Why is Ethereum Classic up by more than 27% on Tuesday?

Ethereum Classic is the best performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours.  


ETC, the native coin of the Ethereum Classic blockchain, is up by more than 27% in the last 24 hours. Thus, making it the best performer amongst the top 100 cryptocurrencies by market cap.

ETC’s rally comes as the broader crypto market has been performing well over the last 24 hours. The total market cap currently stands around $1 trillion, up by more than 2% today.

Bitcoin, the world’s leading cryptocurrency, continues to struggle to move past the $20k psychological level despite the broader crypto market performing well so far today. BTC is up more than 1% in the last 24 hours.

Ethereum Classic’s rally comes as the Ethereum community gets ready for the Merge event. The Merge event will see the Ethereum blockchain migrate from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS).

As a result of the Merge, the Ethereum blockchain will no longer support miners. Miners on the network would be forced to move to other blockchains, and Ethereum Classic is one of the options available to them.

Key levels to watch 

The ETC/USD 4-hour chart is extremely bullish as Ethereum Classic has outperformed the other major cryptocurrencies in the market. 

The MACD line is deep into the positive zone, indicating a strong bullish momentum for ETC at the moment.

The 14-day relative strength index currently stands at 84, indicating that ETC is entering the overbought region very soon.

At press time, ETC is trading at $40.60. If the rally continues, ETC could surge past last month’s high of $45.65 before the end of the day.

In the event of an extended bullish performance, ETC could attempt to reach the $54 resistant mark for the first time since March 2022. 

All Dutch and English crypto news!

Interview: Venture capitalism and crypto – David Siemer, CEO of Wave Financial

I've always thought venture capitalism is an interesting field. Throw crypto into the mix and it goes to a whole new level. I sat down on...

Nasdaq focused on crypto custody services but no plans for crypto platform yet

In September, the world's second-largest stock exchange Nasdaq announced that it will offer custody services for Bitcoin (BTC) and Ether (ETH) to institutional investors. Nasdaq...

US student launches NFT series to support Ukraine

Daisy Lan, a senior at California's Mountain View Academy, is launching an innovative NFT project to support Ukrainian students displaced in the Russian war, Coin...

Is Helium on track for its biggest daily gain this month after rallying by more than 7% today?

HNT is on track for its biggest gain this month as Helium is outperforming the other coins in the top 100.   HNT, the native token of...

Beste exchanges

Koop je crypto bij Bitvavo