Ethereum Classic (ETC) has experienced a significant 34% increase in value over the last 24 hours, making it the best performing cryptocurrency in the top 100 by market cap. Meanwhile, Bitcoin (BTC) saw a modest 1% rise, and Ethereum (ETH) recorded a notable increase of over 9% in the same period.
The surge in ETC’s price coincides with a substantial increase in trading volume, which jumped by 234% to $1.54 billion in a single day. This spike in activity suggests growing investor interest in Ethereum Classic, potentially due to expectations of the U.S. Securities and Exchange Commission (SEC) approving Bitcoin Exchange Traded Funds (ETFs), which could expand Bitcoin’s investment appeal.
Analytics firm Santiment reported that Ethereum Classic’s recent performance, including surpassing the $26 mark for the first time since October 2022, followed the SEC’s announcement regarding Bitcoin ETFs. The increased trading volume indicates heightened investor attention towards ETC.
Despite the rise in price and volume, Santiment notes that market sentiment for Ethereum Classic remains neutral. This suggests no clear bullish or bearish trend despite the increased market activity. Bitcoin and Ethereum, the largest cryptocurrencies by market cap, had lower gains compared to ETC’s 34% increase.
The cryptocurrency market is known for its volatility, with prices often experiencing rapid fluctuations. Ethereum Classic’s recent surge demonstrates how news events and regulatory decisions can significantly impact prices and investor sentiment in this dynamic market.