It is evident today’s cryptocurrency market momentum may not necessarily yield the results people have been hoping for. Most top markets remain in the red, primarily because they rely on Bitcoin’s momentum first and foremost. The one exception in the top 20 right now is Ethereum Classic. This altcoin is rising in both USD and BTC value, which is rather interesting to keep an eye on.
Ethereum Classic Price Retakes the $5 Level
Similar to most altcoins, it has been a very brutal year for Ethereum Classic in the price department. Despite hitting $36 at one point, the currency has dropped below $5 in recent weeks. It now seems that trend may be reversing course ever so slightly, as the $5 price has been surpassed once again in the past few hours. The main objective is now to ensure this gain remains in place, and potentially grows even larger in the process.
Over the past 24 hours, there has been a noteworthy 2.5% USD value increase for the Ethereum Classic price. It is this gain which allows the altcoin to surpass $5 again. At the same time, this USD gain would not even be possible if ETC had not regained some losses in the BTC department. This currently 7.5% uptrend in that department is the more important statistic to keep an eye on moving forward. If this gain remains in place, things can get very interesting moving forward.
On social media, it seems there is a genuine positive buzz surrounding Ethereum Classic right now. For once, it also seems to be less about the price, and more about advancing the ecosystem as a whole. A new introduction to the Emerald SDK has been released today. Efforts like these can attract a lot more blockchain developers to ETC, rather than Ethereum itself. A friendly competition in this regard is always beneficial.
ICYMI: The #EmeraldSDK encapsulates all essential Emerald tooling & capabilities in a single interface with no need to worry about tool configuration.#BUIDL on $ETC today!
Introduction to Emerald SDK – by @stevanlohja#EthereumClassic #ClassicIsCominghttps://t.co/RMWhT1Ts24
— Ethereum Classic (@eth_classic) December 3, 2018
A similar sentiment is echoed by Socialstriker. Rather than just looking at the Ethereum Classic price itself, it is crucial to see the bigger picture. The network offers efficient transfers of value, and can be quite an effective means of exchange in an IoT-oriented manner as well. There are numerous options waiting to be explored in this department, although with sufficient external developers, no real progress can be made.
@ETC allows highly efficient value transfers, has a focus on IoT applications, and runs a mathematically verified Ethereum Virtual Machine. What this means is that #ETC is great at what it sets out to do: be a highly efficient means of exchange that connects the world’s devices.
— socialstriker (@socialstriker) December 3, 2018
As is usually the case when altcoins rise in value out of the blue, arbitrage opportunities will become apparent. In the case of Ethereum Classic, there is a juicy loop arbitrage opportunity to take advantage of. Considering how a potential profit of up to 75% can be netted in quick succession, options like these need to be embraced with open arms first and foremost.
Hurry! 75.48% loop arbitrage in #OKEx via #Huobi.
If you buy #ETC in BTC market from OKEx and convert it to AST in Huobi and sell it on #OKEx.
— KoinKnight (@KoinKnight) December 3, 2018
Considering how most of the major cryptocurrencies continue to struggle first and foremost, it is very likely there will be further pressure on the USD aspect of the Ethereum Classic price. In the BTC department, the current gains will need to be sustained or even expanded upon to maintain this value of $5. It will be a rather interesting day in this regard, although the potential outcome remains unclear 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.