What's Going On With Ethereum Classic?

Henry Khederian

November 07, 2024

Ethereum Classic (CRYPTO: ETC) has gained roughly 12% to $20.26 since Tuesday evening amid Donald Trump winning the 2024 presidential election.

Trump’s win, coupled with the Republican Party regaining Senate control, hints at a shift in U.S. economic policies, potentially involving corporate tax cuts, trade tariffs and measures to combat inflation—factors that could influence both traditional and digital markets.

What To Know: A key driver behind Ethereum Classic's rally is Trump's pro-crypto stance, including his vision of the U.S. becoming a “Bitcoin superpower.” This renewed focus on cryptocurrencies as a store of value and inflation hedge has sparked investor interest in digital assets like Ethereum Classic, seen as a secure alternative to newer, more volatile coins.

Trump's anticipated economic policies could increase inflation, with experts predicting up to a 2.4% rise, pushing investors toward cryptocurrencies as a way to safeguard against the dollar’s decline.

Read Also: Wall Street Hits Record Highs After Powell’s Speech, Lifts Magnificent 7 Stocks To $17 Trillion In Historic Trading

Ethereum Classic has also cultivated a strong following due to its decentralized nature and its adherence to the original Ethereum vision. As retail investors seek safe havens from economic uncertainty, the coin's appeal could grow in an environment marked by rising inflation fears.

As the digital asset market continues to mature, the convergence of regulatory shifts, M&A activities, and adoption trends will define the future of this dynamic field. Benzinga’s Future of Digital Assets event in New York City this November will provide industry leaders and investors with a platform to explore these developments further, offering insights into the evolving regulatory environment and the latest market dynamics.

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