On the day when Ethereum's spot ETFs were approved in the U.S., Ethereum Classic emerged as a standout performer in the market. Despite Ethereum's bullish news, ETC managed to secure gains of almost 9% in a 24-hour period, positioning itself as the second-best performer according to data from Benzinga Pro. Interestingly, Ethereum was trading at a slight premium of 1.56%, despite the major positive development of ETF approval by the SEC.
The surge in Ethereum Classic's trading volume, which surpassed $1.5 billion after more than tripling in the last 24 hours, signaled a heightened interest among investors in this particular cryptocurrency. In comparison, Ethereum's volume increased by 85%, but ETC's volumes were notably higher due to its lower market cap. The current performance of ETC following the ETF approval resembled its previous movements after Bitcoin spot ETF approvals earlier in the year.
Ethereum Classic originated as a result of a split from the original Ethereum chain back in 2016, due to community disagreements post a hack incident. While Ethereum evolved as the renamed chain with ETH as its token, Ethereum Classic remained as the unchanged original chain with ETC as its token. Despite their distinct differences, retail investors often perceive ETC as a more affordable alternative to ETH. ETC's market cap of $4.84 billion stands in stark contrast to Ethereum's market valuation of $454 billion, making it an attractive option for some. Additionally, well-known figure Eugene Ng Ah Sio highlighted ETC as a potential beta for Ethereum, citing advantages like lower inflation, absence of unlocks, and an upcoming halving event.
At present, Ethereum Classic is trading at $32.86, having surged by 8.85% in the last 24 hours based on data from Benzinga Pro. The recent performance of ETC amidst the approval of Ethereum's ETFs showcases the intriguing dynamics at play within the cryptocurrency market.