Ethereum Classic (ETC) has surged by 50% in the last 24 hours, reaching $31.93, outperforming Ethereum (ETH) which gained 11.24%.
Ethereum Classic ETC | Source: CoinMarketCap
This notable upswing coincides with the positive sentiment in the crypto market following the approval of the first U.S. Bitcoin exchange-traded fund (ETF).
ETC’s trading volume has seen a substantial increase, crossing the 1.23 billion mark, a level unseen since September 2022, indicative of heightened trader interest.
The ongoing rally, which commenced on January 8 and found support at $18.37, demonstrates the coin’s resilience and marks the fourth consecutive day of gains for ETC.
Notably, an upcoming upgrade named Spiral, scheduled for January 31, 2024, has added to the excitement. The Ethereum Classic Spiral Hard Fork, detailed in ECIP-1109, is set to occur at block 19,250,000.
This development is seen as a significant factor contributing to ETC’s recent momentum, as the crypto community anticipates the changes introduced through the upgrade.
Also Read: SEC’s Potential Green Light for Ethereum ETF Sparks Market Surge
