HomeNewsFrom Forgotten to Phenomenal: Ethereum Classic Surges 50% in 24 Hours

From Forgotten to Phenomenal: Ethereum Classic Surges 50% in 24 Hours

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  • Ethereum Classic (ETC) experiences a striking 50% surge, hitting a high of $31.16, following the announcement of the first U.S. Bitcoin ETF.
  • The upcoming Spiral hard fork and increasing trading volumes contribute to the heightened interest in Ethereum Classic.

Ethereum Classic’s Impressive Market Performance

In a remarkable turn of events, Ethereum Classic (ETC), the legacy chain of the Ethereum network, has recorded an exceptional 50% increase in value within the last 24 hours. This surge propels ETC to a significant price point of $31.16, marking its highest level since October 2022.

Catalysts Behind ETC’s Surge

The crypto market’s recent positive momentum, particularly following the approval of the first Bitcoin exchange-traded fund (ETF) in the United States, appears to have notably benefited Ethereum Classic. This sentiment is reflected in ETC’s performance, overshadowing its more popular counterpart, Ethereum (ETH), which reported a gain of only 11.24% in the same period.

Santiment’s Insights and Trading Volume Surge

Santiment, a prominent on-chain analytics platform, has noted a significant increase in trading volume for Ethereum Classic, signaling heightened interest from traders. This boost in trading activity is substantial, with ETC‘s daily trade volume not exceeding 1.23 billion since September 13, 2022. If the market sustains its upward trajectory, ETC is poised to close its fourth consecutive day in green, further cementing its bullish trend.

The Anticipated Spiral Hard Fork

Adding to the excitement surrounding Ethereum Classic is the impending Spiral hard fork. Scheduled for January 31, 2024, at block 19,250,000, this upgrade is keenly awaited by the ETC community. The Ethereum Classic core developers have detailed the Spiral hard fork in ECIP-1109, which follows the successful upgrade on the Mordor testnet in November 2023.

Ethereum Classic’s significant rise in the market, influenced by the Bitcoin ETF announcement and the anticipation of the Spiral hard fork, reflects a dynamic shift in investor sentiment within the cryptocurrency sector. The increased trading volumes and the sustained positive performance underscore Ethereum Classic‘s growing prominence and potential in the evolving digital asset landscape.

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Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628