Ethereum Classic Surges After Bitcoin ETF Approval
Following the approval of Bitcoin spot ETFs by the US SEC, the cryptocurrency market has responded positively, with many coins experiencing significant price increases. One standout performer has been Ethereum Classic (ETC), a hard fork of Ethereum.
Unlike Ethereum, which transitioned to a proof-of-stake consensus mechanism, Ethereum Classic still operates on proof-of-work. This mechanism has drawn criticism due to its high energy consumption. However, investors have recently taken notice of ETC once again, causing its price to surge by 46% in the past day.
Can Ethereum Classic Sustain Its Rally?
With Ethereum Classic’s impressive gains, investors are now wondering if the rally can continue. Analytical firm Santiment has provided some insights into this question. The trading volume for ETC has significantly increased, indicating heightened investor interest.
However, sustained bullish momentum also depends on other factors. The sentiment surrounding Ethereum Classic on social media platforms is currently only slightly positive, which may be a promising sign. Historically, excessive positive sentiment has often preceded market tops.
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