The cryptocurrency market rebounded on Thursday after a volatile Wednesday session, with Bitcoin (BTC) surging to $31,480 and **Ether (ETH)** jumping to nearly $1,960 before slight retracements. As of writing, BTC trades at $31,220**, while ETH hovers around **$1,940 (CoinGecko data).
Market Volatility and Macroeconomic Factors
The turbulence began after the release of the June FOMC meeting minutes, revealing consensus among Fed officials for additional rate hikes in 2023. Hawkish signals pressured both crypto and equities ahead of the June jobs report.
Key catalysts influencing the market:
- Bank stress tests confirming resilience amid potential recessions.
- China’s quantitative easing program boosting investor sentiment.
- Regulatory clarity in Singapore, Korea, and Thailand.
👉 Explore crypto market trends
Derivatives Signal Bullish Momentum
Bitcoin futures open interest (OI) surpassed $12 billion**, up from $10.4 billion in early June (Glassnode). Institutional activity surged, with CME’s Bitcoin futures volumes hitting $37.9 billion in June (+28.6% MoM). ETH futures also rose 10.8%**, with 97,000 contracts traded.
Altcoin Performance
- Top gainers: SOL (+7.6%), PEPE (+5.1%), Monero (+3.7%).
- Top loser: Kaspa (-8.3%).
Bitcoin and Ethereum Forks Lead Gains
Bitcoin Cash (BCH)
- 15-day rally: +180%, now at $295.60.
- Trading volume soared 143.9% to $1.18 billion.
- Catalysts: Institutional interest, EDX Markets listing, and South Korean exchange activity.
Bitcoin SV (BSV)
- June 20–July 1 surge: +125%, trading at $46.
Ethereum Classic (ETC)
- Current price: $19.81 (+4.1% daily).
- Weekly gains: +9%; YTD: +25.73%.
- Market cap: $2.8 billion (#26 crypto).
ETC’s momentum aligns with ETH’s 62% YTD growth, though adoption lags behind Ethereum.
Ethereum Classic: Background and Challenges
ETC emerged from Ethereum’s 2016 hard fork after "The DAO" hack. Key differences:
- Deflationary model: Capped supply of 210.7 million ETC.
- Security concerns: Three 51% attacks in 2020.
Despite bullish bursts, ETC struggles with usage levels comparable to Bitcoin forks.
Price Outlook for ETC
- Upside: Potential rally if bullish momentum continues.
- Downside: Risk of correction to $18 if selling pressure dominates.
👉 Start trading Ethereum Classic today
FAQs
Q1: What caused Ethereum Classic’s price surge?
A1: General crypto market optimism and ETH’s upward trend, alongside broader institutional interest.
Q2: How does ETC differ from ETH?
A2: ETC maintains the original Ethereum chain post-fork, with a capped supply and no roadmap for upgrades like ETH 2.0.
Q3: Is ETC a good investment in 2023?
A3: While ETC shows short-term gains, long-term viability depends on adoption and network security improvements.
Q4: What risks does ETC face?
A4: Low adoption, 51% attack vulnerabilities, and competition from Ethereum’s ecosystem.
Q5: Where can I buy ETC?
A5: Major exchanges like OKX, Binance, and Coinbase support ETC trading pairs.