a
frontrunner in the current altcoin rally. Whether it can sustain
its momentum and break through the $30 barrier remains to be seen,
but its recent performance signals a renewed level of enthusiasm
for this resilient blockchain project. Featured image from
Shutterstock
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