Various cryptocurrencies have been rallying since the start of the week, and Ethereum Classic is currently outperforming numerous other coins.
ETC Rallies by More Than 13%
The cryptocurrency market has been performing excellently over the past few hours, and Ethereum Classic is one of the top performers amongst the top 30 by market cap. At the time of writing, ETC is up by more than 13% against the US Dollar and is trading above $62.
So far, in 2021, ETC has rallied by more than 990%, surpassing the 559% recorded by Ether. Bitcoin, on the other hand, has surged by more than 150% year-to-date. ETC is down by more than 60% from the all-time high of $167 it attained in May this year.
However, if ETC can maintain its current momentum, then it could surpass the $65 resistance level over the coming hours. An extended rally from the broader cryptocurrency market would allow ETC to rally even higher and make a move towards the $70 mark in the coming hours or days.
NFT Giveaways Pushes ETC’s Price Higher
One of the major catalysts behind ETC’s recent rally is its giveaways. The Ethereum Classic team has been giving away e ETC Punks nonfungible tokens since yesterday, and that has drawn more attention to the cryptocurrency.
— Ethereum Classic (@eth_classic) November 9, 2021
With the cryptocurrency market currently in a bullish run, ETC’s price could rally higher over the coming days and weeks.