ETC outperforms the broader market after rallying by 10%
Ethereum Classic is the best-performing cryptocurrency amongst the top 20 cryptocurrencies by market cap today.
The cryptocurrency market is performing positively today after starting the week in a poor fashion. The market is up by 1.5% in the last 24 hours, with the total market cap still above the $1 trillion level.
Bitcoin has taken advantage of the ongoing market performance to rally past the $23k resistance level. Ether is trading above $1,600 once again after adding more than 3% to its value over the last 24 hours.
However, ETC, the native token of the Ethereum Classic blockchain, is the best performer in the top 20 cryptocurrencies by market cap.
ETC has added more than 10% to its value in the past 24 hours, outperforming the other leading cryptocurrencies in the process.
Ethereum Classic has been performing excellently since the Ethereum community announced that ETH 2.0 (Merge) is coming soon. ETH 2.0 will see Ethereum become a proof of stake protocol.
This will prompt Ethereum miners to migrate to the Ethereum Classic blockchain, which continues to maintain its proof of work mechanism. ETC has added more than 35% to its value in the last seven days and could rally higher soon.
Key levels to watch
The ETC/USD 4-hour chart is positive as Ethereum Classic has been performing excellently in recent days.
The MACD line remains above the neutral zone, indicating bullish momentum for the cryptocurrency.
The 14-day relative strength index of 53 shows that ETC could enter the overbought region if it continues with its current trajectory.
At press time, ETC is trading at $36.80. If the bullish momentum is maintained, ETC could top last week’s high of $43 over the coming hours or days. However, it could need the support of the broader crypto market to reach the $50 mark for the first time since March.