Ethereum Classic is the greatest performer amongst the high 100 cryptocurrencies by market cap in the final 24 hours.
ETC, the native coin of the Ethereum Classic blockchain, is up by greater than 27% in the final 24 hours. Thus, making it the greatest performer amongst the high 100 cryptocurrencies by market cap.
ETC’s rally comes as the broader crypto market has been performing effectively over the final 24 hours. The whole market cap at the moment stands round $1 trillion, up by greater than 2% immediately.
Bitcoin, the world’s main cryptocurrency, continues to battle to maneuver previous the $20k psychological stage regardless of the broader crypto market performing effectively to this point immediately. BTC is up greater than 1% in the final 24 hours.
Ethereum Classic’s rally comes as the Ethereum neighborhood will get prepared for the Merge occasion. The Merge occasion will see the Ethereum blockchain migrate from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS).
As a results of the Merge, the Ethereum blockchain will now not assist miners. Miners on the community could be pressured to maneuver to different blockchains, and Ethereum Classic is one among the choices accessible to them.
Key ranges to look at
The ETC/USD 4-hour chart is extraordinarily bullish as Ethereum Classic has outperformed the different main cryptocurrencies in the market.
The MACD line is deep into the constructive zone, indicating a robust bullish momentum for ETC at the second.
The 14-day relative energy index at the moment stands at 84, indicating that ETC is getting into the overbought area very quickly.
At press time, ETC is buying and selling at $40.60. If the rally continues, ETC may surge previous final month’s excessive of $45.65 earlier than the finish of the day.
In the occasion of an prolonged bullish efficiency, ETC may try to succeed in the $54 resistant mark for the first time since March 2022.
