Ethereum Classic (ETC) Surges 50% in 24 Hours: Catalysts, Santiment’s Insights, and the Anticipation of Spiral Hard Fork
- Ethereum Classic (ETC) has witnessed an extraordinary 50% surge in the last 24 hours, reaching $31.16, its highest level since October 2022.
- Catalysts include positive market momentum post-Bitcoin ETF approval and heightened anticipation of the upcoming Spiral hard fork.
In a surprising development, Ethereum Classic (ETC), the enduring chain of the Ethereum network, has experienced a remarkable surge of 50% in value within the past 24 hours. This surge catapults ETC to a notable price of $31.16, marking a significant milestone not seen since October 2022.
The recent positive momentum in the overall crypto market, particularly following the approval of the first Bitcoin exchange-traded fund (ETF) in the United States, has evidently played a substantial role in Ethereum Classic’s surge. Interestingly, Ethereum Classic has outperformed its more renowned counterpart, Ethereum (ETH), which reported a gain of only 11.24% during the same period.
Santiment’s Insights and Trading Volume Surge
Sentiment, a leading on-chain analytics platform, has observed a noteworthy increase in trading volume for Ethereum Classic. This surge in trading activity is particularly significant, considering ETC’s daily trade volume has not surpassed 1.23 billion since September 13, 2022. As the market continues its upward trajectory, Ethereum Classic is positioned to achieve its fourth consecutive day in the green, solidifying its bullish trend.
📈 #EthereumClassic has blasted off following the #BitcoinETF announcement, reaching above $26 for the first time since October, 2022. Trading volume has surged, indicating major trader interest. However, $ETC sentiment still appears neutral for now. https://t.co/LhebnauCQX pic.twitter.com/wEf3ujmqH6
— Santiment (@santimentfeed) January 11, 2024
Further intensifying the excitement surrounding Ethereum Classic is the eagerly awaited Spiral hard fork, scheduled for January 31, 2024, at block 19,250,000. This significant upgrade, outlined in ECIP-1109 by Ethereum Classic core developers, follows a successful upgrade on the Mordor testnet in November 2023.
The confluence of factors, including the positive market momentum post-Bitcoin ETF approval and the heightened anticipation of the Spiral hard fork, signifies a dynamic shift in investor sentiment within the cryptocurrency sector. The substantial increase in trading volumes and sustained positive performance underline Ethereum Classic’s growing prominence and potential in the evolving digital asset landscape.
