Ethereum Classic and Dfinity’s ICP Lead Crypto Market Gains

Divya  |  Jun 30, 2021

The cryptocurrency market registered gains for a second straight day with Ethereum Classic(ETC) and Dfinity’s Internet Computer(ICP) leading the way. The overall market is up nearly 5% over the last 24 hours, which is a welcome sign for investors dealing with fluctuations in the past month.

Ethereum Classic and ICP Make Sizeable Gains

Ethereum Classic(ETC), the cryptocurrency that was once a part of the broader Ethereum network before their infamous split in 2016, has posted 31% gains in the last 24 hours. It is currently trading at $42 with its seven-day price gains exceeding 41%.

Developers working on ETC announced on Monday that the network is due for an update called “Magneto” in late July. This update will implement the recent Ethereum Improvement Proposal(EIP) upgrades that have already been integrated into the Ethereum blockchain. While the currency is making considerable profits, its value is nowhere close to its all-time high of $167 from May, when it was riding on the back of Ethereum’s own surge beyond $4,000.

Meanwhile, Ethereum(ETH) has also witnessed a rebound in its value, which has increased from $1,700 on Sunday to $2,237 this morning. This the highest price recorded by the second-largest cryptocurrency since 20 June. Although, ETH is still at a long distance from its all-time high of $4,357 recorded in May.

Another digital currency charting a course to recovery is ICP, which posted 30% gains in the last 24 hours. The currency has appreciated from $28 on Sunday to its current price of $55. Internet Computer was the best performing crypto on Monday as it rose by 15% and saw its trade volumes double following a positive review from Goldman Sachs.

Crypto Market Shows Signs of Recovery

Besides ETC and ICP, several cryptocurrencies have posted profits. The flagship cryptocurrency, Bitcoin, is changing hands at $36,433 and is up 5% since Monday. Ripple’s XRP and Polkadot are also trading in the green, with a 10% increase in their prices.

The wider crypto market has moved upwards by 5% indicating some relief for investors who’ve been hard hit by fluctuations following Tesla’s suspension of BTC payments and China’s crackdown on Bitcoin mining.

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