In the world of cryptocurrency, numerous projects try to mimic Bitcoin. This occurs either by copying its code or blatantly copying the Bitcoin name. In the case of Ethereum, its own forked currency has not been performing too well. In fact, the Ethereum Classic price has been all but forgotten about until this most recent uptrend began taking shape.
Ethereum Classic Price Rises Sharply
Although there was some initial excitement regarding Ethereum Classic, that has all but evaporated in the process. Not entirely surprising by any means, but it is evident this is not what the community had envisioned first and foremost. Even so, when it comes to making money through random and unexpected pump cycles, Ethereum Classic is still worth keeping an eye on at any given moment.
Over the past few hours, it quickly became apparent the Ethereum Classic price follows Bitcoin’s momentum. Although the 12% increase in value is significant, the ETC price still sits at just $4.75. That is a long way removed from its all-time high. In terms of ETC/BTC, a 6.7% increase has formed which pushes that ratio to 0.0012 BTC again. With $338m in trades, it would appear the forked version of Ethereum is holding its own.
On social media, any discussion pertaining to ETC comes off as forced more often than not. O.G. Pharaoh, for example, offers some pretty unusual investment advice. According to this user, ETC will need to reach a new all-time high soon. Even under these bullish circumstances, it seems unlikely such an all-time high can materialize in the near future. One can always hope, though.
https://twitter.com/breezythepharoa/status/1097728570020057088
This same user takes his advice one step further by telling users how they should invest in things which can be “beneficial to their life”. The choices offered include gold, copper, and Ethereum Classic. A very odd and forced sentiment to get some Tweets out pertaining to ETC these days. This is not necessarily the kind of attention this project needs.
https://twitter.com/breezythepharoa/status/1097696577349668864
For those users who genuinely do not want to hold onto Ethereum Classic for too long, exploring arbitrage options is always a viable alternative. This is one area ETC excels at on a regular basis. Even today, there is some good money to be made with this altcoin in that particular department. As the volume of this altcoin remains relatively high, it should not pose too many problems to make good things happen in terms of profits.
#ETC
Buy at #Koineks and sell at #Binance. Ratio: 1.13%
Buy at #Koineks and sell at #Gate.io. Ratio: 1.06%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC— Arbing Tool (@ArbingTool) February 19, 2019
As is always the case in cryptocurrency, nothing is ever set in stone. While it is good to see most of the top 20 markets note some solid growth all of a sudden, it seems too good to be true from a long-term perspective. How this will play out for Ethereum Classic, is very difficult to guess. The market is a very unusual one in every way, and it is possible its momentum has no real ties with other markets at this time.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.