ETC Rises 55% In One Week As BTC Stalls Near $23K: Analysis

ETC rises 55% in one week as BTC stalls near the $23,000 price range with the market slowly entering in the green so let’s have a closer look at today’s latest altcoin news.

Ethereum Classic or ETC rises 55% in one week and is among the few altcoins that are in the green on a daily scale after the highly volatile trading week, BTC calmed down as the weekend started to sit close to $23,000. most altcoins are in the red on the daily scale with ETC being among the few exceptions and Ethereum Classic is one of the best performers in the past week.

After bottoming below $19,000, the BTC bull came to town and reminded us of their power so, in a few days, they helped BTC recover the recent losses and pushed it beyond $20,000 during the weekend. Over Saturday and Sunday, there were some bigger gains from the asset as they entered Monday, nearing $22,000. the bullish recovery continued in the next few days and culminated in a surge past $24,000 which became the crypto’s highest price point in over a month. As it became known that Tesla sold off most of its BTC holdings, BTC retraced and fell by $2000 but it then bounced off to over $23,500.

Now, however, it lost ground and stands under $23,000 and the market cap declined to $435 billion with the dominance over the altcoins being down by 41.7%. Despite the bullishness in the long term, SkyBridge Capital’s lead Anthony Scaramucci admitted it was a mistake to bet on BTC in the short term. 3AC’s founder spoke out and noted that the BTC drop to $20K was the final kick for the hedge fund. Most altcoins outperformed BTC in the past which is evident from the drop in BTC market dominance.

Ethereum was at the forefront of the price increases and struggled to remain near $1000 only 10 days ago but then soared 60% in the next few days and tapped a new high of $1600. on a daily scale, red took over as ripple, DOGE, Solana, Cardano, SHIB, and DOT all retraced. Ethereum Classic is among the few exceptions and eTC is up y 5.5% in one day and over 55% n the past week.