Why Ethereum Classic Is Skyrocketing
Ethereum ClassicETC/USD is trading higher by some 12.29% to $29.47 during Tuesday afternoon. Shares of several altcoins are trading higher in sympathy with apex cryptocurrency Bitcoin BTC/USD and second-largest market cap crypto Ethereum ETH/USD andU.S. equities.Major indices are higher as investors react to quarterly earnings reports from U.S. companies and assess the possibility of future Federal Reserve policy changes.
What Happened?
New economic statistics show a drop in consumer confidence in theUnited States, indicating that purchasers may reduce spending amid recessionary worries and aggressive interest rate increases.
The worlds largest digital currency by market capitalizationBitcoinBTC/USD crossed the psychologically important level of$20,000Tuesday after concluding its longest stretch below that level since the tokenfirst crossed it in late 2020.
Bitcoin was trading up by around4%to$20,185on Tuesday.
For over three weeks, the token has traded below$20,000, deviating from the coin's usual volatility…Read More
See Also:Bitcoin Crosses $20K Mark, Ending 3-Week Slump Will The Crypto Target $25K Next?
