Why Ethereum Classic Is Volatile
Portfolio Pulse from Henry Khederian
Ethereum Classic (ETC) experienced a 4.4% drop to $32.72, influenced by a decrease in Bitcoin's price. Bitcoin's decline often leads to a broader market sell-off, affecting altcoins like Ethereum Classic due to its role as a market bellwether and the speculative nature of the crypto market.
April 01, 2024 | 3:10 pm
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Ethereum Classic's price fell by 4.4% to $32.72, largely due to a decrease in Bitcoin's price affecting the broader cryptocurrency market.
Ethereum Classic's price movement is closely tied to Bitcoin's performance. As Bitcoin's price fell, it created a negative sentiment across the crypto market, leading to a sell-off in Ethereum Classic among other altcoins. This is a common pattern where Bitcoin's price movements significantly influence the broader cryptocurrency market due to its bellwether status.
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