Ethereum Classic Jumps 34% After Bitcoin ETF Nod, Outshines BTC, ETH Gains
Portfolio Pulse from Mehab Qureshi
Ethereum Classic (ETC) has surged 34% in the past 24 hours, outperforming Bitcoin (BTC) and Ethereum (ETH), following the SEC's approval of Bitcoin ETFs. The trading volume for ETC increased by 234%, reaching $1.54 billion. Despite the rise, sentiment around ETC remains neutral. Bitcoin saw a modest 1% increase, while Ethereum rose by over 9%. The crypto market has been optimistic since BlackRock filed for a Bitcoin ETF in June. ETC is trading at $28, up 33.92%.
January 11, 2024 | 3:53 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Bitcoin (BTC) experienced a modest increase of 1% following the SEC's approval of Bitcoin ETFs, which is a historic moment for the cryptocurrency industry.
The SEC's approval of Bitcoin ETFs is a significant milestone for the cryptocurrency industry and is expected to have a positive impact on Bitcoin's price in the short term, although the increase has been modest compared to ETC.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Ethereum Classic (ETC) has experienced a significant 34% increase in price and a 234% surge in trading volume, likely due to the SEC's approval of Bitcoin ETFs.
The SEC's approval of Bitcoin ETFs has likely led to increased investor interest in cryptocurrencies, particularly in ETC, as indicated by the surge in price and trading volume. The short-term impact is positive due to the direct correlation between the news and ETC's performance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Ethereum (ETH) saw a significant rise of over 9% in the last 24 hours, potentially influenced by the SEC's approval of Bitcoin ETFs and the overall positive sentiment in the crypto market.
The approval of Bitcoin ETFs by the SEC has likely contributed to the positive sentiment in the crypto market, which has positively impacted Ethereum's price. The correlation between the news and Ethereum's performance suggests a short-term positive impact.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 80