Ethereum Classic (ETC), one of the largest and oldest cryptocurrencies in the market has surged by over 45% in the last 24 hours according to data provided by CoinMarketCap. This allowed this virtual currency to reach the top 10 market once again after several months. In the last years, ETC remained as one of the largest 25 digital assets.
Ethereum Classic Reaches The Top 10
Ethereum Classic has reached the top 10 after an amazing price increase of over 45% in just 24 hours. The virtual currency is now traded around $11.89 and it has a market capitalization of $1.38 billion. In this way, ETC surpassed cryptocurrencies such as Dash, Cardano (ADA), Stellar Lumens (XLM), Monero (XMR) and Tron (TRX). If it wants to surpass Binance Coin (BNB) it would still have to reach a valuation of $2.79 billion.
Although ETC experienced a massive price increase in the last days, this has been a characteristic of several cryptocurrencies. Bitcoin SV (BSV) and DASH (DASH) have also grown in recent weeks. While Bitcoin SV spiked by over 90% in one day, DASH did so in a similar way to ETC today.
One of the reasons behind ETC price surge is related to the fact that it was listed by Binance on its futures platform. Now, users will have the possibility to trade Ethereum Classic through the Binance future platform. The maximum leverage for this virtual currency is going to be 75x.
Binance is one of the largest cryptocurrency exchanges in the market. The platform became popular in 2017 after being able to offer solutions to traders in the market. Indeed, the exchange added a large number of trading pairs, something many other exchanges couldn’t do.
#Binance Futures Will Launch @eth_classic $ETC/USDT Perpetual Contract With Up to 75x Leveragehttps://t.co/1dHccMblL7 pic.twitter.com/eje3xMGdwH
— Binance (@binance) January 15, 2020
Many projects added to the Binance platforms were able to suddenly spike after traders placed their funds in these digital assets. Something similar is happening with Ethereum Classic right now. Users are longing the virtual currency and it was reflected on its price.
In the future, if new digital assets are added to the Binance futures platform, it is highly possible they will skyrocket in a similar way as ETC right now.
At the time of writing this article, Bitcoin (BTC), the largest cryptocurrency in the market, has a price of $8,878 and a market capitalization of over $161 billion.