The king coin with $219 billion in market capitalization holds nearly 65 percent of the entire dominance of the cryptocurrency market, and its massive 25 percent price increase has indeed anchored an altcoin upswing, particularly in the Ethereum Classic, Tezos and Monero markets.
Ethereum Classic [ETC]
Much like its hardfork parent Ethereum, Ethereum Classic has seen a massive upswing in the past week. Currently trading at $8.22, its highest price point since early-March, ETC has seen consecutive green candle-sticks since 26 July, when the Bitcoin run began. This run saw the altcoins price jump by 24 percent.
A key resistance level that has been broken during this run was at $7.48, which pushed ETCs price down on two occasions, 30 April when Bitcoin pushed above $9,000 and in on 31 May.
Chaikin Money Flow tool indicated that the net money flow into ETC markets has been positive and has increased over the past week. Currently valued at 0.25, it has been trending above 0 since late-April indicating a healthy market for the altcoin.
On August 1, Ethereum Foundation member Hudson Jameson stated on Twitter that exchanges need to pause deposits and withdrawals of ETC owing to certain issues with the altcoins blockchain.