Key Reasons Why Ethereum Classic (ETC) Blasted Higher by 50%

Ethereum Classic (ETC), the original version of Ethereum that split from the main network in 2016, has blasted higher by 50% in the last 24 hours.

The coin, which ranks as the 21st largest cryptocurrency by market capitalization, has outperformed its more popular sibling, Ethereum (ETH), which gained only 11.24% in the same period.

At the time of writing, ETC was up 50% in the last 24 hours to $31.16, gaining 55% in the last seven days.

ETC appears to be the biggest beneficiary of the crypto market’s positive sentiment following the approval of the first Bitcoin exchange-traded fund (ETF) in the United States.

According to Santiment, an on-chain analytics platform, Ethereum Classic blasted off following the Bitcoin ETF announcement, surpassing $26 for the first time since October 2022.

ETC surged higher in today’s session, extending a larger rally that began on Jan. 8 after support was met at $18.37.

Santiment reported that Ethereum Classic trading volume has increased, indicating major trader interest. It went on to say that ETC trade volume has not surpassed 1.23 billion in a single day since Sept. 13, 2022.

ETC will have gained for the fourth day in a row if the market closes in the green today.

Also, an impending upgrade, due on Jan. 31, is adding to the excitement surrounding the Ethereum Classic network.

The Ethereum Classic upgrade, dubbed Spiral, will take place at block 19,250,000. The Ethereum Classic Spiral Hard Fork is expected to occur on Jan. 31, 2024.

Ethereum Classic core developers have published ECIP-1109, which contains details of ETC’s Spiral hard fork.

This document proposes the following blocks for implementing these changes on Ethereum Classic networks: 9, 957, 000 on the Mordor testnet (already upgraded in November 2023) and 19,250,000 on the Ethereum Classic mainnet (expected for January 31, 2024).