The cryptocurrency power rankings get shaken up on a regular basis these days. While Bitcoin is still the dominant market leader, things are not necessarily evolving in the right direction for some of the altcoins. Ethereum Classic is showing some big gains over the past 24 hours, which is significant considering all other currencies show plenty of volatility right now. The Ethereum Classic price is heading back to US$11.50, which is a positive start.
Ethereum Classic Price Mounts a Small Comeback
It is evident a lot of people still don’t see the benefit of Ethereum Classic over Ethereum. That situation may not change all that soon for this particular currency, although it seems investors are starting to pay attention to ETC once again. More specifically, it seems ETC remains a playground for speculators and market manipulators for the time being, as the altcoin’s ecosystem still must undergo some changes to make it more appealing.
That being said, the Ethereum Classic price is slowly headed up once again. Over the past 24 hours, we have seen a 5.43% gain, which is a good start. This gain puts the ETC price back at US$11.44, which is a lot higher compared to what it was a few days ago. However, it is also a lot lower compared to the all-time high Ethereum Classic price, which was around the US$23 mark. That means the current value is about half of the all-time high, which is a lot lower than most people would have expected.
Do keep in mind this Ethereum Classic price increase comes on the heels of under US$100m in 24-hour trading volume. This goes to show it takes very little money to successfully influence this particular altcoin market right now. It is also apparent that ETC experiences its ups and downs on a regular basis, and this small uptrend may only be a temporary development before things head south once again.
The Ethereum Classic price hit a low of US$7.77 not too long ago, and seeing the price head back to US$11.44 is a big development. However, it is only normal that a lot of people would gladly take their 50% gains and cash out sooner rather than later. It has so far been a major struggle for Ethereum Classic to hold its value stable, and it looks as if the current trend will eventually run out of steam as well.
Looking at the markets ranked by trading volume, OKCoin is currently leading the charge. That in itself is pretty interesting, considering Chinese exchanges have caused the Bitcoin price to drop by quite a margin. They also trade Ethereum Classic at a much lower value compared to the rest of the market right now, which shouldn’t surprise anyone at this point. Bithumb is also bringing in its fair share of volume as we speak.
For the time being, it is unclear what the future will bring for the Ethereum Classic price. This latest value increase will – most likely – be rather short-lived as manipulators continue to control this altcoin market for the foreseeable future. While Ethereum Classic may offer some advantages over Ethereum itself, the vast majority of cryptocurrency enthusiasts aren’t paying much attention to it. If that situation doesn’t change quickly, it is possible the Ethereum Classic price will slowly go to zero over the next few years.