What's Going On With Ethereum Classic?
Portfolio Pulse from Henry Khederian
Ethereum Classic (ETC) is trading up by 2.23% to $24.12 after the SEC approved the first Ethereum spot ETFs. While initial reactions might have driven up ETC's price, the market is expected to rationalize, leading to a potential sell-off in ETC as investors focus on ETH. Broader market sentiment could also negatively impact ETC.
July 23, 2024 | 7:44 pm
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Ethereum Classic (ETC) saw a 2.23% increase to $24.12 following the SEC's approval of Ethereum spot ETFs. However, as the market rationalizes, investors may shift focus to ETH, leading to a potential sell-off in ETC.
The approval of Ethereum spot ETFs is a significant event that primarily benefits ETH. Institutional investors are more likely to invest in ETH through ETFs, leading to a potential decrease in demand for ETC. Initial speculative buying of ETC may reverse as the market rationalizes.
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