Ethereum Classic jumps 20% as volume explodes on bullish sentiment

The price of Ethereum Classic rose sharply on July 18 as bullish sentiment catalyzed a rally to highs of $24.55.

Ethereum Classic (ETC) traded 20% up in 24 hours, surging to highs last seen in January 2025. This uptick came as top cryptocurrencies looked to hold onto gains, and ETC stood out as it outpaced peers across the top 100 by market capitalization.

Notably, these upward moves by Ethereum Classic bulls aligned with overall upside strength for ETH, XRP and a host of other coins.

The ETC token benefited from a spike in interest, with data showing Open Interest in the altcoin is 45% up to $273 million. While the derivatives volume has spiked 300% to more than $1.86 billion, spot volume has jumped 380% to more than $1.6 billion.

Ethereum Classic price – why is ETC up?

Ethereum price breaking to near $3,700 and XRP hovering near its all-time high have boosted buyers. The threat of a pullback is there, but with volumes rising amid exuberance around the GENIUS Act, ETC price looks set to continue higher.

According to Coinbase co-founder and chief executive officer Brian Armstrong, Trump’s signing of the GENIUS Act into law marks the beginning of “financial revolution in the U.S.”

Ethereum Classic is the original Ethereum chain, and while it lags ETH in terms of market performance, it gained some push with the listing on Bitstamp by Robinhood.

The cryptocurrency’s proof-of-work security, and smart contract support add to broader interest. Bitstamp by Robinhood recently added the ETC/USD and ETC/EUR pairs, boosting the altcoin and helping its price to bounce from lows of $18.

Gains for Ethereum, Ripple’s XRP and top altcoins will certainly buoy Ethereum Classic. In this case, buyers may target the price levels seen in early December 2024.

There’s a key supply wall around $50, while the all-time peak above $167 is about 85% off current price levels.