50% Rally Sees Ethereum Classic Becomes 19th Largest Cryptocurrency

2022-7-30 20:00

Ethereum Classic has put on a show for the crypto market in the last two weeks. The rallies which have seen Bitcoin and Ethereum hit one-month highs have propelled the altcoin to some of the largest gains recorded in the market. After rallying almost 100% in the previous week, another massive rally has made Ethereum Classic a top contender for the largest cryptocurrencies list.

Ethereum Classic Claims 19th Spot

Ethereum Classic has usually been in the background when it comes to the crypto market. The coin had shown a lot of potential during previous crypto bull cycles and has seen a strong community rally around it as a result. It also continues to closely mirror Ethereum, whose market movements have been the reason behind the recent recovery.

Related Reading | DeFi TVL Sheds $5 Billion As Tokens Record Double-Digit Losses

However, Ethereum Classic has broken out on its own this time around. This has seen the digital asset return larger returns than Ethereum. In the last 24 hours, the cryptocurrency is up 18.94%, which has seen its price break above the $40 mark.

With this increase in price, Ethereum Classic’s market cap has ballooned. It has added more than $2 billion to its market cap in the space of a week, bringing it to more than $5.4 billion. This now makes it the 19th largest cryptocurrency by market cap.

ETC settles above $40 | Source: ETCUSD on TradingView.com

This puts it ahead of powerhouses such as Litecoin, FTX Token, and Chainlink. It has seen the largest returns of any mid and large cap cryptocurrency in the last week, with 56% returns in this time period.

Topping The Trends List

Ethereum Classic’s remarkable recovery over the last two weeks has put it on the radar of investors. It is currently leading the top trending list on Coinmarketcap, with returns of 163% over the last month alone. It remains one of the few cryptocurrencies that are green on a 30-day, 7-day, and 24-hour basis.

Related Reading | Institutions Sell Off 1% Of Total Bitcoin Supply In Under 2 Months

ETC has now established one of the strongest bullish trends in the market. It is trading well above its 200-day moving average, which means that its rally is likely to continue even if the market recovery were to see a retracement.

The buying pressure among investors is now mounting. The only resistance currently faced by the digital asset lies at the $45 level, but as long as hold sentiment persists among investors, ETC will likely have no issues breaking through here.

Featured image from The European Business Review, chart from TradingView.com

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