Random pumps and dumps will continue to happen in the cryptocurrency world for quite some time to come. With so many opportunities to make quick money, it is normal that people explore all of the options at their disposal. The Ethereum Classic price, for example, is well positioned to hit US$50. That’s not due to any major developments, mind you, but rather because the Ethereum Classic price is being manipulated quite a bit.
What is Going on With the Ethereum Classic Price?
There are so many cryptocurrencies which can soar and crash in value in a matter of mere hours. Especially currencies which can be manipulated with far less money than Bitcoin or Ethereum tend to see some unexplainable price increases every now and then. Ethereum Classic is a good example of how such hype cycles tend to come around every now and then. At the same time, the market seems to absorb any losses quite well, which is more than can be said for other currencies.
Over the past three months, we have seen the Ethereum Classic price rise from US$10 all the way to US$46.36. While these are “modest” gains compared to some other altcoins out there, there are still questions as to how useful ETC will turn out to be. From an ideological point of view, there’s no reason why ETC should be worth less than ETH. Its previous all-time high of just over US$46 was quickly rejected as the Ethereum Classic price dipped to US$25.50.
Ever since that time, the Ethereum Classic price has attempted to retake US$30, although several attempts were quickly pushed down. It is the third time this altcoin has made a solid attempt at staying above US$40. Whether or not this latest run can succeed remains to be seen. For now, things aren’t looking half bad, though. With some solid gains over the past 24 hours, reaching a new all-time high of US$46.36 seemed to be relatively easy. Maintaining such bullish momentum has always been challenging, especially now that Bitcoin is taking a few solid hits on the chin.
With US$1.53 billion in 24-hour trading volume, one would assume that there would be some news to warrant this Ethereum Classic price rise. In the cryptocurrency world, currencies often appreciate in value when there is no news or major development to speak of. As such, the Ethereum Classic price tends to go up and down rather violently at seemingly random intervals, although it is likely there is a method to this madness after all.
Most of Ethereum Classic’s trading volume comes from the Bithumb exchange, which represents nearly 30% of all trades in the past 24 hours. OKEx is also a popular platform with US$211.4 million in trades. Binance is in third place, slightly ahead of Bitfinex. It seems most people are moving from Bitcoin to altcoins again as the cryptocurrency markets have hit another roadblock. In fact, all markets are going in the deep red as we speak. All the while, Ethereum Classic seems content to stay above US$40.
Whether Ethereum Classic’s price momentum is solid or genuine is always difficult to determine. Not too many things make sense in the cryptocurrency world right now, but that has not changed all that much over the years. For now, it may be best to cash out profits before all markets turn sour again. Given the overall bearish sentiment, we may very well see the Bitcoin price retrace to US$11,000. If that happens, all currencies will take a massive hit in quick succession.