Why Ethereum Classic Is Skyrocketing

Ethereum Classic ETC/USD is trading higher by some 12.29% to $29.47 during Tuesday afternoon. Shares of several altcoins are trading higher in sympathy with apex cryptocurrency Bitcoin BTC/USD and second-largest market cap crypto Ethereum ETH/USD and U.S. equities. Major indices are higher as investors react to quarterly earnings reports from U.S. companies and assess the possibility of future Federal Reserve policy changes.

What Happened?

New economic statistics show a drop in consumer confidence in the United States, indicating that purchasers may reduce spending amid recessionary worries and aggressive interest rate increases.

The world’s largest digital currency by market capitalization Bitcoin BTC/USD crossed the psychologically important level of $20,000 Tuesday after  concluding its longest stretch below that level since the token first crossed it in late 2020.

Bitcoin was trading up by around 4% to $20,185 on Tuesday.

For over three weeks, the token has traded below $20,000, deviating from the coin's usual volatility...Read More

See Also: Bitcoin Crosses $20K Mark, Ending 3-Week Slump — Will The Crypto Target $25K Next?