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Ethereum Classic is the best-performing cryptocurrency amongst the high 20 cryptocurrencies by market cap right now.

The cryptocurrency market is performing positively right now after beginning the week in a poor vogue. The market is up by 1.5% in the final 24 hours, with the whole market cap nonetheless above the $1 trillion degree.

Bitcoin has taken benefit of the ongoing market efficiency to rally previous the $23k resistance degree. Ether is buying and selling above $1,600 as soon as once more after including greater than 3% to its worth over the final 24 hours.

However, ETC, the native token of the Ethereum Classic blockchain, is the greatest performer in the high 20 cryptocurrencies by market cap. 

ETC has added greater than 10% to its worth in the previous 24 hours, outperforming the different main cryptocurrencies in the course of.

Ethereum Classic has been performing excellently since the Ethereum neighborhood introduced that ETH 2.0 (Merge) is coming quickly. ETH 2.0 will see Ethereum turn into a proof of stake protocol.

This will immediate Ethereum miners emigrate to the Ethereum Classic blockchain, which continues to keep up its proof of labor mechanism. ETC has added greater than 35% to its worth in the final seven days and will rally greater quickly.

Key ranges to observe

The ETC/USD 4-hour chart is constructive as Ethereum Classic has been performing excellently in current days. 

The MACD line stays above the impartial zone, indicating bullish momentum for the cryptocurrency. 

The 14-day relative energy index of 53 reveals that ETC may enter the overbought area if it continues with its present trajectory.

At press time, ETC is buying and selling at $36.80. If the bullish momentum is maintained, ETC may high final week’s excessive of $43 over the coming hours or days. However, it may wish the help of the broader crypto market to achieve the $50 mark for the first time since March.