Why Ethereum Classic Is Trading Higher

Author: Henry Khederian | March 11, 2024 02:13pm

Ethereum Classic (CRYPTO: ETC) is trading higher by 7.2% to $38.06 Monday afternoon. Several altcoins are trading higher in sympathy with Bitcoin after the apex crypto hit a new all-time high of $72,000.

Bitcoin’s price movements, especially when reaching new all time highs, tend to attract significant media coverage and public attention. As a result, casual investors and newcomers to the crypto space may become more aware of cryptocurrencies in general, including Ethereum Classic.

This increased awareness can stimulate curiosity and drive interest in alternative cryptocurrencies, ultimately contributing to Ethereum Classic’s strength.

See Also: Michael Saylor Sees Zero Catalysts That Could Bring Bitcoin Prices Down: ‘We're Just Waiting For The Rest Of The World To Realize'

Additionally, while Ethereum Classic is fundamentally distinct from Bitcoin, it tends to exhibit a certain level of correlation with Bitcoin’s price movements. This correlation can be attributed to various factors, including shared market dynamics, trading pairs on cryptocurrency exchanges and overall sentiment within the crypto community.

See Also: What’s Going On With Grayscale And iShares Bitcoin ETFs?

Posted In: $ETC