Why Ethereum Classic Is Skyrocketing Today

[Benzinga]

Shares of several popular altcoins, including Ethereum Classic ETC/USD, are trading higher again Monday in sympathy with apex cryptocurrency Bitcoin

BTC/USD and second-largest market cap crypto EthereumETH/USD.

Bitcoin is also trading around a 1-month high Monday afternoon at around $22,000, representing a rebound of 18.3% over the past month.

Crypto is likely trading in tandem with major U.S. indices, which are volatile and off of session highs as investors assess today’s earnings. Markets also continue to assess inflation concerns and Fed policy outlook.

Heightened U.S. inflation has raised concerns of aggressive Fed policy tightening, which would pressure economic growth. Worse-than-expected June CPI data reported last week has caused recession concerns and concerns of more aggressive Fed policy, which could impact consumer spending. The Consumer Price Index rose 9.1% for the month of June, above estimates of 8.8%.

Cryptocurrencies have also been seen by some investors as a speculative hedge against inflation and the Fed’s plans to curb inflation could weigh on the broader cryptocurrency sector.

According to data from Benzinga Pro, Ethereum Classic is trading higher by 50.25% to $22.21 over the past week.

By Henry Khederian, Benzinga Editor