There is a lot of mixed cryptocurrency market momentum to take note of today. The overall trend is still incredibly bullish, but some individual markets are struggling for any real traction. Not entirely surprising, as Sundays are usually very boring in terms of crypto trading. The Ethereum Classic price is going through an unexpected bullish surge right now, which is rather intriguing to keep an eye on.
Ethereum Classic Price Surge Gains Strength
In the world of cryptocurrency and altcoins, Ethereum Classic is not necessarily considered to be a currency worth holding. At the same time, it is one of the few markets which can note gains out of the blue and make traders some good money in the process. Today is another day for making good money with ETC, as the current uptrend is both steep and somewhat promising in terms of long-term momentum.
More specifically, the Ethereum Classic price has gained 20% to bring its value to $6.76. There is also a 16.87% improvement in ETC/BTC, as this level has now returned to 0.00131 Bitcoin. Very promising signs for an altcoin which is often overlooked. There is also $888m in trading volume, which is unusually high for ETC. It is even higher than the project’s own market cap, which may be a sign of things to come.
There is a very promising development which could warrant the current price increase. A recent meeting among network participants was organized, which aims to introduce a new network upgrade called Atlantis. This hard fork can make a big impact on the Ethereum Classic ecosystem, although there is still a lot of work to be done prior to introducing these particular upgrades.
A community-wide meeting was held among network participants to kickstart discussions about the proposed network upgrade ECIP-1054 nicknamed Atlantis.
ECIP-1054 Atlantis Network Upgrade Call — Recap by @MyEtherPlan #ClassicIsComing #EthereumClassic https://t.co/5EL68LtRGY
— Ethereum Classic (@eth_classic) April 7, 2019
Rallyqt sees now as a good time to effectively point out which version of Ethereum is the real deal and which is the offspring. Although everyone agrees Ethereum Classic forked from Ethereum, this user claims ETC is the original whereas ETH is the actual fork. This dates back to a disagreement over developments within the ecosystem a while ago, which resulted in Ethereum becoming an “adjusted” chain and ETC retaining the original data.
Ethereum classic $ETC is the original and $ETH is the fork. pic.twitter.com/KHsnMQKXE6
— rallyqt (@rallyqt) April 7, 2019
Although memes and Ethereum Classic do not go hand-in-hand these days, there is one particular internet meme which can easily apply to all different cryptocurrencies, tokens, and assets. Darran McDermott is taken aback by the ETC price momentum, albeit in a positive manner. As such, this meme is certainly applicable where the current momentum is concerned, although it remains to be seen if this price level will still be in place in a few hours from now.
#ETC pic.twitter.com/zAzOOdsdjM
— Darran McDermott (@dmcdcrypto) April 7, 2019
When looking at the big picture, Ethereum Classic was one of the underperforming markets this week. Its price level has remained relatively stable, whereas other markets have surged multiple times. The altcoin is now making up for it, although such a steep value increase will usually not remain in place for too long. Even so, today is a good day to make money just like any other, regardless of how one feels toward Ethereum Classic.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
