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Ethereum Classic (ETC) is one of the top performing coins in the past 24 hours, coming close to breaking above the $30 mark after surging +30% in the period. ETC price reached an intraday high of $29.25 across major exchanges, with trading volume increasing 220% to over $948 million.
Ethereum (ETH) spiking to above $2,623 on Wednesday has given the altcoin new impetus.
While ETC price currently sits around $27.80, it looks poised for a new leg as the crypto market reacts to the eventual approval of the spot Bitcoin ETF by the US Securities and Exchange Commission (SEC).
ETC price outlook amid spot ETF approval
As Bitcoin looks to strengthen above $46,000 following an initial slip on approval news, Ethereum (ETH) and Ethereum Classic (ETC) are taking the top altcoin market by storm. Market trader Christopher Inks noted:
$ETC pumping hard today. As I've said before, if $ETH is rallying then you should expect $ETC to rally along with it. pic.twitter.com/Q4jg4mGWBX
— Christopher Inks (Trader/Market Psychology Coach) (@TXWestCapital) January 10, 2024
Part of the upbeat mood is down to market’s expectations on what next for Ethereum. Various issuers, including BlackRock and Grayscale, that just scored the Bitcoin ETF, also eye an Ethereum spot ETF. The world’s second-largest cryptocurrency by market cap is likely next to get the SEC’s nod.
Although Ethereum Classic currently has no such applications filed, the anticipation is high with regard to what Bitcoin’s approval and potential Ethereum nod could mean.
Upside momentum for Ethereum Classic is also building up ahead of its Spiral hard fork, set to activate on block 19,250,000 on January 31, 2024. Spiral is a compatibility upgrade that will see the ETC network become compatible with EVM standards enabled by the Ethereum Foundation’s Shanghai upgrade.
As traders and investors take a bullish outlook on Ethereum Classic, it’s possible a breakout above $30 could bring the $50 mark into play. Positive sentiment amid further altcoin rallies would put bulls in control.