Ethereum Classic surges 17%: A shadow rally amid ETH ETF buzz?
ETC Surges 17%: Shadow Rally or ETF Buzz Impact?
Ethereum Classic (ETC) has seen a significant price surge of 17% over the past week, coinciding with the U.S. SEC's approval of Ethereum (ETH) ETFs. While ETH experienced a price correction post-ETF approval, ETC's value increased, trading at $32.07 with a market cap of over $44.7 billion. The rise in ETC's price and trading volume suggests a bullish market sentiment as it approaches its fourth halving on May 31. Despite some indicators showing potential overvaluation, the overall metrics support the possibility of a continued bullish trend for ETC.
What was the percentage increase in Ethereum Classic's price over the last seven days?
Ethereum Classic experienced a significant price increase of over 17% in the last seven days.
How did the approval of ETH ETFs by the US Securities and Exchange Commission on the 23rd of May influence Ethereum Classic's market behavior?
The approval of ETH ETFs by the US Securities and Exchange Commission on the 23rd of May had a positive influence on Ethereum Classic's market behavior. Although ETH's price witnessed a correction after the approval, Ethereum Classic (ETC) registered a promising price increase in the last few days. ETC's price increased by over 17% in the last seven days and was up by more than 3% in the last 24 hours. This price increase led to a surge in ETC's social volume and maintained a bullish sentiment in the market. Additionally, ETC was awaiting its fourth halving, scheduled for the 31st of May, which could further contribute to its upward trajectory.