Ethereum Classic Drops Amid Macro-Driven Crypto Selloff

Ethereum Classic (ETC) took a hit yesterday, plummeting by 3.6% in the past 24 hours as a broad crypto selloff swept across markets.

The downturn was largely driven by macroeconomic factors, including hotter-than-expected US Producer Price Index (PPI) inflation and a 25-basis-point rate hike from the European Central Bank, along with rising oil prices and bond yields.

This led to a total crypto market cap decline of about 3% on the day, with Ethereum, XRP, and Solana each losing roughly 3-5%. Ethereum Classic's 3.6% drop is in line with this altcoin complex behavior, strongly supporting a 'macro day' rather than an idiosyncratic ETC event as the primary driver.

The price of ETC has been in a short-term uptrend and part of a broader 'old layer-1' rotation narrative. Network and market stats show ETC up about 19.6% over the last 30 days, with a market cap near $1.2 billion and recent daily volumes around $130 million.