Ethereum Classic (ETC) Explodes Over 50% In Massive Price Jump – Here’s Why

Christian Encila

1 year ago

2 mins read

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The long-awaited arrival of a Bitcoin spot ETF in the US has sparked a surge in cryptocurrency prices, with Ethereum Classic leading the charge among altcoins.

After languishing around $20 for months, Ethereum Classic (ETC) has skyrocketed over 50% in the past seven days, currently hovering around $29.45 and just a breath away from reclaiming the $30 mark.

This impressive rally comes amidst a broader market upswing triggered by the Securities and Exchange Commission’s (SEC) historic approval of the Bitcoin Trust ETF on January 10th, 2024.

ETC price action in the last week. Source: Coingecko

Ethereum Classic Surge: A Combination Of Factors

ETF-fueled optimism: The approval of the Bitcoin spot ETF signifies increased institutional interest in the crypto market, a development that traditionally benefits the entire ecosystem, including altcoins like ETC. This optimism is reflected in the strong performance of other major cryptocurrencies, with Ethereum witnessing a 10% climb and briefly hitting a 20-month high above $2,600.

Ethereum Classic’s unique appeal: Compared to its Ethereum counterpart, Ethereum Classic boasts a smaller market cap and lower transaction fees, potentially making it a more attractive option for traders seeking higher returns and cheaper on-chain activity. Its recent network upgrades have also bolstered confidence in its technological capabilities.

Spillover effect and community hype: The Bitcoin ETF approval has undoubtedly fueled a general sense of bullishness across the crypto landscape, influencing investor sentiment towards altcoins with perceived potential. Additionally, the strong community support and active development around Ethereum Classic further contribute to its upward momentum.

ETC market cap currently at $4.248 billion. Chart: TradingView.com

ETC Trading Volume Soars

The surge isn’t just limited to price. Ethereum Classic’s trading volume has also soared by a staggering 276% in the past 24 hours, reaching a volume of $1.8 billion.

This increase in trading activity further validates the market’s interest in Ethereum Classic and potentially indicates continued upward pressure on its price.

However, it’s crucial to remember that the crypto market remains highly volatile. While the Bitcoin spot ETF approval and Ethereum Classic’s recent performance are positive indicators, investors should conduct thorough research and consider both the potential benefits and risks before making any investment decisions.

With its strong community, technological advancements, and now, the tailwinds of the Bitcoin ETF approval, Ethereum Classic has positioned itself as a frontrunner in the current altcoin rally.

Whether it can sustain its momentum and break through the $30 barrier remains to be seen, but its recent performance signals a renewed level of enthusiasm for this resilient blockchain project.

Featured image from Shutterstock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.