In the last 24 hours, Ethereum Classic (ETC) has grown by more than 30%.

On the night from Thursday to Friday, January 12th, the price of this altcoin reached $28.7. Its price has risen by 41% over the week.

ETC has become the most successful altcoin in terms of market capitalization. Trading volume has recently risen to $3.155 billion.

According to the Santiment platform, investor activity has reached its highest level since July 2022.

Ethereum Classic is a fork of Ethereum. Unlike its "older brother" Ethereum, ETC, like Bitcoin, uses the Proof-of-Work consensus.

Ethereum transitioned to the Proof-of-Stake standard after a series of updates.

In early May 2021, Ethereum Classic reached $167, while its price in 2016 was only $0.615.

The Relative Strength Index (RSI) has risen above the 70 mark, indicating overbought conditions for this cryptocurrency. It is likely that ETC has reached its local peak, and a price correction can be expected in the coming hours.

According to the Coinglass platform, open interest in Ethereum Classic futures is approaching $187 million - the highest level since February of last year.

Most of the contracts, $86.77 million and $38.39 million, are placed on the Binance and Bybit exchanges, respectively.