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Ethereum Classic (CRYPTO: ETC) is trading higher by 3.3% to $34.69 during Monday’s session. The popular altcoin is trading higher in sympathy with Bitcoin amid the apex cryptocurrency hitting $66,000 Monday.
As Bitcoin's price increases, some investors may choose to diversify their cryptocurrency portfolios by investing in other assets such as Ethereum Classic. This diversification strategy aims to spread risk across multiple assets, potentially driving up demand for alternative cryptocurrencies like ETC.
Some traders may also be engaging in speculative trading, attempting to capitalize on short-term price movements in Ethereum Classic following Bitcoin's rally. This speculative activity can contribute to increased trading volume and price volatility in ETC.
Bitcoin has surged past $66,000 on Monday, rebounding from a 24-hour low of $61,769. This rise was supported by significant trading volume ($42.41 billion) and a market capitalization of $1.28 trillion, reflecting increased investor confidence.
Bitcoin is now within 5% of its all-time high of $69,044 recorded on Nov. 10, 2021, and has surpassed previous highs against various major and emerging-market currencies, hinting at potential for further increases…Read More
Posted In: $ETC
