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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Ethereum Classic Maintains 32% Steady Rise – What’s Driving ETC Up?

Christian Encila
Christian Encila
1 year ago
3 mins read
Ethereum

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The recent approval of the first Bitcoin spot exchange-traded fund (ETF) in the United States by the Securities and Exchange Commission (SEC) has reverberated across the cryptocurrency landscape, triggering a significant surge in various altcoins, with Ethereum Classic (ETC) taking the spotlight.

Often overshadowed by its more well-known sibling, Ethereum, ETC has emerged as the clear winner in the aftermath of the groundbreaking news, experiencing an impressive surge of over 31% in the past seven days.

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Ethereum Classic Trading Volume Up

Since the SEC’s approval of the Grayscale Bitcoin ETF on January 10th, Ethereum Classic has skyrocketed by a staggering 30%, currently maintaining a trading value around $26. This meteoric rise has been accompanied by a remarkable 270% increase in trading volume, soaring to a substantial $1.8 billion.

Such robust figures underscore a palpable surge in investor confidence, suggesting the potential for further gains in the near future.

While Bitcoin itself witnessed a modest price increase, briefly touching $47,000, Ethereum stole the limelight by breaking a 20-month barrier and surpassing $2,600.

Ethereum Classic currently trading at $26.36 on the daily chart: TradingView.com

This remarkable 10% surge within a mere 24 hours has positioned Ethereum at its highest value since May 2022. Analysts attribute this impressive performance to Ethereum’s robust underlying technology and recent network upgrades, cementing its status as a favorable option for investors after Bitcoin.

The approval of the Bitcoin spot ETF is not the sole catalyst for this altcoin rally; the much-anticipated Bitcoin halving event, scheduled for later in the year, is also playing a pivotal role in bolstering bullish sentiment.

ETC price action in the weekly timeframe. Source: Coingecko

This event, occurring approximately every four years, involves a reduction in the number of newly minted Bitcoins and has historically coincided with price appreciation in the cryptocurrency market.

The confluence of these factors has created a perfect storm for Ethereum Classic, propelling it towards the coveted $30 mark.

ETC Strong Performance

Industry experts anticipate that this milestone may be achieved soon, fueled by Ethereum Classic’s impressive trading volume and market capitalization, which has surged by 34% to cross the $4 billion mark since the ETF news broke.

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However, amidst the euphoria surrounding this surge, it remains crucial to acknowledge the inherent volatility of the cryptocurrency market. While the approval of the Bitcoin spot ETF and the impending halving event offer promising prospects, unforeseen factors can swiftly alter market dynamics.

The recent ascent of Ethereum Classic serves as a compelling testament to the interconnectedness of the cryptocurrency market and the substantial impact of major regulatory decisions.

As the industry continues to evolve, it will be intriguing to observe how other altcoins respond to these developments and whether Ethereum Classic can sustain its lead in this post-ETF era.

Featured image from Shutterstock

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Christian Encila
Christian Encila

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.

Read more

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.

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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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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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.

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