The crypto market has recently experienced a positive macro event, resulting in a scaled-back market valuation of $1.19 trillion. Bitcoin is leading the way in this major uptrend, making a strong comeback to the $30,000 price tag. However, it is not the only main beneficiary of this bullish sentiment. Ethereum Classic, a popular proof-of-work (PoW) protocol, has experienced significant growth, surging over 23% in the past week. This impressive uptrend is attracting investors back into the market.
Wall Street Memes Garners Attention
In addition to Ethereum Classic, a fast-rising crypto project called Wall Street Memes is garnering attention on the internet. This innovative project serves as a hub for all internet financial memes and aims to offer earning opportunities to investors. Its impressive track record includes the successful launch of the Wall Street Bulls NFT collection on the Ethereum network, which sold out in under 32 minutes, and a similar operation on the Bitcoin network with the Wall Street Bulls Ordinals NFT collection. With meme coins being a major attraction in the crypto space, Wall Street Memes could become the next king of memes following its strong community base. The cutting-edge project is backed by a network token called $WSM, which has already raised over $10 million within a month of its launch, indicating a strong investor base backing the project’s subsequent success in the near term.
Altcoins Enjoying a Massive Uptrend
Among the altcoins enjoying a massive uptrend is Ethereum Classic. At press time, $ETC is trading at $18.95, indicating an uptrend of 11.17% in the past day. The growth trajectory has since spilled into its long-term gain, with $ETC garnering 23.8% in the past week and a 6.19% increase in the last 30 days. Its 90-day break has not been promising, as the PoW coin experienced a slump of 5.65%. However, its 180-day growth is at an impressive 16.54%, while a year-to-date (YTD) performance of 20.38% has given investors an uplift. So far in the past year, the Ethereum Classic protocol has snapped up 18.52%, making it one of the best-performing cryptocurrencies in the burgeoning ecosystem.
Strong Fundamentals Support Ethereum Classic’s Bullish Price Trajectory
For its technical performance, $ETC is bullish, given that its 50-day simple moving average (SMA) price of $17.64 is below its current price trajectory. However, there is a close match-up in its 200-day SMA price of $19.84, which means a continued market uptrend could see it break above this long-term resistance point. Other technicals show that $ETC’s relative strength index (RSI) oscillator figure stands at 68.14, which is rapidly progressing toward the overbought region. The asset’s moving average convergence divergence (MACD) shows a strong buy signal, indicating a growing buying pressure on the first-ever smart contract protocol. Additionally, the Ethereum Classic protocol has accumulated a strong fundamental base to support its bullish price trajectory. $ETC has recently been added to lists of assets supported by Web3 portfolio tracker DeBankDeFi. The token is one of the crypto industry’s biggest altcoins and has built a strong reputation over the years.
Institutional Investors Flood the Crypto Market
In the past week, institutional investors have flooded the crypto market, with many filing for Bitcoin spot exchange-traded funds (ETFs). This influx has breathed new life into the financial landscape. So far, the crypto market has gained 1.19% with a north trajectory growth of $1.2 trillion. This surge in institutional investment is a positive sign for the crypto market, indicating that it is becoming increasingly mainstream.
Overall, the recent positive macro event has solidified the crypto market’s bullish trend, with Bitcoin leading the way and other altcoins enjoying massive uptrends. Wall Street Memes is garnering attention in the crypto space, and Ethereum Classic’s strong fundamentals are supporting its bullish price trajectory. With institutional investors flooding the market, the future looks bright for the crypto industry.