Ethereum Classic (ETC), the original version of Ethereum that split from the mainnet in 2016, has soared 50% in the last 24 hours.
Ethereum Classic (ETC), the original version of Ethereum that split from the mainnet in 2016, has soared 50% in the last 24 hours.
The coin, which ranks as the 21st largest cryptocurrency by market cap, has surpassed its more popular sibling, Ethereum (ETH), which gained just 11.24% in the same period.
At the time of writing, ETC rose 50% in the last 24 hours to $31.16, gaining 55% in the last seven days.
ETC appears to be the biggest beneficiary of the positive cryptocurrency market sentiment following the approval of the first Bitcoin exchange-traded fund (ETF) in the United States.
According feelingAn on-chain analytics platform, Ethereum Classic took off following the announcement of the Bitcoin ETF, surpassing $26 for the first time since October 2022.
ETC rose in today’s session, extending a larger rally that began on January 8 after support at $18.37 was reached.
Santiment reported that Ethereum Classic trading volume has increased, indicating strong interest from traders. He went on to say that ETC trading volume has not exceeded 1.23 billion in a single day since September 13, 2022.
ETC will have gained for the fourth day in a row if the market closes in green today.
Additionally, an imminent upgrade, scheduled for January 31, adds to the excitement surrounding the Ethereum Classic network.
The Ethereum Classic upgrade, called Spiral, will take place at block 19,250,000. The Ethereum Classic Spiral Hard Fork is expected to occur on January 31, 2024.
The core developers of Ethereum Classic have published ECIP-1109, which contains details of the ETC Spiral hard fork.
This document proposes the following blocks to implement these changes on the Ethereum Classic networks: 9,957,000 on the Mordor testnet (already updated in November 2023) and 19,250,000 on the Ethereum Classic mainnet (scheduled for 31 January 2024).
