Why Ethereum Classic (ETC) Is Seeing Blue Skies Wednesday

Ethereum Classic ETC/USD is trading higher by 5.66% to $16.68 Wednesday afternoon. The altcoin is trading higher amid strength in the price of Bitcoin following BlackRock's Bitcoin ETF application.

What Happened?

The cryptocurrency market is experiencing a notable upswing driven by several favorable developments, including the introduction of EDX Markets, a newly established exchange supported by prominent financial entities such as Charles Schwab, Fidelity and Citadel Securities.

These influential players from the finance industry are lending their backing to EDX Markets, contributing to the positive momentum within the market...Read More

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What Else?

In the cryptocurrency market, there is often a correlation between the prices of Bitcoin and altcoins. When Bitcoin experiences a significant price increase, it can create a positive spillover effect on altcoins, including Ethereum Classic.

Investors may see altcoins as offering potential growth opportunities and seek to diversify their holdings beyond Bitcoin, leading to increased demand and higher prices for altcoins.