Ethereum Classic is today the best-performing cryptocurrency among the top 20 cryptocurrencies by market cap.
The cryptocurrency market is developing positively today after starting the week poorly. The market is up 1.5% in the last 24 hours with the total market cap still above the $1 trillion mark.
Bitcoin took advantage of the sustained market action to surpass the $23,000 resistance level. Ether is trading back above $1,600 after gaining more than 3% in value over the past 24 hours.
However, ETC, the native token of the Ethereum Classic blockchain, performs best among the top 20 cryptocurrencies by market cap.
ETC has increased in value by more than 10% in the last 24 hours, outperforming the other leading cryptocurrencies.
Ethereum Classic has performed extremely well since the Ethereum community announced that ETH 2.0 (merge) will be available soon. With ETH 2.0, Ethereum becomes a proof-of-stake protocol.
This will prompt Ethereum miners to migrate to the Ethereum Classic blockchain, which will still retain its proof-of-work mechanism. ETC has increased in value by more than 35% over the past seven days and could soon start to rally again.
Important levels to watch
The ETC/USD 4-hour chart is positive as Ethereum Classic has performed extremely well over the past few days.
The MACD line remains above the neutral zone, indicating bullish momentum for the cryptocurrency.
The 14-day Relative Strength Index of 53 shows that ETC could move into overbought territory if it continues from its current price.
At press time, ETC is trading at $36.80. If the bullish momentum holds, ETC could surpass last week’s high of $43 in the coming hours or days. However, it might need the support of the broader crypto market to reach $50 for the first time since March.
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