The Merkle

Ethereum Classic Price Rises to $24 Thanks to Solid Momentum

We are seeing a fair few cryptocurrencies appreciate in value right now. Ethereum Classic is one of the coins experiencing a massive uptrend as we speak, although the price is still well below its all-time high. As of right now, the Ethereum Classic price is above US$24 for the first time in a few days. After last week’s dip, things have finally returned to normal.

Ethereum Classic is Shooting for the Moon

In a way, it’s been good to see so many cryptocurrencies go up in value all week long. After all, we saw a major dip not that long ago, yet it seems virtually all of those losses have been recovered. While this doesn’t necessarily mean this trend will continue indefinitely, things are certainly looking up for the time being. In the case of the Ethereum Classic price, things have certainly taken an interesting turn over the past few days.

After it dipped from US$25 all the way to just under US$15 a few days ago, things were not looking all that great for the Ethereum Classic price. At that time, a lot of people had assumed things would not improve and that cryptocurrency would enter a bearish mode for several months. Things can turn around at any given moment in crypto, and the markets rebounded rather quickly.

With the Ethereum Classic price now having returned to US$24, it will be interesting to see how long this uptrend will last. There is significant demand for cryptocurrency once again, and the Ethereum Classic price is flourishing because of it. Given the solid 19.86% gain during the past 24 hours, things have certainly been quite profitable for speculators and long-term holders. Ethereum Classic also gained 21.36% in value against Bitcoin itself, which is another factor that should not be overlooked.

With US$349.42 million in 24-hour trading volume, the global demand for Ethereum Classic is not all that big right now. That doesn’t mean there are no people trading it, of course. With so many cryptocurrencies appreciating in value these days, it is possible Ethereum Classic has been somewhat left behind. However, a few top 10 altcoins can’t even come close to US$350 million in 24-hour trading volume right now, which confirms that Ethereum Classic isn’t in a bad place as of right now.

OKEX is the go-to altcoin exchange these days, and it is leading the Ethereum Classic trading markets as of right now. Over 47% of all ETC trades in the past 24 hours passed through this platform. Bithumb is in second place, albeit in much less spectacular fashion. Upbit and Bitfinex have made some interesting moves, although their individual volume numbers are pretty low compared to OKEX and Bithumb. There are three fiat currency markets in the top 5 for ETC, which can only be considered a good thing.

For the time being, it remains to be seen what the future holds for the Ethereum Classic price. While things are looking pretty solid right now, cryptocurrency markets will remain incredibly volatile for quite some time to come. People should take some profits while the Ethereum Classic price remains high before the market turns around once again. It is impossible to accurately predict cryptocurrency market movements, to say the very least. The Ethereum Classic price could hit US$30 in the next few days, for all we know.