When all cryptocurrencies start moving up, a lot of people will be looking to make quick profits. As such, Ethereum Classic becomes one of the go-to markets, since it tends to rise in value quite regularly. Even today, the Ethereum Classic price is moving up slightly faster than a few others. While it might not reach $4.5 today, the momentum is still promising.
Ethereum Classic Price Continues its Push
All of the cryptocurrencies, tokens, and assets rely on Bitcoin’s momentum first and foremost. While that can be quite problematic in many different ways, it would also appear that works in favor of most markets when the overall momentum turns bullish. Today is another example in this regard, as all of the top 20 markets are in the green simply because Bitcoin began moving up once again.
As far as the Ethereum Classic price is concerned, things are looking somewhat promising as of right now. With a 2.7% gain in USD value and a 2.1% increase in BTC value, the momentum has turned bullish once again. Because of these gains, ETC is valued at $4.41 again, or 0.0011 BTC. A further push may prove challenging, as the overall trend is still on wobbly legs as of right now.
As is usually the case where cryptocurrencies are concerned, everything stands or falls with trading volume. Ethereum Classic seemingly has no real problems in that regard, as the trading volume sits at $173.123m. That is over one-third of ETC’s market cap, which should be sufficient to ensure no wild price swings in either direction can occur on short notice. As long as that situation remains unchanged, there should not be any further bearish pressure in the coming hours.
On social media, there are a few interesting discussions regarding Ethereum Classic at this time. Land Wolf, for example, would love to see COinbase introduce a payment option which would support ETC. While that is not impossible by any means, it seems unlikely things will effectively head in such a direction. There is also some dismay regarding how Dash is being used for payments, even though this user feels ETC is clearly the better option.
There is also an interesting development to bring ETC to the Ethereum ecosystem in a wrapped version. This concept is not entirely new by any means, as the concept has been tested before with wrapped Bitcoin, among other projects. While one can wonder why there is a need to bring ETC to ETH, it is still a remarkable development which can benefit the cryptocurrency industry as a whole.
We plan to bring ETC to ETH in a wrapped form using @poanetwork TokenBridge. Will use the same security model for the bridge as for xDai.
— Igor Barinov (@barinov) February 24, 2019
As is usually the case, Ethereum Classic has been somewhat of an oddball in the cryptocurrency world. Any developments involving ETC usually do not impact the price, yet speculation tends to do the job just fine. Since today has one piece of news in both categories, it will be interesting to see what happens to the ETC price in the coming hours. No real changes should be expected for now.
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.