It would appear most cryptocurrency have begun showing signs of recovery in the past few years. This may very well signal a brand new bull run which affects both Bitcoin and the numerous altcoins on the market. The Ethereum Classic price is noting some solid gains right now, primarily because it is gaining a lot more traction in the financial sector.
Ethereum Classic Price Rise has Merit
Ever since Ethereum Classic hard forked from Ethereum, there have been some questions as to whether or not the project would succeed. While some speculators will always doubt ETC should even exist, it is evident the rest of the world is warming up to the idea. These recent developments result in the current Ethereum Classic price increase of 6.15%,
Even though Ethereum Classic has seemingly been subject to pumps and dumps, it appears this latest price development is pure organic growth. More specifically, the altcoin is gaining a lot of traction in the financial sector all of a sudden. Not just one, but two major announcements have been made in the past few days. These changes will expose both consumers and institutional investors to Ethereum Classic and everything else the ecosystem has to offer.
First of all, there is the news surrounding Balance. This financial firm announced a new offline storage and digital asset management solution. It will encompass the top cryptocurrencies, and Ethereum Classic is counted among the assets to be supported from day one. This is another example of how the popularity of cryptocurrencies should not be underestimated whatsoever.
Secondly, it appears Kingdom Trust is making some big moves. The company is launching a Lloyds of London-insured custody platforms for select digital currencies and assets. Ethereum Classic is one of the currencies supported out of the gate. This further confirms the altcoin is on a lot of people’s radar as of right now. Both of these recent developments bring a lot more legitimacy to ETC as a whole.
In light of these major tidbits of news, it is not surprising to see the Ethereum Classic price rise accordingly. The current 6.15% gain pushes the ETC value above $14 again, although it may very well surpass $15 before the day is over. This uptrend is aided by a strong ETC trading volume of $214.19m, which is a lot higher compared to most other altcoins on the market today.
How all of these developments will impact the long-term Ethereum Classic price, is difficult to predict. More exposure usually results in more interest, but it can also trigger an increase in overall volatility. That is not necessarily a bad thing either, albeit it is too early to make any real price predictions in this regard. Everything is seemingly coming together for Ethereum Classic, which is a bullish sign for the overall cryptocurrency industry as well.