SEC’s historic decision sparks Ethereum classic’s remarkable 34% price rally

Ethereum Classic (ETC), one of the leading cryptocurrencies, has experienced a remarkable surge of 34% within the past 24 hours, positioning itself as the top performer among the top 100 cryptocurrencies by market capitalization. In contrast, Bitcoin (BTC) saw a modest 1% increase, while Ethereum (ETH) recorded a significant gain of over 9% during the same period.

The surge in Ethereum Classic’s price is accompanied by a substantial increase in trading volume, which has risen by an impressive 234% within just one day, reaching a total trading volume of $1.54 billion. This surge in trading activity indicates a heightened interest from traders and investors in Ethereum Classic.

SEC approval of Bitcoin ETFs

The catalyst behind this significant upswing appears to be the recent approval of Bitcoin Exchange-Traded Funds (ETFs) by the United States Securities and Exchange Commission (SEC). This historic decision can potentially expand the investment horizon for Bitcoin, making it more accessible to a broader range of investors.

Analytical firm Santiment has offered insights into Ethereum Classic’s recent performance. According to Santiment, Ethereum Classic has experienced a substantial boost following the SEC’s announcement of Bitcoin ETF approval. 

The cryptocurrency has surged to levels above $26 for the first time since October 2022. Additionally, Santiment notes that the increased trading volume suggests a growing interest in the Ethereum Classic among traders.

Despite the surge in price and trading volume, Santiment reports that the sentiment around Ethereum Classic remains “neutral for now.” This suggests that despite increased activity in the market, no clear bullish or bearish sentiment prevails.

Bitcoin and Ethereum’s performance

Compared to Ethereum Classic’s impressive performance, Bitcoin and Ethereum have shown more modest gains during the same period. Bitcoin, the largest cryptocurrency by market capitalization, saw a 1% increase in its price. Ethereum, the second-largest cryptocurrency, experienced a notable 9% surge. However, Ethereum Classic’s 34% gain outshines both of these top cryptocurrencies in terms of percentage growth.

The cryptocurrency market is known for its volatility, with prices often experiencing rapid fluctuations. Ethereum Classic’s recent surge is a testament to the dynamic nature of the market, where news events and regulatory decisions can profoundly impact prices and investor sentiment.

Investors and analysts will closely monitor the market to see how Ethereum Classic’s performance evolves in the coming days and whether it can maintain its position as the top performer among the leading cryptocurrencies.