The Ethereum Classic price (ETC/USD) has soared to record highs after gaining more than 40% in the past 24 hours.
Earlier today, the cryptocurrency broke through the $30 level for the first time and then proceed to set a new all-time high of $34.40. The move followed a strong Monday session in which ETC rose to an intraday high of $26.55. The fact that the cryptocurrency ended the session with a record close of $25.75 has seemingly provided a strong basis for the coin to continue its record-breaking run.
The rally has also been supported by a surge in market activity. According to data from Coinmarketcap, the around $1.8 billion worth of ETC tokens have been traded globally in the last 24 hours. This marks the first time ETC’s trading volume surpasses $1 billion.
Coinmarketcap data shows that the current spike in market activity has been mainly due to a couple of South Korean exchanges. Bithumb, which is the nation’s largest cryptocurrency exchange, has processed 41% of those trades, while Coinone captures 19.7%. Ethereum Classic is trading above $35 on both of these exchanges, as well as on the third major South Korean platform, Korbit.
Ethereum Classic is the result of a hard fork that occurred last year and split the Ethereum blockchain. The fork was aimed at recovering funds stolen during the initial coin offering of Decentralized Autonomous Organization (DAO). However, the move was opposed by some in the Ethereum community, who continued to use the old blockchain, which was rebranded as Ethereum Classic.
In today’s trading the Ethereum Classic price stood at $33.99, as of 14:40 GMT. According to Coinmarketcap, the cryptocurrency has gained 36.8% in the past 24 hours. Its market capitalisation currently stands at $3.33 billion, which makes it the eight-largest cryptocurrency on the market.