Why Is Ethereum Classic Shooting Higher Today?

Why Is Ethereum Classic Shooting Higher Today?

Ethereum Classic ETC/USD spiked 11.26% to $61.06 over 24 hours leading to press time late Monday.

What’s Moving? ETC, a token of a decentralized blockchain-based network, has gained 13.87% over a seven-day trailing period.

ETC’s blockchain and Ethereum ETH/USD split after a contentious 2016 hard fork that gave birth to the latter.

ETC gained 8.45% against ETH and rose 5.81% against the apex cryptocurrency Bitcoin BTC/USD over 24 hours.

Since the year began, ETC has soared 957.74%, outpacing the gains made by Ethereum, which rose 555.76% in the same period. BTC is up 130.21% since 2021 began.

ETC touched an all-time high of $176.016 in early May. The cryptocurrency traded 65.5% below those levels at press time.

See Also: Ethereum Vs Ethereum Classic 

Why Is It Moving? ETC rose in tandem with Ethereum, which touched an all-time high of $4,822.36 on Monday.

Both Ethereum and Bitcoin spiked Sunday, hitting respective all-time highs, ahead of a critical upgrade to the BTC blockchain.

ETC received high interest from retail investors and trended on Stocktwits, alongside seeing high interest on Twitter.

This year ETC has soared alongside ETH in May and September and is seen by some as a cheaper Ethereum play.

The ETC project announced additional giveaways of the ETC Punks non fungible tokens on Monday.

Read Next: Ripple Targets Ethereum's Dominance Of NFTs And Sees Price-Point As Big Plus For XRP Ledger

Photo: Courtesy of Hamed3289 via Wikimedia

Posted In: BlockchainEthereumEthereum classicCryptocurrencyNewsMarketsMoversTrading Ideas

Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month