- Ether-related altcoins come out as winners after BTC’s ETF approval.
- ETH, ETC hit yearly highs upon soaring trading activity on both chains.
- Professional trader shares potential targets if ETC’s breakout stands.
Wednesday night will go down in the history books for the cryptosphere, as the U.S. Securities and Exchange Commission (SEC) finally approved the inaugural Bitcoin exchange-traded fund (ETF). Following the ground-breaking move, the leading digital asset soared to a new yearly high at $47,598, later witnessing a slight market correction to hover above the $46,000 mark.
Meanwhile, the second largest digital asset Ethereum (ETH) embarked on a parabolic 10.2% bull run and also claimed a brand new yearly high at $2,651.44. Ether scored a whopping $53,084,197,769 in trading volume over the past 24 hours, while the open interest in the asset rose by 15% this week.
ETH’s Proof Of Work sibling Ethereum Classic (ETC) emerged as the day’s top gainer, as most altcoins are enjoying a double-digit upswing following the bullish news from the U.S. Securities and Exchange Commission (SEC). The #24 spotted ETC soared by 48.7% to trade at $31.65, according to CoinGecko.
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ETC has been trading in a downward parallel channel for most of December 2023 and dropped below $20 briefly at the beginning of the New Year. Today, while dwelling around the earlier $28 confluent resistance line, ETC finally broke through the barrier to confirm the price trend reversal.
Trader Measures Ethereum Classic’s Potential To Triple Digits
Ethereum Classic (ETC) is a Proof of Work (PoW) fork of the original Ethereum (ETH). While the latter switched to a Proof of Stake (PoS) consensus mechanism, miners on the network were expected to flock to ETC to mine cryptocurrency.
However, the transition took some time, as the blockchain analysis platform Santiment reported that ETC breached $1.23 billion in trading volume on January 10, 2024, for the first time since September 13, 2022.
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Professional crypto trader Javon Marks describes the latest Ethereum Classic’s price movement as “displaying major strength towards $127.65,” basing this target on the fact that ETC’s price is still 81% down from its all-time high set at $167.09 over two years ago.
If the ongoing bullish trend persists, Marks sees potential for an “additional 380% upside.” Standing at a $4,511,651,295 market cap, ETC added approximately 1.5 billion in the last 24 hours.
On the Flipside
- In a bearish scenario, the Ethereum Classic (ETC) would be heading to retest the $23 resistance, a barrier that has been historically hard to break.
- ETC’s Relative Strength Index (RSI) turned to an overbought condition, as the RSI metric is approaching 80 on both daily and weekly charts.
Why This Matters
As the inaugural Bitcoin exchange-traded fund (ETF) gained approval, the cryptosphere got a long-awaited entrance to the traditional financial market.
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