Why Bitcoin Cash, Ethereum Classic, and Litecoin Are Surging Today
The entire crypto world has been shaken, in a positive way, by recent developments around yesterday's approval of certain exchange-traded products. For Bitcoin Cash (CRYPTO: BCH), Ethereum Classic (CRYPTO: ETC), and Litecoin (CRYPTO: LTC), broadly positive sectorwide sentiment appears to be a key driver behind these tokens' impressive moves higher. As of 2 p.m. ET, these three tokens have rocketed 13.9%, 34.3%, and 6.3%, respectively, over the past 24 hours.
The approvals of 11 spot Bitcoin exchange-traded funds (ETFs) yesterday by the Securities and Exchange Commission (SEC) has undoubtedly led to significant interest across the cryptocurrency sector today. Much of today's increase can be attributed to expectations that institutional capital will flow into this sector in dramatic fashion. In fact, projections from some analysts peg the impact of these approvals at around $100 billion. That's a win not only for Bitcoin, but for investors considering this entire space, as it legitimizes crypto for institutional and retail investors alike.
Let's dive into what's behind the specific moves in these three cryptos today, over and above the obviously bullish headline news dominating the market right now.
Source Fool.com
