CoinMarketCap data shows the Ethereum Classic price established an intraday high at $7.79, its best mark since November 16, 2018, on an hourly candle. On Coinbase, ETC formed higher highs towards $14, indicating that the demand on the US crypto trading platform was soaring compared to other exchanges. Whether or not US traders were able to benefit from the vast ETC price imbalance was unclear at this time of writing.
The bullish Sunday saw exchanges posting circa $1.238 billion worth of volume for the 24-hour period, with most trades concentrated in Tether, Bitcoin, and Ethereum markets. Hong Kong-based OKEx hosted almost 17-percent of ETC-enabled trades. Although Coinbase Pro advertised the highest ETC prices, it accounted for just 1.5-percent of the day’s volume.
Sunday’s rally followed Ethereum Classic‘s likelihood of upgrading its blockchain by implementing ECIP-1054, otherwise known as Atlantis. As stated on GitHub, the protocol upgrade will “enable the outstanding Ethereum Foundation Spurious Dragon and Byzantium network protocol upgrades on the Ethereum Classic network.” In other words, the blockchain will hard fork to create an upgraded chain.