Ethereum Classic, Often Considered A Cheaper Play, Outshines ETH On Spot ETF Approval Day: What's Going On?
Portfolio Pulse from Aniket Verma
Ethereum Classic (ETC) outperformed Ethereum (ETH) on the day the first-ever Ethereum spot ETFs were approved in the U.S. ETC gained nearly 9% while ETH saw a modest 1.56% increase. ETC's trading volume tripled, reaching over $1.5 billion.
May 24, 2024 | 3:05 am
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POSITIVE IMPACT
Ethereum Classic (ETC) saw a significant price increase of nearly 9% and a tripling in trading volume, reaching over $1.5 billion, on the day Ethereum spot ETFs were approved.
ETC's significant price increase and trading volume surge indicate strong investor interest, likely driven by its perception as a cheaper alternative to ETH and specific advantages like less inflation and no unlocks.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Ethereum (ETH) saw a modest price increase of 1.56% and an 85% increase in trading volume on the day its spot ETFs were approved.
Despite the approval of ETH spot ETFs, the price increase was modest, possibly due to the larger market cap and existing investor expectations.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100