Why is Ethereum Classic (ETC) Going Up?

Ethereum Classic price is continuously going up for the past few hours and is now floating around $28, at the time of writing. It recorded more than 30% gains in the last 24 hours with almost 35% weekly and monthly gains.

The approval news of the first Bitcoin spot ETF is spreading like wildfire in the crypto industry. And, it is already showing strong signs of impact on all major cryptocurrencies including Ethereum Classic. Let us learn more about what is happening in the industry and why ETC is going up, in the present article.

Bitcoin Spot ETF Approved, Finally

The long-awaited Bitcoin spot ETF was finally approved by the US SEC on 10 January, 2024. Entire crypto industry has been waiting for this news for several months. And, now that it is finally approved, several altcoins and Bitcoin are following an uptrend.

The anticipation of the Bitcoin ETF approval has itself brought considerable returns for Bitcoin since the past couple of months. From around $26,600 in October, 2023, Bitcoin’s value breached the $45,000 mark as soon as we entered January, 2024.

While one of the strong reasons behind this price rally was the awaiting Bitcoin spot ETF approval, another reason is the upcoming Bitcoin halving event.

As the US SEC final judgment approached, a fake post was posted from the official X account. This caused a sharp price spike in the BTC chart. However, Gary Gensler, chair of the US SEC clarified that the US SEC account was hacked and the ETF approval post was posted by unauthorized individuals. As Gary Gensler stated that the post was fake, the BTC price dropped around 5% within a couple of hours.

However, the US SEC finally approved the Bitcoin spot ETF application of Grayscale Investments. As a result, several altcoins like Ethereum, Ethereum Classic, Pepe Coin, and others are rising in value.

Ethereum Hits 20-Month High

Surprisingly, the Bitcoin spot ETF approval has more impact on altcoins when compared to Bitcoin. The BTC price rose slightly and briefly touched the $47,000 mark whereas the Ether price increased by around 10% in the last 24 hours and is trading above $2,600, at the time of writing.

Ethereum has hit its 20-month high as the last time it traded above $2,600 was in May, 2022. At present, Ethereum price is recording 18% weekly gains and 16% monthly gains. And, the ETH price is expected to rise further.

Most of the investors believe that Ethereum is the next best cryptocurrency after Bitcoin. Because of its sophisticated technology and network upgrades Ethereum stands out from the rest of the cryptocurrencies. And, investors don’t hesitate when it comes to Ethereum in the market conditions like present.

Ethereum Classic to Reach the $30 Mark

The clear winner among all the altcoins is Ethereum Classic. The ETC price rose by 34% in the last 24 hours and is showing no signs of slowing down with its increasing trading volume. It is currently trading at around $28 and is just $2 away from reaching the $30 mark.

So far, Ethereum Classic is one of the top performing altcoins in the crypto industry after the Bitcoin spot ETF approval surfaced. In addition to the price, its trading volume is soaring by 276%, standing at $1.8 billion and implying that the price could surge further. Its market capitalization also surged by 34% and crossed the $4 billion mark today.

The approval of the Bitcoin spot ETF and the upcoming Bitcoin halving event are not only pushing the BTC price but also the prices of altcoins.