Based on the current overall crypto market momentum, one would almost think the sky’s the limit. Such a train of thought is very dangerous to pursue among traders who want to pocket some profits over the weekend. While the Ethereum Classic price appears bullish at this time, one has to keep in mind its value tends to go up and down quite often. As such, chasing the top can easily cause some financial headaches.
In the cryptocurrency world, it is often difficult to determine what drives individual markets. While it is not uncommon for altcoins to derive value from Bitcoin and foremost, Ethereum Classic is seemingly a different creature in this regard. It too benefits fro bullish BTC momentum, although ETC usually does its own thing. Today is seemingly no exception in this regard.
Over the past few hours, the Ethereum Classic price has risen by 6.6% to $4.77. Furthermore, there is a 5.8% gain over Bitcoin to bring that value to 0.0011986. Both of these trends are promising, yet they wouldn’t materialize without good trading volume. ETC Notes $218.43m in volume today, which is nearly half of its overall market cap.
It is rather interesting to note how the ETC-related discussions on Twitter are evolving right now. Saturn Network is sharing a handy video guide regarding building new tokens and ICOs on top of Ethereum Classic. While this option has existed for quite some time now, it remains to be determined whether or not anyone will make use of this method.
It is also worth noting Ethereum Classic is currently live on the DEX trading platform. Although that is not the biggest exchange solution by any means, their list of support coins and tokens seems pretty solid. They also purposefully opted for not using Tether’s USDT stablecoin but list TrueUSD instead. Very interesting, as it creates a different onramp for ETC as well.
Last but not least, it would appear the ETC core developers are currently mulling whether they should integrate the Ethereum 2.0 roadmap in the future. That in itself is a very interesting topic of debate. This roadmap would introduce a lot of interesting upgrades to ETC, although no final decisions have been made at this time. Definitely something worth keeping an eye on.
All of the developments behind the scenes appear to be working in favor of Ethereum Classic. That in itself is a bit of an unusual situation, although one many ETC holders will be quite pleased with. With this decent trading volume in place, the uptrend could, in theory, easily be resumed over the weekend.
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.
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