Ethereum Classic ETC/USD is trading higher by 4.3% to $26.82 Monday afternoon. Shares of several altcoins and crypto-related stocks are trading higher amid strength in Bitcoin.
Bitcoin surged on Monday, briefly hitting $50,300, boosted by increased institutional investment and strong inflows into spot Bitcoin ETFs. The cryptocurrency, initially around $48,000, rose notably at the start of the U.S. trading session, stabilizing near $50,200.
This surge is attributed to over $1.1 billion in fresh funds flowing into spot Bitcoin ETFs last week, contrasting with slowing outflows from established funds…Read More
Why Bitcoin’s Rise Impacts Ethereum Classic
Bitcoin’s price movement often sets the tone for the broader cryptocurrency market. When Bitcoin experiences a significant rally, it tends to create a positive sentiment across the entire market, including Ethereum Classic.
Ethereum Classic is considered an altcoin, meaning it is an alternative cryptocurrency to Bitcoin. During bullish phases in the cryptocurrency market, investors often look for opportunities to diversify their portfolios beyond Bitcoin. As a result, they may allocate capital to altcoins like Ethereum Classic, expecting them to also experience price appreciation.
See Also: Raoul Pal Targets $250,000 Bitcoin, Points To Currency Debasement As Reason
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