November 25, 2024November 25, 2024

Ethereum Classic Surges 60% In A Month: What's Driving the Rally?

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Ethereum Classic ETC/USD has surged 60% to $31.17 over the past month, drawing attention in a crypto market increasingly driven by institutional interest and renewed enthusiasm for blockchain technologies. This rise aligns with a record $3.13 billion inflow into digital asset investment products last week, as reported by CoinShares.

What To Know: Ethereum Classic is the original Ethereum blockchain, preserved after a contentious 2016 split following the DAO hack. While Ethereum ETH/USD adopted a new chain to reverse the effects of the hack, Ethereum Classic retained the unaltered blockchain.

ETC has carved out a niche as a decentralized smart contract platform, appealing to purists and developers who value its fixed monetary policy and proof-of-work consensus mechanism.

Read Also: Dogecoin Is ‘Harder Money’ Than Bitcoin, Says Raoul Pal: Here’s What The Numbers Say

Bitcoin ETFs accounted for $3.12 billion of the record inflows last week, fueling optimism across the digital asset ecosystem. Altcoins like Ethereum Classic benefited from the trickle-down effect as investors sought alternatives that offered potential for high returns.

Additionally, Ethereum Classic may be gaining traction as a proof-of-work alternative to Ethereum, which transitioned to a proof-of-stake model in 2022. ETC miners displaced by Ethereum’s shift could find a home on Ethereum Classic’s network, further enhancing its security and utility.

While the record inflows into Bitcoin-dominated headlines, Ethereum Classic’s outsized gains highlight the growing interest in assets beyond Bitcoin and Ethereum.

Read Also: Why Bitcoin’s Rally Is Stalling Below $100,000

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