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The ethereum classic price experienced a sudden surge on Friday, rocketing more than 23% to cross the $20 threshold for the first time since July.

Ethereum Classic Price Jumps to $20

When the cryptocurrency markets soared in May and June, ethereum classic was one of the greatest beneficiaries. Between April and June, the ethereum classic price rose 800%, peaking at $24 on June 18. However, the markets took a turn for the worse, and the ethereum classic price began a prolonged decline that reduced it to $14 by the beginning of last month. August brought a market resurgence, but this rising tide did not lift ethereum classic, whose price continued to languish between $14 and $15. As a result, ETC slid down the market cap rankings, eventually dropping out of the top 10.

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ETC Price Chart from CoinMarketCap

However, that changed on September 1, as ethereum classic put its August woes in the rear-mirror and began to rally. The first signs of the rally actually appeared the night before, when both ETC’s trading volume and price began to tick upward. By 1:00 UTC, 24-hour volume had increased to $100 million and ethereum classic was trading close to $17. Ethereum classic continued to pick up steam, and at 11:00 UTC, ETC began to soar. Within an hour, the ethereum classic price was just pennies away from $20 and daily volume had increased to $300 million. After a brief dip, the ethereum classic price climbed over the $20 mark at about 14:00 UTC. At present, ethereum classic is trading at a global average of $20.03, representing a daily increase of 23%. This advance increased ethereum classic’s market cap to $1.9 billion, helping it reclaim the 10th-place ranking from NEO.

What’s Fueling This Rally?

It is not immediately clear what is fueling this ETC price climb. Barry Silbert–whose Ethereum Classic Trust reportedly holds 3.6% of the circulating ETC supply–stated on Twitter that he believes the cryptocurrency serves as a solid store of value, even if it never becomes a central hub for decentralized applications (Dapps) like Ethereum hopes to be.

In any case, ethereum classic has seen a tremendous increase in trading volume. In the past 24 hours, more than $500 million worth of ETC has changed hands on the exchanges tracked by CoinMarketCap.

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ETC Trading Volume Chart from CoinMarketCap

The volume is concentrated on Asian exchanges, with no BTC or USD pairs appearing in ETC’s top 5. Between Bithumb, CoinOne, and Korbit, ETC/KRW accounts for more than $243 million in volume. ETC/CNY, meanwhile, adds up to more than $180 million.

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