Ethereum Classic (ETC) has been one of the top performing coins in the last 24 hours, with a surge of +30%, bringing its price close to the $30 mark. Across major exchanges, ETC reached an intraday high of $29.25 and saw a 220% increase in trading volume, reaching over $948 million.
The recent spike in Ethereum (ETH) to above $2,623 has also given ETC a boost. Currently trading around $27.80, ETC has the potential for further growth as the crypto market reacts to the approval of the spot Bitcoin ETF by the US Securities and Exchange Commission (SEC).
Looking ahead, the approval of the spot ETF could have a positive impact on Ethereum and Ethereum Classic. Market trader Christopher Inks noted that when ETH rallies, ETC tends to follow suit. Additionally, with issuers like BlackRock and Grayscale eyeing Ethereum spot ETFs, there is a sense of anticipation for what the future holds for ETC.
In addition, ETC is also gearing up for its Spiral hard fork, scheduled to activate on block 19,250,000 on January 31, 2024. This upgrade will make the ETC network compatible with EVM standards, similar to the Ethereum Foundation’s Shanghai upgrade.
With a bullish outlook on ETC, a breakout above $30 could potentially lead to a further increase towards the $50 mark. As the market sentiment remains positive and altcoins continue to rally, the bulls may remain in control.
Categories:
– Cryptocurrency
– Market Analysis
Tags:
– Ethereum Classic
– ETC
– Ethereum
– ETH
– Market Performance
– Altcoins
– Hard Fork
– Shanghai Upgrade
– EVM Standards
