The uneasy market momentum maintains its grip on the cryptocurrency industry. None of the top currencies are looking great as of right now. It would appear the Ethereum Classic price is taking the brunt of the assault, which is entirely expected after its recent pump out of nowhere.
Ethereum Classic Price Returns to Normal
During the past week, very few cryptocurrencies have seen any real positive momentum. One big exception in this regard was the Ethereum Classic price, which successfully benefited from a lot of hype and excitement surrounding this altcoin. The impending addition to Coinbase and the listing on Robinhood sparked a lot of FOMO which eventually cost a lot of people money.
Fast forward to today, and it has become apparent the Ethereum price is slowly returning to a more normal level. That is a very positive development for the industry, as pump-and-dump cycles need to be weeded out first and foremost. In the case of the Ethereum Classic price, a 10.16% setback in the past 24 hours is not entirely surprising, as its value dropped below $14.75 again.
As one would come to expect from this current Ethereum Classic price momentum, it is primarily fueled by a decline in the ETC/BTC ratio. Due to a 6.78% setback in this regard, it is only normal the Ethereum Classic price will continue to decline for quite some time to come. How long the Ethereum Classic price will go over the weekend, remains to be determined.
Unlike most other altcoins, Ethereum Classic notes some strong volume in the past 24 hours. Thanks to $338.7m in trades, the demand for ETC is not slowing down However, it is clear as day the sellers are dominating the volume right now, as they took profits when everyone else jumped in a few days ago. That sell-off marked the end of the recent ETC pump as it was bound to happen sooner or later.
CoinMarketCap still excludes BitForex’s trading volume, even though it sits in third place. OKEx’s USDT pair leads the pack ahead of Binance’s BTC market and USDT markets offered by Bitforex and Binance. OKEx closes the top five with a Bitcoin market. No fiat currency support in the top nine can become a very big problem for the Ethereum Classic price in the coming hours and days. The only support in that department comes from South Korea, and even those traders are not too excited about ETC right now.
If there is one lesson to be learned, it is how the Ethereum Classic price remains subject to pumps and dumps in 2018. This trend has been present for a while now, and it will continue to hurt this currency for quite some time to come. Even so, the overall cryptocurrency momentum is not awe-inspiring at this point, and ETC will continue to suffer from this bearish pressure for the foreseeable future.