Ethereum Classic Rides Broad Crypto Rally Amidst Short Squeeze

Ethereum Classic (ETC) has surged by 15% over the past 24 hours, but the catalyst behind this move is not an ETC-specific event.

The price increase can be attributed to a broader macro-driven crypto rally, which has seen Bitcoin push above $75,000 and nearly reach $80,000 in its best week in years.

A large short squeeze across the entire crypto complex has been cited as one of the main drivers of this move, with over 1 billion dollars of crypto shorts liquidated in 24 hours and over 3 to 4 billion dollars over two days, mostly in Bitcoin and Ether.

This suggests that traders are buying up assets after forced selling, leading to a cascade effect on altcoins. Ethereum Classic's profile fits a common 'high-beta legacy alt' pattern, where traders seek extra upside in familiar altcoins once macro catalysts ignite a rally.