Most of the top cryptocurrencies are still in the red once again. It is unclear what is driving the negative momentum as of right now, even though it will clearly remain in place for some time to come. In the case of Ethereum Classic, things appear to be turning around slowly. A small gain can be enough to push its value to $10 again.
Ethereum Classic Price Makes Small Moves
It has been a while since Ethereum Classic was valued at $20 and more. Even though a lot of altcoin speculators would have loved to see those golden times come back sooner rather than later, it seems that will not be happening anytime soon. Despite the negative momentum brewing throughout most of 2018, not everything is all that bad at this stage.
These past 24 hours have been pretty interesting in this regard. Courtesy of a 2.5% gain in USD value and a 3% gain over bitcoin, it seems Ethereum Classic might return to $10 in the very near future. Although that might not necessarily be the price level some users would love to see, it is evident there is still a good chance this might be a sign of a lengthy price reversal.
The biggest news for Ethereum Classic this week is how the altcoin has been added to deVere Crypto’s application. The company added two currencies this week, with ETC being one and ZCash being the other. Although it remains unclear if that will effectively be a good thing for the Ethereum Classic price, any attention is welcome in this day and age.
https://twitter.com/deverecrypto/status/1054269051114057728
It would also appear there is a lot more focus on Ethereum Classic as of right now. A new video, titled “Real Talk: Ethereum Classic” is making the rounds on social media. Videos like these can eventually get a lot more people acquainted with this particular altcoin, even though it appears to be far from a promotional video.
Real Talk: Ethereum Classic $ETC! The GOOD & The BAD. No Shilling. No FUD.https://t.co/7nDAMWQiuq#etc #eth #ethereumclassic #ethereum #blockchain
— Christian Seberino (@c_seberino) October 23, 2018
For those looking to make some profit from exploiting arbitrage opportunities, Ethereum Classic appears to be a pretty good fit a swell. Selling ETC on YoBit after buying it on either Binance, KuCoin, or Poloniex can yield some interesting profits. As is always the case, liquidity concerns should be taken into account, as YoBit is a very small exchange with relatively low trading volume.
#ETC
Buy at #Koineks and sell at #YoBit. Ratio: 3.14%
Buy at #Binance and sell at #YoBit. Ratio: 2.29%
Buy at #KuCoin and sell at #YoBit. Ratio: 2.06%
Buy at #Poloniex and sell at #YoBit. Ratio: 2.04%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC— Arbing Tool (@ArbingTool) October 23, 2018
All of the momentum in place appears sufficient to push the Ethereum Classic price toward $10 again in the coming hours. That is a positive sign for ETC holders and speculators, albeit there is a good chance the trend might continue well beyond that point as well. Depending on how this market evolves, things might begin to look up for other cryptocurrency markets as well.
Image(s): Shutterstock.com
