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 ecosystem still needs to undergo some changes to make it more appealing.
That being said, the Ethereum Classic price is slowly heading 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 $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 $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 $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 also appears ETC goes through its ups and downs on a regular basis, and this small uptrend may only be a temporary development before things head south once again.
More specifically, the Ethereum Classic price hit a low of $7.77 not too long ago. Seeing the price head back to $11.44 is a big development in this regard, although it is only normal a lot of people will gladly take their 50% gain and cash out sooner rather than later. So far, it has been a major struggle for Ethereum Classic to keep its value stable and it looks as if this 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 Cash 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 their fair share of volume as we speak.
For the time being, it is unclear what the future will hold for the Ethereum Classic price. This current 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 isn’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 in the next few years.