Ethereum Classic (ETC) Gains 55% Weekly; BTC Stops at $23K

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Ethereum Classic (ETC) is among the few alts in the green today, whereas Bitcoin remains steady below the $23,000 mark.

Bitcoin welcomes the weekend with calm actions following a highly volatile week, changing hands below the $23K value area. Most alternative tokens stay briefly in the red today. Meanwhile, Ethereum Classic is one of the few exceptions. ETC recorded impressive performances in the previous week, gaining a remarkable 55%.

BTC Calm Beneath $23K

Bitcoin bulls emerged on the scene and confirmed their strength following declines beneath $19K on 13 July. They saw the bellwether crypto recovering most of the incurred losses, pushing above $20K as the previous weekend approached.

The crypto witnessed impressive leg-ups on Saturday-Sunday, entering Monday beyond $22,000. Bulls maintained their stance the following days, catalyzing a move past $24K on 20 July. That became BTC’s highest price level in more than one month.

The reports about Tesla selling 75% of its BTC stash in Q2 triggered downsides, with Bitcoin dropping around $2K. Nevertheless, yesterday’s sessions saw a rebound to levels past $23.5K. Bitcoin lost grounds to hover beneath the $23K mark. While publishing this content, BTC traded at around $22,719. Its market capitalization recorded a slight dip to $435 billion, whereas Bitcoin’s dominance over the altcoins declined to 41.7%.

Notable BTC Updates

Despite maintaining a long-term bullish stance, Anthony Scaramucci of SkyBridge Capital admitted betting big on BTC’s short-run was a mistake. Also, Three Arrow Capital founder eventually spoke, stating that Bitcoin’s decline to $20K was the ultimate defeat for the firm.

Ethereum Classic Leads the Pack

Most alternative coins outshined BTC over the previous week, and Bitcoin’s declined market dominance confirms the narrative. Ethereum noted decent surges, gaining over 60% after struggling beyond $1K ten days ago. The leading alt surged to a multi-month peak beyond $1,600 before sliding beneath this mark.

The daily chart shows Ripple, MATIC, Shiba Inu, Polkadot, Dogecoin, Solana, and Cardano have declined. However, ETC is among the exceptions. Ethereum Classic gained 5.5% within the past 24 hours. Also, the alt surge more than 55% over the last seven days, changing hands beyond the $27 mark.


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