Ethereum Classic (CRYPTO: ETC) is trading higher by 4.8% to $21.75 during Friday’s session. The popular altcoin is trading higher in sympathy with Bitcoin as the apex crypto gains roughly 2% for the session. The broader crypto market is rallying after Thursday brought net inflows of nearly $79 million to Bitcoin spot ETFs, adding to their five-day streak of positive momentum.
As Bitcoin’s price increases, some investors may choose to diversify their cryptocurrency portfolios by investing in other assets such as Ethereum Classic. This diversification strategy aims to spread risk across multiple assets, potentially driving up demand for alternative cryptocurrencies like ETC.
Some traders may also be engaging in speculative trading, attempting to capitalize on short-term price movements in Ethereum Classic following Bitcoin’s rally. This speculative activity can contribute to increased trading volume and price volatility in ETC.
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What’s Going On With Crypto Friday?
Overall, $1.31 billion worth of value was traded in U.S. spot bitcoin funds on July 11. Despite the recent inflows, trading volumes remain significantly lower than in March, when they exceeded $8 billion on several days.
U.S. issuers are still awaiting approval from the Securities and Exchange Commission for their latest amended registration statements for spot Ethereum ETFs….Read More