Ethereum Classic and Bitcoin Gold soar as part of broader crypto market recovery

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Major cryptocurrencies traded higher on Tuesday night with Ethereum Classic (CRYPTO: ETC) and Bitcoin Gold (CRYPTO: BTG) emerging as the main winners as the global cryptocurrency market cap rose 2.93 % to $ 1.46 trillion.

What happened: The top two cryptocurrencies by market cap – Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) – rose 3.26% and 2.76% to $ 36,017.37 and $ 2,183.43 respectively over 24 hours.

BTC and ETH rose 6.95% and 13.18% over a seven-day period.

However, the main winners were the cryptocurrencies that emerged after the hard forks of the BTC and ETH blockchains.

ETC traded 37.93% higher at $ 61.25 over 24 hours, while BTG traded 25.02% higher at $ 53.86 during the same time frame. ETC and BTG climbed 65.33% and 57.43% respectively over one week.

See also: How to buy Ethereum Classic (ETC)

ETC rose 34.29% against ETH and 33.85% against 24-hour BTC. BTG traded 21.32% against BTC and 21.72% against ETH.

Why it matters: The rise of ETC comes after developers announced an upcoming network upgrade called “Magneto.” This upgrade will include the upgrade functionality of Ethereum in Berlin, according to Stevan Lohja, developer relations manager for Mantis – a client and wallet for Ethereum Classic.

See also: Do ​​These Three Factors Keep Dogecoins From The Moon?

ETC is trading below its 50-day moving average but is above the 200-day moving average, indicating a period of consolidation, according to Tyler Bundy of Benzinga.

ETC was the trending name on Stocktwits’ trending feed list at the time of publication.

The upward trend of Bitcoin, Ethereum lookalikes was also seen at the start of last month.

Another Bitcoin lookalike called Bitcoin SV sparked social interest on Tuesday after Craig Wright, an Australian entrepreneur associated with it, won a ruling in its favor in the High Court in London to have the original Bitcoin white paper withdrawn. from Bitcoin.org.

Read more: Dogecoin Co-Creator Warns Nothing Is 100% Safe In Crypto As SafeDollar Stablecoin Drops To $ 0

Photo: Courtesy of ETC on Flickr

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