Ethereum Classic Leads the Crypto Rally With 31% Rise

As the awakening of the cryptocurrency market continues, the majority of the top 100 coins recorded profits during the last 24 hours. The biggest gainer of them all is the old Ethereum Classic (ETC) with a stunning 31% daily rise.

ETC managed to shoot up to exactly $10 from $7,40 valuation recorded only a day ago. Moreover, it’s looking to regain the top-10 spot by market capitalization as it is less than $10 million away from Tron (TRX). It is important to note that only 24 hours ago, ETC held 18th place by market cap. The new-found enthusiasm found among Ethereum Classic investors is still kind of a mystery. However, the overall sentiment change is widespread, and some coins are always going to outperform others in such situations.

Ethereum Classic is the Leader of the Widespread Optimism

Although Ethereum Classic leads the pack, other cryptocurrencies also performed rather decently.

Just like CoinSyncom predicted (which wasn’t hard to do), Bitcoin finally reached $9,000 to score 3% gains for its investors. Nevertheless, there the price met a sturdy resistance with a daily 200 MA providing the basis for such a barrier. The King currently holds the value of just below $8,900. The next level of resistance is at $9,400 and it still remains to be seen if BTC will have difficulties reaching and eventually breaching that level.

Top Crypto gainers
Source: CoinMarketCap

Further down the list, Bitcoin Cash (BCH) regained the 4th spot from its fork according to CoinMarketCap, with just above 7% rise during the last 24 hours. Let’s not forget that the second-best daily gainer among the top-100 in the market is MonaCoin (MONA). MONA scored a nice 27% rise and now holds the 58th position by market cap with the price tag of $1,25 per coin.

The Changing Market Sentiment

Needless to say, the crypto community is buzzing as coins record the biggest gains since the summer of 2019. In the midst of the widespread optimism, we are witnessing some serious movements of funds in the market.

The Twitter user specialized for large crypto-asset migrations, Whale Alert, reported a few major transactions during the last 24 hours. In fact, in the Last Tweet, Whale Alert reported that 5 million BUSD (Binance USD) got transferred from an unknown wallet to the Binance exchange.

BUSD is a stablecoin pegged to the value of the US dollar. Therefore, the transfer to Binance probably means that somebody is looking to make a serious investment. On the other hand, some Bitcoin heavy-hitters are looking to protect their investments. The same Twitter channel informed their followers that 40 minutes ago, 1,000 BTC (roughly $8,7 million) migrated from Bitfinex to an unknown wallet.

Either by mere coincidence or as well-planned moves, these large transactions reveal that something stirs in the market. Rather sooner than later we’re going to find out.

What to Expect in the Coming Days?

Considering the undeniable fact that Bitcoin is still a focal asset for cryptocurrency trading, much will depend on it. If BTC manages to break through the two upcoming resistance levels, we have every reason to be optimistic. On the other hand, if it stumbles back down to below $8,000 we may experience some major dumping of altcoins as a result. Especially of those cryptocurrencies with the biggest weekly gains. We are yet to close the weekly candle, and if BTC closes it below $8,175, the market may turn bearish again.

Bitcoin weekly candle
Source: coinalyze.net

The crypto market is in a sensitive state at the moment. Taking into account its high volatility, every detail could trigger another surge or sell-off. Therefore, be careful with your predictions as well as with investments.