Ethereum Classic ETC/USD is trading marginally higher by 1.1% to $28.51 Wednesday afternoon, off the session high of $30.88. The popular altcoin is pulling back on volatility and potential intraday profit-taking after Bitcoin earlier reached $60,000.
As Bitcoin’s price increases, some investors may choose to diversify their cryptocurrency portfolios by investing in other assets such as Ethereum Classic. This diversification strategy aims to spread risk across multiple assets, potentially driving up demand for alternative cryptocurrencies like ETC.
Some traders may also be engaging in speculative trading, attempting to capitalize on short-term price movements in Ethereum Classic following Bitcoin’s rally. This speculative activity can contribute to increased trading volume and price volatility in ETC.
See Also: This Upcoming Catalyst Could Ignite Bitcoin Rally To $200K Per Coin
What’s Going On With Crypto Today?
Bitcoin’s value surged over 6% Wednesday, nearing its late 2021 peak of $68,000, bolstered by the SEC’s approval of a spot Bitcoin ETF in January. Galaxy CEO Michael Novogratz highlighted the newfound accessibility of Bitcoin to a substantial portion of U.S. wealth…Read More
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
