Why Ethereum Classic Is Seeing Blue Skies

Zinger Key Points
  • Ethereum Classic is trading higher by 6.8% Thursday.
  • Several altcoins are trading higher in sympathy with Bitcoin during Thursday's session.

Ethereum Classic ETC/USD is trading higher by 7.1% to $32.82 Thursday. Several altcoins are trading higher in sympathy with Bitcoin as the apex crypto gains around 3% to the $67,000-level for the session.

Bitcoin's price movements, especially when reaching new all time highs, tend to attract significant media coverage and public attention. As a result, casual investors and newcomers to the crypto space may become more aware of cryptocurrencies in general, including Ethereum Classic.

This increased awareness can stimulate curiosity and drive interest in alternative cryptocurrencies, ultimately contributing to Ethereum Classic's strength.

See Also: Ripple Announces Stablecoin On XRP Ledger And Ethereum

Additionally, while Ethereum Classic is fundamentally distinct from Bitcoin, it tends to exhibit a certain level of correlation with Bitcoin's price movements. This correlation can be attributed to various factors, including shared market dynamics, trading pairs on cryptocurrency exchanges and overall sentiment within the crypto community.

See Also: SEC Director Grewal: A Decade’s Worth Of Crypto Arguments Defeated In Court, Now Let’s Protect Investors

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