Why Is Ethereum Classic Shooting Higher Today Even As Bitcoin, Ethereum Turn Laggards?

Ethereum Classic ETC/USD traded 7% higher over 24 hours at $33.29 leading up to the early hours of Wednesday.

What’s Moving? The coin which retains the original Ethereum ETH/USD blockchain after a hard fork dating back to 2016 has shot up 11.5% for the week. Over 24 hours, ETC trading volumes rose 178%, according to CoinMarketCap data.

Against ETH, it moved higher 10.05%, while against Bitcoin BTC/USD, it rose nearly 8%.

ETC has fallen 1.8% so far over the last 30 days, while it has declined 39% over a 90-day period.

Since 2022 began, ETC has slipped 1.9% in value. The cryptocurrency touched an all-time high of $176.16 in May last year. At press time it traded 80.8% below that level.

Why Is It Moving? ETC was trading in the green at press time even though other major coins treaded red waters as the global cryptocurrency market cap shrunk 1.6% to $2 trillion.

Ethereum Classic was noted trending among retail investors on Stocktwits at press time. The coin was not included in the most mentioned coins on Twitter, according to Contrendz data.

ETC has fallen below the $40 support level, which is forming a new resistance for the cryptocurrency, Benzinga’s Tyler Bundy noted on Tuesday.

On Tuesday, the project linked with ETC retweeted a post from the handle “Classic is Coming” which noted that Decentralized Finance or DeFi on Ethereum Classic “has just begun to make its presence known.”

The tweet pointed to Hebe Swap, a decentralized exchange building on ETC.

Meanwhile, the Mystique Ethereum Classic upgrade is on schedule, as per a separate tweet from the project.

Mystique would enable the outstanding Ethereum Foundation London network protocol upgrades on the Ethereum Classic network in order to “enable maximum compatibility across these networks.”

Photo: Courtesy of Hamed3289 via Wikimedia

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