The cryptocurrency Ethereum Classic ETC/USD has witnessed a 34% increase over the past 24 hours, eclipsing the performance of top cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD.
What Happened: This upsurge has positioned Ethereum Classic as the top performer within the roster of 100 leading cryptocurrencies by market cap today.
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.”
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.”
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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 ETH/USD 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.
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