While BTC's reaction remained limited after the SEC's spot Bitcoin ETF approval, altcoins recorded nice increases.
At this point, while altcoins such as Etherum (ETH), Ethereum Classic (ETC) and Arbitrum (ARB) attracted attention with their rise, Santiment examined ETC.
While ETH increased by 8% in the last 24 hours, ETC increased by 31% and ARB increased by 14%.
ETC rose above $26 for the first time since October 2022, with its rise following the spot Bitcoin ETF approval announcement.
Stating that this rise was due to the increase in ETC trade volume, Santiment said that investors showed great interest in ETC.
Commenting on whether ETC's rise and investor interest will continue, Santiment said that despite the increase in transaction volume, ETC sentiment is neutral for now, and it is not clear whether the rise will continue or not.
“Ethereum Classic experienced a rapid breakout following the Bitcoin ETF announcement, rising above $26 for the first time since October 2022.
The increase in price is due to the increase in ETC trading volume and indicates great interest from investors.
“Despite the increase in trading volume, investors' sentiment towards ETC remains neutral for now.”
ETC continues to trade at $27.96 at the time of writing.
*This is not investment advice.