Three reasons the ‘other Ethereum’ pumped 130% last week


Ethereum Classic (ETC) continues to maintain its lead over the parabolic price action that began in late March.

Data from crypto market aggregator Coingecko shows ETC has risen nearly 50% in the last 24-hour trading period at the time of writing.

Indeed, the 20th-ranked crypto by market cap is currently at an all-time high above $ 76.

Source: TradingView

The first likely reason for this current rise in price action is that it is a continuation of ETC’s positive performance since the end of the first quarter of 2021.

As previously reported by UKTN, major forks like ETC and Bitcoin Cash (BCH) had seen significant bullish moves. The ETC was a consequence of the Ethereum hard fork that ensued after disagreements over the best course of action to address the Decentralized Autonomous Organization debacle of July 2016.

READ  AppSwarm's DOGE division calls for global development teams to develop Dogecoin

The retail hype also relies on ETC, especially since the token is available for purchase on the popular Robinhood trading app. Online search volume for Ethereum Classic is at its highest, according to data from Google Trends.

This current hype can also be attributed to the fact that Ether (ETH) broke its all-time high and topped $ 3,000 for the first time. Indeed, sentiment from social media indicates that novice ETC holders view ‘Green Ethereum’ as a much cheaper alternative to the ETH juggernaut.

READ  Powers On ... Why Bernie Madoff Should Be A Powerful Lesson For Equity And Cryptocurrency Investors

ETC has also outperformed ETH in terms of price action gains since the start of the year by a factor of more than three times.

Retail traders aren’t the only investors keen to add to their ETC bags as Grayscale has also increased its ownership of Ethereum Classic. The Grayscale Ethereum Classic Trust currently holds approximately $ 711.6 million in assets under management.

READ  Coinbase revenue tripled in first quarter, plans to add banking-type services, list DOGE

ETC’s positive pricing performance so far in 2021 also provides some breathing space for a project plagued with security concerns in 2020. Green Ethereum has suffered several 51% attacks with millions of dollars in ETC siphoned off. of the project.

With cryptos like ETC, BCH, and Dogecoin (DOGE) printing significant price gains, the alternate season narrative continues to grow, especially amid the current Bitcoin (BTC) stutter. Bitcoin’s market capitalization dominance is also at its lowest level since July 2018.