What's Going On With Ethereum Classic (ETC)?

Ethereum Classic ETC/USD is trading higher by 6% to $19.37 over the past week, following a surge in inflows towards Bitcoin and Ethereum exchange-traded funds (ETFs).

Upward momentum in the broader crypto market, driven by U.S. political dynamics that favor cryptocurrencies, has boosted investor sentiment and led to strong gains for several altcoins.

What’s Happening: The market rally was ignited after the U.S. vice presidential debate, where shifts in polling trends showed growing support for the Republican party, which is often perceived as more crypto-friendly. This political environment encouraged new inflows into crypto-focused ETFs, with Bitcoin and Ethereum ETFs attracting a combined $407 million in fresh investments.

As Bitcoin and Ethereum prices surged in recent sessions, Ethereum Classic—a legacy blockchain that split from Ethereum in 2016—benefited as well.

Ethereum Classic has historically performed well during times of increased market interest in Ethereum, due to its connection to the original Ethereum chain and its appeal to investors seeking an alternative to its larger counterpart.

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What Else: As major cryptocurrencies like Bitcoin dominate headlines, investors looking for diversification within the Ethereum ecosystem have turned to Ethereum Classic.

With its commitment to preserving the original Ethereum blockchain, Ethereum Classic has gained a following among investors who value immutability and decentralized governance.

What’s Next: The influence of altcoins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.