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Ethereum Classic (ETC) Leads the Crypto Pack with 34% Gain Amidst Bitcoin ETF Buzz

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  • Ethereum Classic (ETC) has experienced a remarkable 34% surge in its price over the last 24 hours, outpacing major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
  • This surge has positioned Ethereum Classic as the top-performing cryptocurrency among the top 100 by market capitalization.

Ethereum Classic Shines Amidst Cryptocurrency Market Surge:

Ethereum Classic (ETC) has emerged as the star performer in the cryptocurrency market, surging by an impressive 34% within the last 24 hours. This surge has overshadowed the gains made by leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

SEC’s Historic Bitcoin ETF Approval Sparks the Rally:

The catalyst behind Ethereum Classic’s remarkable upswing appears to be the recent decision by the U.S. Securities and Exchange Commission (SEC) to approve Bitcoin Exchange-Traded Funds (ETFs). This landmark move is seen as a significant milestone in the cryptocurrency industry, potentially opening the doors for a wider range of investors to enter the Bitcoin market.

Santiment Analyzes Ethereum Classic’s Surge:

Analytical firm Santiment has closely observed Ethereum Classic’s surge, stating,

“Ethereum Classic has blasted off following the Bitcoin ETF announcement, reaching above $26 for the first time since October 2022.”

Santiment also highlights a substantial increase in trading volume, indicating a surge in trader interest in Ethereum Classic. However, the sentiment surrounding ETC remains

“neutral for now.”

Ethereum Classic as a Cheaper Ethereum Play:

Some investors view Ethereum Classic as a more cost-effective alternative to Ethereum, which has led to rallies in the price of ETC whenever Ethereum experiences significant gains. Currently, Ethereum is trading at $2,600.99, with a notable 10.2% increase in the past 24 hours. In contrast, Bitcoin has seen a more modest 0.68% gain, reaching $46,411.42.

Ethereum Classic’s exceptional performance in the wake of the SEC’s Bitcoin ETF approval showcases the increasing significance of this cryptocurrency in the market. As the cryptocurrency landscape continues to evolve, Ethereum Classic’s unique positioning and potential for further growth are becoming increasingly evident.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628