Ethereum Classic (ETC), an extension of Ethereum (ETH) with security issues, moons over the past few days to annihilate its ATH (All-Time High) at $167.09, beating historical statistics.
Brief Analysis
Looking over the past year for ETC, its spike is instantly noticeable. ETC's trend begins slow, a bumpy road down at the bottom. Around November last year, it begins to become rougher, consisting of more fluctuations, with a decent rise over in February that gave it a net gain. ETC continued slowly, gaining great momentum towards the end of April, and hitting full blast at the start of May. It is essentially a straight line upwards, dumping a decent amount over the past days. The trend is extraordinary, far above even the rocketing DOGE that has received a great boost over the year, which is very likely never seen before in crypto history for those so high in the leaderboard.
Zooming down into 1 month, the trend appears to be the same as 1 year, though contains more accuracy from the great number of spikes visible. There is the slow movement at the beginning, followed by some decent gain, then a great blast towards the end, and finally the dump. It does appear to be stabilising at the end of the line with a resistance beginning to form, indicating that ETC has finished its bearish movement for now.
When going down to 1 day, ETC becomes an unpredictable rollercoaster ride. There is no general trend within this scope, ETC starting just a little above where it originally was 24 hours ago, with great movements occurring during the day. Towards the start of the day, there is a great tumble, following from about $105 down to about $100, quickly recovering back to its original position and above. It decreased over great leaps for the next few hours to then rise to its highest for today: $109.279. Now it has shifted downwards to the current situation. The main message to receive from the 1-day range is that ETC is volatile, and thus presents a great risk in short-term investing.
The current taking statistics of ETC goes as follows:
Price - ≈$106.79
24h Price change - $-10.85 (-9.23%)
24h low / 24h high - $92.64/ $122.33
24h Trading volume - $13,512,329,620.49 (+2.51%)
Market dominance - 0.51%
Market rank - 18th
Why Has ETC Mooned?
The great question with ETC is why has it gone up so high at such a quick rate, challenging the great meme coin DOGE. Before it was not even within the top 100 for market cap, but now it has passed so many cryptocurrencies to now sit at an impressive 13th place. ETC is arguably not as good as its sibling ETH for a variety of reasons, including security issues. Within its four-year lifetime, ETC was hit with multiple 51% attacks that show the security and resilience vulnerability. This is not evident with the two top crypto kings Bitcoin (BTC) and ETH.
It appears that there is no direct reason for ETC's moon, such as a network update or tweet promotion, but there are general plausible reasons that can be applied that have occurred with other cryptocurrencies.
One plausible reason is the fact that ETH has done considerably well over the past week and so, moving to now over $4000 that surprised many. With ETH going so high, many become attracted to what ETH has to offer. Some may see that ETH is too late for an investment to begin earning short-term profits, so they turn to the only other reliable alternative: ETC. Soon many others follow, and when there is an influx of buyers, there is an influx of price, thus possibly contributing to the great rise.
Another possible reason that has happened in many other situations is the buying herd. When there is an amazing trend happening with a cryptocurrency, many others come into the party to buy which brings the price up. When the price goes up, the cryptocurrency becomes even more attractive to others, who also go into the mix, and so comes a cycle of buying and price rising. This is most likely an influence for ETC's unprecedented growth.
It is also the season of altcoins, BTC not doing well in comparison to other altcoins which are blasting over above the roof in price, which is just crazy! But that is the crypto market for you! Anyhow, it is the season of altcoin, as mentioned with the great rise of many different cryptocurrencies not popular, but now becoming popular. This is also for ETC, which although not the best of cryptocurrencies out there, happened to fall into the wave of bullish movement to rocket in price, more than doubling over the past week.
Further Reading
CoinTelegraph - Ethereum Classic gains 300% in one week as traders rush to buy the 'wrong Ethereum' (main assisting article) - https://cointelegraph.com/news/ethereum-classic-gains-300-in-one-week-as-traders-rush-to-buy-the-wrong-ethereum
CoinTelegraph - Ethereum Classic suffers another 51% attack - https://cointelegraph.com/news/ethereum-classic-suffers-another-51-attack
ETC home page - http://ethereumclassic.org/
