As the market celebrates the approval of spot ETFs, Ethereum Classic [ETC] has emerged as a standout performer, surging beyond $26 for the first time since October 2022. According to data sourced from the analytics platform Santiment, ETC’s trading volume has reached a 16-month high, surpassing $1 billion in a single day, a level not witnessed since September 13, 2022. This surge in trading volume indicates heightened interest from traders, even though the sentiment towards ETC is currently neutral, lacking overwhelming positivity.
The astonishing 34% pump in ETC translates to an impressive addition of $1.4 billion to its market capitalization, positioning it as the best-performing cryptocurrency following the ETF approval. Market experts are now forecasting an additional 380% price rally for ETC. One expert optimistically predicts that ETC could soar towards $127.65, emphasizing the potential for significant upside as prices continue to hold steady.
Observations also revealed that Ethereum Classic has broken through two crucial resistance levels at $23.22 and $25.64, currently trading at or near $27.00. Speculation arises about the possibility of reaching $33, fueled by the developments surrounding ETFs.
Ethereum Classic ETF Calls Reverberate
While discussions about spot Bitcoin ETFs dominate headlines, investors are also anticipating the potential for an ETC ETF in the future. A 25% increase in ETC within a day sparks speculation about a potential SEC approval for an Ethereum Classic ETF, with some expressing anticipation for what might come next.
Altcoins, boasting a combined market capitalization exceeding $700 billion, have staged a remarkable comeback following the initial fake SEC announcement. Leading the resurgence were Ethereum [ETH], AAVE, LDO, and PEPE, while Bitcoin posted a 3% dip. With the confirmation of spot ETC approval, the broader crypto market has turned bullish.
Despite the ongoing focus on Bitcoin due to the ETF saga, market observers predict that Bitcoin is nearing its peak, creating an opportunity for altcoins to stage a significant recovery. The advice given to investors is to accumulate and patiently hold onto altcoins, suggesting a potential shift in market dynamics favoring alternative cryptocurrencies.