Categories: Ethereum

Ethereum Classic Beats 96 Coins as It’s Up 30% in a Week

Click here to view original web page at cryptonews.com
Source: iStock/PeskyMonkey

With a gain of 30% over the past 7 days, Ethereum Classic (ETC) is once again in the spotlight following the break-out that started on Tuesday, and the subsequent correction on Wednesday. After today’s rally, ETC is now up from 18th to 16th place in terms of market capitalization.

Although the rise over the past 7 days has been impressive, almost half of the gain was recorded today, with the coin trading up 9% over the past 24 hours. At pixel time (UTC 10:31), ETC trades at c. USD 7.2 and is the fourth best performing coin among the top 100 by market capitalization. (HC and WIX jumped by c. 41%, while ATP skyrocketed by 119%).

Ethereum Classic price chart:

Source: coinpaprika.com

Moreover, by trading volume in the past 24 hours ETC is also among the top coins. However, some members of the cryptoverse question how real these numbers are, especially when market data providers present different numbers.

Watch the latest reports by Block TV.

ETC trading volume according to:
Coinmarketcap: USD 1.6 billion
Coinpaprika: USD 1.35 billion
Coingecko: USD 1.6 billion
Messari: USD 601 million

Market capitalization of ETC now stands at c. USD 812 million.

Fake volume on $ETC is worthy of a case study.

1.7B USD on CoinMarketCap, I would wager the real figure is less than 10M USD

That's about 0.5% genuine transactions.

— Jakob Fugger (@Crypto_Fugger) August 23, 2019

And while the recent rally itself was enough to attract more traders, a new announcement is also helping to sustain it. Yesterday, Ethereum Classic Labs said that London-based investment company North Block Capital joined the ETC Labs’ Studio program.

“ETC Labs and North Block Capital will work together on creating comprehensive token sale initiatives for North Block Capital investments, clients and partners. As part of Studio, ETC Labs will provide technical support to create, launch and manage token sales as well as marketing expertise for promoting to the Asian market and creating liquidity through exchange listings in Asia,” according to the announcement.

Also, as reported, it is likely that many traders are positioning themselves in the coin ahead of its scheduled hard fork, which is expected to occur on September 13. Although the fork has been long planned, and thus should not come as a surprise, events like these tend to draw the attention of traders, with some eyeing opportunities to turn a profit ahead of the fork.

However, another major coin, Litecoin went through a similar scenario recently, when its price hit USD 100 ahead of the mining reward halving on August 5, but it is down c. 30% since then.

@LomahCrypto Classical attention pump, trying to stay relevant. Check their page; ‘the big boys are coming’ with pi… https://t.co/UrCTFaBQm7

— YORK780 (@YORK780)
cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Price Chart Forecast: BTCUSD Awaits Pennant Breakout

Bitcoin Price Forecast: A series of lower highs and slightly higher lows has formed a pennant pattern Regardless of direction,… Read More

2 hours ago

Billionaire Blackstone CEO Heaped Praise On Blockchain—But Made A Bitcoin Warning

Bitcoin has won over many from the traditional finance industry , but far more of the investment old guard remain… Read More

2 hours ago

Early Ethereum advisor charged with extortion and arrested

The accused, Steven Nerayoff, violated the agreement made with a blockchain firm. If found guilty, Nerayoff and his associate Michael… Read More

2 hours ago

CME Group Reveals Plan for Bitcoin Options in Q1 2020

Leading derivatives exchange operator, CME Group announced in a press release today that it will launch options on its bitcoin… Read More

8 hours ago

Analyst: Bakkt Launch to Improve Trustworthiness of Crypto Markets

For the past year many participants within the crypto markets have been looking towards the official launch of Bakkt as… Read More

8 hours ago

IBM Stock Gets a Blockchain Pop

IBM (NYSE: IBM ) investors haven’t had all that much to complain about in 2019. After a precipitous drop over… Read More

8 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More