Ethereum Classic (ETC) has become a notable player in the cryptocurrency market, seeing an impressive 34% increase in the last 24 hours. This rise not only exceeds the performance of major cryptocurrencies like Bitcoin and Ethereum, but also positions Ethereum Classic as the best performer among the top 100 cryptocurrencies by market capitalization currently.
Remarkable rally of Ethereum Classic
With Bitcoin seeing a modest 1% increase and Ethereum seeing a substantial rise of over 9% in the past 24 hours, ETC’s rise has attracted considerable attention. This notable upward price movement has elevated ETC to a prominent position. It further established him as the top performer among the top 100.
Bitcoin’s recent rally, sparked by the announcement of a Bitcoin ETF, has propelled its value past the $26 mark for the first time since October 2022. The concomitant increase in trading volume indicates considerable interest from major traders.
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Sustainability of Ethereum Classic momentum
The crucial question on everyone’s mind is whether ETC can maintain its impressive momentum. According to Changelly, a cryptocurrency exchange, ETC is expected to remain in positive territory over the coming days. The altcoin is expected to reach $22.59 on Saturday, January 12, following a 5% daily rise. The average percentage increase expected for Ethereum Classic in the coming days is between 3 and 5%.
Increase in trading volumes and neutral market sentiment
Alongside the rise of Ethereum Classic, there has been a significant increase in transaction volumes. It increased by 234% in a single day and reached a total of $1.54 billion. Despite these substantial price and volume movements, the overall sentiment around Ethereum Classic remains neutral. This was indicated by on-chain data provided by Santiment.
Investor Watch: Monitoring Ethereum Classic Market Developments
Investors are closely monitoring developments in the Ethereum Classic market. This is especially true following recent Bitcoin-related news that shook up the cryptocurrency landscape. As Ethereum Classic continues to defy market expectations, its impressive rise and increased trading volumes have attracted the attention of enthusiasts.
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Ethereum Classic’s recent 34% rise is a testament to the dynamic nature of the cryptocurrency market. With ETC in a prominent position thanks to its remarkable performance, the coming days will play a crucial role in determining whether it can maintain its momentum and potentially spark further market developments. Investors are advised to remain vigilant, stay informed about the evolving cryptocurrency landscape, and closely monitor any further news that may impact the trajectory of Ethereum Classic.
reference: watcher.guru