Ethereum Classic Beats 96 Coins as It’s Up 30% in a Week
With a gain of 30% over the past 7 days, Ethereum Classic (ETC) is once again in the spotlight following the break-out that started on Tuesday, and the subsequent correction on Wednesday. After today’s rally, ETC is now up from 18th to 16th place in terms of market capitalization.
Source: iStock/PeskyMonkey
Although the rise over the past 7 days has been impressive, almost half of the gain was recorded today, with the coin trading up 9% over the past 24 hours. At pixel time (UTC 10:31), ETC trades at c. USD 7.2 and is the fourth best performing coin among the top 100 by market capitalization. (HC and WIX jumped by c. 41%, while ATP skyrocketed by 119%).
Ethereum Classic price chart:
Source: coinpaprika.com
Moreover, by trading volume in the past 24 hours ETC is also among the top coins. However, some members of the cryptoverse question how real these numbers are, especially when market data providers present different numbers.
ETC trading volume according to:
Coinmarketcap: USD 1.6 billion
Coinpaprika: USD 1.35 billion
Coingecko: USD 1.6 billion
Messari: USD 601 million
Market capitalization of ETC now stands at c. USD 812 million.
Fake volume on $ETC is worthy of a case study.
— Jakob Fugger (@Crypto_Fugger) August 23, 2019
1.7B USD on CoinMarketCap, I would wager the real figure is less than 10M USD
That's about 0.5% genuine transactions.
And while the recent rally itself was enough to attract more traders, a new announcement is also helping to sustain it. Yesterday, Ethereum Classic Labs said that London-based investment company North Block Capital joined the ETC Labs’ Studio program.
“ETC Labs and North Block Capital will work together on creating comprehensive token sale initiatives for North Block Capital investments, clients and partners. As part of Studio, ETC Labs will provide technical support to create, launch and manage token sales as well as marketing expertise for promoting to the Asian market and creating liquidity through exchange listings in Asia,” according to the announcement.
Also, as reported, it is likely that many traders are positioning themselves in the coin ahead of its scheduled hard fork, which is expected to occur on September 13. Although the fork has been long planned, and thus should not come as a surprise, events like these tend to draw the attention of traders, with some eyeing opportunities to turn a profit ahead of the fork.
However, another major coin, Litecoin went through a similar scenario recently, when its price hit USD 100 ahead of the mining reward halving on August 5, but it is down c. 30% since then.
https://www.twitter.com/YORK780/status/1164584464741281792
