Ethereum Classic Surges 50% Weekly While BTC Fails At $42K

Ethereum Classic surges 50% on the week while Bitcoin failed to overcome the $42,000 price range so let’s take a closer look at the rest of the altcoins in our latest cryptocurrency news today.

ETC became the biggest gainer for the first time in a while now while most altcoins stalled or retraced. After rising above $42,000 a day ago, Bitcoin failed to maintain the level and dropped by $1000 hours later. Most of the altcoins saw minor losses on a daily scale but there were some exceptions. Ethereum classic surges 50% on the week and 5% on the day. It was in the middle of the past week when BTC initiated an impressive leg up and surged by $3000 to $42,000 which turned out to be a false breakout. Moments later, BTC found itself retracing back to $39,000.

The positive vibe on the market pushed the asset north and reclaimed $40,000 after the US FED confirmed the plans to increase the interest rates by 25 basis points. When the weekend approached and arrived, BTC pumped once again and hit a 10-day high at $42,500 but failed to maintain the level and crashed by $2000. The bulls stepped up at that point and drove BTC up to the level of over $41,000 with its market cap being below $800 billion. The alternative coins made some impressive gains in the past few days but most turned red and Ethereum even tried its hand at breaching $3000 but failed to do so, dropping by 2% on a daily scale which pushed it below $2840.

Binance coin touched $400 but then retraced in the next few hours below $390 while ripple, Cardano, Solana, DOGE, Polkadot, SHIB, CRO, and MATIC all got into the red. In contrast, Terra and Avalanche are the only ones that made some minor gains. Ethereum classic however is the biggest gainer with yesterday’s 20% surge and it is now up by 5%, getting close to $40. on a weekly scale, the asset is up by 50% while the crypto market cap remains calm and shy of $1.9 trillion.

As recently reported, From the low and mid-cap altcoins, ethereum classic stands out with a huge 21% surge, and now ETC trades above $35 with Loopring following a 19% increase and NEO increasing by 11%. The crypto market cap remained still on a 24-hour scale and reached $1.9 trillion.