Ethereum Classic is the best-performing cryptocurrency amongst the high 20 cryptocurrencies by market cap at present.
The cryptocurrency market is performing positively at present after beginning the week in a poor vogue. The market is up by 1.5% in the final 24 hours, with the complete market cap nonetheless above the $1 trillion stage.
Bitcoin has taken benefit of the ongoing market efficiency to rally previous the $23k resistance stage. Ether is buying and selling above $1,600 as soon as once more after including greater than 3% to its worth over the final 24 hours.
However, ETC, the native token of the Ethereum Classic blockchain, is the greatest performer in the high 20 cryptocurrencies by market cap.
ETC has added greater than 10% to its worth in the previous 24 hours, outperforming the different main cryptocurrencies in the course of.
Ethereum Classic has been performing excellently since the Ethereum neighborhood introduced that ETH 2.0 (Merge) is coming quickly. ETH 2.0 will see Ethereum turn out to be a proof of stake protocol.
This will immediate Ethereum miners emigrate to the Ethereum Classic blockchain, which continues to take care of its proof of labor mechanism. ETC has added greater than 35% to its worth in the final seven days and will rally larger quickly.
Key ranges to observe
The ETC/USD 4-hour chart is optimistic as Ethereum Classic has been performing excellently in latest days.
The MACD line stays above the impartial zone, indicating bullish momentum for the cryptocurrency.
The 14-day relative power index of 53 exhibits that ETC might enter the overbought area if it continues with its present trajectory.
At press time, ETC is buying and selling at $36.80. If the bullish momentum is maintained, ETC might high final week’s excessive of $43 over the coming hours or days. However, it may need the help of the broader crypto market to achieve the $50 mark for the first time since March.
