Things are not going according to plan for most cryptocurrencies right now. Most markets are still down compared to 24 hours ago, although the massive price decrease has been recovered in quick succession. The first currency to note positive momentum is Ethereum Classic. More specifically, the Ethereum Classic price has increased by 1.93% over the past 24 hours, whereas all other top 20 markets are still in the red.
Ethereum Classic Price Wants More Gains
It is evident any investment in the world of cryptocurrency will pay off eventually. For some currencies, it will take very long until we see any major growth in 2018. Even so, there is the Ethereum Classic price to keep an eye on at all times. Contrary to what most people would expect, the Ethereum Classic price is effectively noting a profit during this negative market trend across all other markets. Quite remarkable, although it is a matter of time until the rest recovers as well.
To be more specific, the Ethereum Classic price is back above $25 as we speak. This is almost on par with the ETC price prior to last night’s big dip, which pushed the Ethereum Classic price down to $22.1. It’s not a big drop in USD value, yet it does represent a decline of over 11% in a matter of a few hours. Those losses have been recovered with relative ease and long-term holders are already in profit once again. Whether or not other currencies will see a similar trend, remains to be seen.
With this current 1.93% gain in USD value and a 4.39% gain in BTC value, things look pretty good for the Ethereum Classic price. Although this positive trend can still be erased with relative ease, there is no reason to think we will see any major price reversals in the coming hours. Then again, no one really expected last night’s dip to occur either, yet it did make a big impact in the end.
Over the past 24 hours, Ethereum Classic notes a trading volume of $360.29m. That is a more than respectable amount for an alternative cryptocurrency, especially when considering how the top altcoins are all struggling for momentum as of right now. Ethereum Classic is certainly bucking all of the negative trends right now, but when all other markets recover, the momentum may turn against the Ethereum Classic price again, for all we know.
OKEx dominates the charts in terms of ETC trading volume right now. Three of its trading markets generate a combined total of 42.8% of all ETC trades as we speak. Bihumb is also in the top 3 with $30m in 4-hour trading volume With three fiat currency pairs in the top 6 for ETC< there is a good amount of money coming into the market. Unfortunately, two of those pairs are denominated in Korean Won, which is always a bit problematic.
For the time being, it remains unclear what the future holds for the Ethereum Classic price. The current momentum looks pretty solid, but there is no reason to think this trend will be sustained indefinitely either. All markets are still extremely volatile, and there will be plenty of profit-taking along the way as well. For now, $25 seems to be a solid Ethereum Classic price point, but we may very well see another dip form on the charts before the day is over.
