ETC increased 45% in one week as Bitcoin recorded a 6-week high ever since Vitalik Buterin suggested about miners switch to Ethereum Classic so let’s have a closer look at today’s latest ethereum classic news.
ETC increased 45% in one week and BTC tried another leg up in the past day which resulted in a multi-week high at $25,000. Ripple is the biggest gainer from the larger cap altcoins on a daily scale while ETC soared by 50% per week after Buterin’s latest speech. This past week started with a few bullish signs that saw BTC dropping from $22,000 to less than $21,000 in a few hours. More volatility was expected in the middle of the week when the US FED said it will raise the interest rates by 75 basis points.
Unlike previous examples, this time the coin started gaining value fast and surged above $23,000. more bullish price movements came when US President Joe Biden said the US hadn’t entered into a recession despite the two consecutive negative quarters. The reassurance pushed BTC north and the asset hit $24,500 on Friday. Over the weekend, it started a $1000 retracement and a calmer price movement before the surge earlier today which led BTC to over $24,500. As of now, BTC trades $1000 lower but the market cap stands above $450 billion.
The altcoins experienced short-term gains in the past day but then retraced and are calmer now. Ethereum is in the red on a daily scale and sits near $1700 while Polkadot registered minor daily drops. In contrast, ADA, BNB, MATIC, DOGE, and SHIB pained smaller gains. Solana and Ripple increased the most as SOL increased by 3.5% and traded below $44 while XRP soared 6% and traded close to $0.4. from the lower and mid-cap altcoins, filecoin stole the show with a 17% daily surge while eTC soared 45% in one week when Vitalik Buterin suggested that the PoW supporters should switch to the ETC network after the PoS transition.
As recently reported, Ethereum Classic is a non-forked version of Ethereum and it is enjoying a rally today. After the infamous DAO hack of 2016, Ethereum split into two blockchains which are Ethereum as the second biggest cryptocurrency by market cap, and Ethereum Classic. What’s also important is that the latter won’t be merging to a Proof of stake consensus mechansim in September.
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