Ethereum Classic (ETC) beats the market with 8% gains

• ETC is the best-performing coin out of top-20.
• Ethereum Classic team gets ready for a major update.

Ethereum Classic (ETC) is the best performing cryptocurrencies out of top-20. The coin has gained nearly 8% in recent 24 hours to trade at $6.77. ETH/USD has recovered from the recent low of $5.70 reached on August 29; however, it is still 5% lower on a week-on-week basis.

Currently, Ethereum Classic takes the 16th place in the global cryptocurrency rating compiled by CoinMarketCap. Its market value is registered at $765 million.

What’s going on

On September 13, Ethereum Classic team will implement a major update on its mainnet. The update – known as Atlantis – will improve stability and security features and add new functionality to meet the community needs. 

Also, an investment group North Block Capital recently joined ETC Labs Studio, which is considered as a positive development for the project as the companies will work on initiatives aimed at offering ETC tokens to NBC partners and customers. 

ETC/USD, the technical picture

The initial resistance awaits us on approach to psychological $7.00. The upper line of 1-hour Bollinger Band and the recent high create a strong barrier for the bulls; however, once it is out of the way, the upside is likely to gain traction with the next focus on $7,70 (the upper line of 1-day Bollinger Band) and $8.00.

ETC/USD, 1-day chart