Contrary to most people’s expectations, it seems the Ethereum Classic rally is far from over. Thanks to very strong trading volume despite virtually everyone focusing on Bitcoin Cash, the Ethereum Classic price has increased to nearly US$20 over the past few days. That is remarkable growth for this specific altcoin, to say the very least. Whether or not ETC can attain a market capitalization of US$2 billion before the weekend is over remains to be seen, though.
Ethereum Classic Price Rally Continues
A lot of things have happened in the world of cryptocurrency this week. The Ethereum price has struggled for traction, Bitcoin has run into a lot of issues, and Bitcoin Cash is on everyone’s mind right now. At the same time, we have seen the Ethereum Classic price soar to nearly US$20 in the same period. Bitcoin is losing its dominant market position right now, which is allowing altcoins to appreciate in value after a very bearish period.
How all of this will play out in the coming weeks and months remains to be determined. Right now, the Ethereum Classic price is up by another 13.26% over the past 24 hours. Many people assumed this trend would slowly subside, but nothing could be farther from the truth. Someone is more than willing to prop up the ETC price right now, although it is unclear who is orchestrating all of this. There is still no real reason for this Ethereum Classic price increase right now.
Like most other altcoins, Ethereum Classic is still gaining on Bitcoin as well. With a 21.19% gain against BTC over the past 24 hours, things are certainly looking good for ETC and pretty bad for Bitcoin. This situation may come to change in the near future, but for now, it is evident altcoins are reigning supreme. Holders of Ethereum Classic will be pretty happy with how things have played out over the past week, to say the least. The current high of US$21.67 couldn’t be maintained for long, but it is certainly possible a second run will be made at surpassing US$20 in the near future.
It is also worth mentioning Ethereum Classic has seen US$1.15 billion worth of trading volume over the past 24 hours. This is a staggering number for an altcoin which usually generates US$35 million of volume or less. Someone is clearly pumping the volume and price accordingly, although this situation may reverse at any moment. At the same time, we are seeing a lot of strange things happening in the world of cryptocurrency, and there is no reason to think things will change before the year is over.
The vast majority of Ethereum Classic trading volume is still originating from the Bithumb exchange as we speak. Moreover, Coinone and Korbit still round out the top three exchanges right now. These Korean exchanges are clearly pumping Ethereum Classic, although no one knows exactly why this is happening. Bithumb’s current outage may prove to shake things up a bit in this regard, though. It will be interesting to see how the Ethereum Classic price evolves over the next few days and weeks, as this situation is unsustainable in the long run.
All things considered, there is good money to be made by backing the right horse at the right time. All cryptocurrencies with strong fundamentals are being overlooked right now, as the hype has centered around the hard forked currencies which have been around for some time now. Ethereum Classic is trying to steal the spotlight from Ethereum, whereas Bitcoin Cash is effectively stealing Bitcoin’s thunder. It’s a very interesting trend, but also one that paints a very troublesome picture for the future of cryptocurrency.