In a notable upswing, Ethereum Classic (ETC), positioned as the 21st largest cryptocurrency by market capitalization, has experienced a substantial surge following the announcement of the Bitcoin ETF.
Soaring above $31, ETC achieved a yearly high at $31.99, reflecting an impressive gain of over 40%.
The surge in trading volume, witnessing an extraordinary 400% spike, signals a heightened interest from major traders. Despite this notable increase, the sentiment surrounding $ETC appears to remain neutral at present.
📈 #EthereumClassic has blasted off following the #BitcoinETF announcement, reaching above $26 for the first time since October, 2022. Trading volume has surged, indicating major trader interest. However, $ETC sentiment still appears neutral for now. https://t.co/LhebnauCQX pic.twitter.com/wEf3ujmqH6
— Santiment (@santimentfeed) January 11, 2024
A significant observation is the unprecedented trading volume, surpassing 1.23 billion, a level not witnessed since September 13, 2022. Today, the 24-hour trading volume for the token has catapulted to $3.1 billion, underscoring the intensified activity and attention surrounding Ethereum Classic.
Major Update Coming On Ethereum Classic
Adding to the anticipation is an upcoming update scheduled for January 31st, contributing to the buzz surrounding the Ethereum Classic network. Block 19,250,000 marks the release of the Spiral Ethereum Classic update, slated for January 31, 2024. This impending hard fork is anticipated to bring substantial enhancements to the Ethereum Classic network.
The Spiral Network Upgrade will be activated on block 19,250,000, which is estimated to arrive January 31, 2024.
Node operators, please ensure your software is updated to the latest version.https://t.co/w4KVMLV5D5
— Ethereum Classic (@eth_classic) December 12, 2023
The Spiral Ethereum Classic Hard Fork aligns with the tradition of compatibility updates, encompassing technical changes to various OPCODEs relevant to the network. Positioned as a crucial step, the Spiral Upgrade is designed to align the ETC Network with upstream EVM standards, streamlining contract development and migration processes.
As Ethereum Classic continues to make waves in the crypto sphere, the approaching hard fork and its associated improvements hold the potential to further elevate its standing and influence in the broader blockchain landscape. Investors and enthusiasts keenly await developments as Ethereum Classic navigates this pivotal juncture in its journey.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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