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January 10, 2024 10:53 PM | 2 min read
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The cryptocurrency Ethereum Classic (CRYPTO: ETC) has witnessed a 34% increase over the past 24 hours, eclipsing the performance of top cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
What Happened: This upsurge has positioned Ethereum Classic as the top performer within the roster of 100 leading cryptocurrencies by market cap today.
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Bitcoin experienced a modest increase of 1% today, while Ethereum saw a significant rise, surging over 9% in the last 24 hours.
The trading volume for Ethereum Classic has soared, showing an increase of 234% within a single day, reaching a total of $1.54 billion.
The catalyst behind this upswing appears to be the Securities and Exchange Commission’s (SEC) approval of Bitcoin ETFs on Wednesday. This decision marks a historic moment for the cryptocurrency industry, potentially expanding the investment horizon for bitcoin to a broader array of investors.
Analytical firm Santiment on ETC said, “Ethereum Classic has blasted off following the Bitcoin ETF announcement, reaching above $26 for the first time since October, 2022.”
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The firm notes an associated uptick in trading volume, which suggests heightened trader interest in the asset. Despite the activity, Santiment reports that the sentiment around ETC remains “neutral for now.”
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: The crypto market has been riding a wave of optimism ever since BlackRock, the financial heavyweight, filed documentation in June aiming to launch a Bitcoin ETF — a product that would directly hold Bitcoin as opposed to derivatives based on the cryptocurrency.
Some investors perceive ETC to be a cheaper Ethereum play, which has resulted in rallies in the cryptocurrency when Ethereum moves higher. At the time of publishing Ethereum (CRYPTO: ETH) eclipsed Bitcoin’s 24-hour gains. ETH was seen trading at $2,600.99, rising 10.2% in the period. In contrast, Bitcoin was up 0.68% at $46,411.42.
Photo by Fernando Cortes on Shutterstock
Price Action: At the time of writing, ETC was trading at $28 up 33.92% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
Options 101: The Beginner’s Guide
Want to become an options master? In his free report, options expert Nic Chahine will give you access to the four bulletproof tips for beginners, the secret to scoring 411% gains with options, and his time-tested “plan” for success. Grab your free copy of Options 101: The Beginner’s Guide ASAP.
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