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- Ethereum Classic gained 41% in the past day to add over $1.3 billion to its market cap, outperforming BTC even as the SEC approved the first-ever spot ETFs in a historic day for the industry.
- ETC has recorded a surge in volume, which has tripled in the past 24 hours, but the on-chain indicators and market sentiment indicate that it’s a one-off surge and could retrace soon.
Bitcoin may be getting all the shine after Gary Gensler finally caved to the will of the people and approved the first batch of BTC spot ETFs today, but it’s Ethereum Classic that has captured all the gains and is leading the top 100 cryptos in 24-hour surges.
Trading at $30.90 at press time, ETC has gained over 45% in the past day to trade at its highest price since September 2022.
ETC has been relatively quiet over the past month and even dipped by over 20% between January 3 and 8. However, in the past day, investors have flocked to the Ethereum Classic market, pushing it to new heights. This interest reflects on the trading volume, which has shot up 295% to hit $2.1 billion, the highest it has hit since March 2022, nearly two years ago.
In the top 100 cryptos, Ethereum Classic was the highest gainer in the past week at over 56%.
Top cryptocurrency on ICONOMI in the past 24 hours:
Ethereum Classic $ETC : Trading for $28.18 and is up by +33.29 % in the last day— ICONOMI (@iconomicom) January 11, 2024
What Next for Ethereum Classic?
Ethereum Classic’s sudden burst has caught many analysts unaware, and its next move is unclear. According to Santiment, ETC’s sentiment has not improved much and remains neutral, supporting most analysts’ view that it could swing either way.
(Source)
Ethereum Classic has been stuck in a consolidation phase in the past year, with $23 proving an unreachable resistance. ETC broke this pattern for the first time in the past day, and according to some analysts, consecutive daily closes above $23 could signal a bullish rally and provide a great entry point for traders. Conversely, if it fails to sustain the momentum and dips to its 2023 trading pattern, it’s unlikely to retest today’s levels.
However, analyst Javon Marks believes that Ethereum Classic is heading for $127.65, a price prediction he made last year when ETC was still struggling. Using the graph below, Marks observed that the token had broken free of a downtrend pattern that started in mid-2021. He believes that with the reversal of the pattern, Ethereum Classic is heading for the green zone, which would place its price above $120.
There are some who believe that Ethereum is the next big play now that the BTC spot ETF has been approved. ETF issuers have filed Ether spot ETF applications with the SEC, although their approval isn’t as guaranteed as BTC’s was. With Ether trading north of $2,600, investors could be looking at Ethereum Classic as the best way to bet on the pump we expect once the hype of an ETH ETF reaches a fever pitch.
