Ethereum News Today: Ethereum Classic Surges 20% as Bullish Sentiment Sweeps Market

Ethereum Classic (ETC) experienced a significant surge on July 18, with its price jumping by 20% to reach a high of $24.55. This substantial increase was accompanied by a dramatic rise in interest, with Open Interest in the altcoin increasing by 45% to $273 million. The derivatives volume spiked by 300% to more than $1.86 billion, while spot volume jumped by 380% to more than $1.6 billion. This surge in ETC's price and volume can be attributed to a wave of bullish sentiment that swept through the cryptocurrency market, with top cryptocurrencies looking to hold onto gains. ETC stood out as it outpaced peers across the top 100 by market capitalization, aligning with overall upside strength for ETH, XRP, and a host of other coins.

The bullish sentiment was further supported by the upward trend of the 10, 20, and 50-day exponential moving averages (EMAs), which all pointed in a positive direction. The rally in ETC's price was part of a broader trend among legacy altcoins, which also saw a surge in volume and leverage. The price increase was accompanied by an expansion in trading volume and a market cap that exceeded $430 billion. The bullish sentiment surrounding Ethereum Classic and other altcoins is a reflection of the broader optimism in the cryptocurrency market, which has been fueled by a range of factors, including increased institutional investment and growing mainstream adoption. However, it is important to note that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly in response to a variety of factors. As such, investors should exercise caution and conduct thorough research before making any investment decisions.

Ethereum Classic is the original Ethereum chain, and while it lags ETH in terms of market performance, it gained some push with the listing on Bitstamp by Robinhood. The cryptocurrency’s proof-of-work security, and smart contract support add to broader interest. Bitstamp by Robinhood recently added the ETC/USD and ETC/EUR pairs, boosting the altcoin and helping its price to bounce from lows of $18. The threat of a pullback is there, but with volumes rising amid exuberance around the GENIUS Act, ETC price looks set to continue higher. According to Coinbase co-founder and chief executive officer, Trump’s signing of the GENIUS Act into law marks the beginning of “financial revolution in the U.S.”

Gains for Ethereum, Ripple’s XRP and top altcoins will certainly buoy Ethereum Classic. In this case, buyers may target the price levels seen in early December 2024. There’s a key supply wall around $50, while the all-time peak above $167 is about 85% off current price levels. The overall backdrop for Ethereum, which is closely related to Ethereum Classic, remains bullish, with its price climbing from the mid-$2,900s to the mid-$3,500s, representing a 20% jump. This price increase was accompanied by an expansion in trading volume and a market cap that exceeded $430 billion. The bullish sentiment surrounding Ethereum Classic and other altcoins is a reflection of the broader optimism in the cryptocurrency market, which has been fueled by a range of factors, including increased institutional investment and growing mainstream adoption. However, it is important to note that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly in response to a variety of factors. As such, investors should exercise caution and conduct thorough research before making any investment decisions.