Major cryptocurrencies traded higher on Tuesday night with Ethereum Classic ETC/USD and Bitcoin Gold BTG/USD emerging as top gainers as the global cryptocurrency market cap rose 2.93% to $1.46 trillion.
What Happened: The two top cryptocurrencies by market capitalization — Bitcoin BTC/USD and Ethereum ETH/USD — were up 3.26% and 2.76% at $36,017.37 and 2,183.43 respectively over 24 hours.
BTC and ETH rose 6.95% and 13.18% over a seven-day trailing period.
However, the top gainers were cryptocurrencies that emerged after hard forks of both BTC and ETH blockchains.
ETC traded 37.93% higher at $61.25 over 24 hours, while BTG traded 25.02% higher at $53.86 in the same period. ETC and BTG have shot up 65.33% and 57.43% over a week, respectively.
See Also: How To Buy Ethereum Classic (ETC)
ETC was up 34.29% against ETH and 33.85% against BTC over 24 hours. BTG traded 21.32% higher against BTC and 21.72% against ETH.
Why It Matters: The surge in ETC comes after developers announced an upcoming network upgrade titled “Magneto.” This upgrade will be inclusive of Ethereum’s Berlin upgrade features, as per Stevan Lohja, developer relations manager for Mantis — a client and wallet for Ethereum Classic.
ETC is trading below its 50-day moving average but is above the 200-day moving average, which points to a period of consolidation, as per Benzinga’s Tyler Bundy.
ETC was the top trending name on Stocktwits' list of trending streams at press time.
The trend of Bitcoin, Ethereum lookalikes rising was also observed at the beginning of last month.
Another Bitcoin lookalike called Bitcoin SV saw high social interest on Tuesday after Craig Wright, an Australian entrepreneur associated with it won a ruling in his favor in London’s High Court to have the original Bitcoin whitepaper removed from Bitcoin.org.
Photo: Courtesy of ETC on Flickr
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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