It is safe to say all cryptocurrency markets are still reeling after that first Bitcoin price correction. With most altcoins still in the red, it remains to be seen which markets will recover first. So far, Ethereum Classic is showing some signs of recovery. With an ETC price of over US$27.6 right now, it appears to be a matter of time until US$30 is reached once again.
Ethereum Classic Price Starts to Rebound
It is good to see some cryptocurrencies show positive signs of life after the Bitcoin price onslaught earlier this week. The Bitcoin price has a tendency to affect all of the altcoins as well. It doesn’t matter how much such currencies try to decouple themselves from Bitcoin; the price correlations will always be present. Ethereum Classic is no exception in this regard.
The Ethereum Classic price has evolved in an interesting direction over the past week. Seven days ago, this currency was still valued at just over US$18. ETC had maintained this value with relative ease over the past few weeks, though with very little room for growth. That suddenly came to change a few days ago, when the Ethereum Classic price suddenly started surging toward US$34.
That was a big surprise to a lot of people, as it remains to be seen whether the value of ETC is based on anything but speculation and hype. Then again, the same can be said for virtually all other cryptocurrencies. It is evident people who have held onto their ETC for some time finally have an option to cash out with a healthy profit. That would explain why the all-time high triggered a steep decline all the way to US$22.6 over the following two days.
One thing working in favor of ETC is that its trading volume is still pretty solid. In fact, this altcoin has more trading volume than some of the top 15 cryptocurrencies combined. That’s a very interesting development, although this volume will eventually shift to a different cryptocurrency. Since we already know where it is coming from, no one will be surprised to see the volume dry up in a few days as another cryptocurrency becomes the flavor of the week.
More specifically, Bithumb is the sole exchange responsible for the Ethereum Classic price pump. It’s been getting a bit of help from Coinone, and Korbit and Coinnest are also among the top 6 exchanges ranked by volume. It is evident South Korea has become a major hub for cryptocurrencies recently, and things will get very interesting once these Korean exchanges decide to support other cryptocurrencies which are also popular on Bithumb.
How things will play out for the Ethereum Classic price remains to be seen. We may see another run up to US$30 in the next few days. With a 5.1% gain against USD and a 6.7% gain against BTC over the past 24 hours, things look rather promising. Everything will depend on whether or not the Bitcoin price will continue to correct or not. That seems highly likely at this point in time, though.