Why is Ethereum Classic (ETC) crypto eyeballs?
As the general crypto market knocks on the door to achieve the USD 1 trillion mark again, it seems that one crypto – Ethereum Classic – plays its role in that aspect. The total market value on July 18 was $ 991.97 billion with a 24-hour trading volume of $ 65.03 billion.
Ethereum Classic (ETC) is primarily a hard fork of the Ethereum token and acts as a smart contract network to support and host multiple DApps. Built on top of the Binance Smart Chain, the ETC crypto operates on the Proof-of-Work (PoW) protocol to validate transactions, just like traditional Ethereum, but in operations it is different from the Ethereum blockchain.
As a license-free protocol, it was formed in 2016 and founded by the likes of Vitalik Buterin and Gavin Wood, the original creators of the Ethereum blockchain. However, an ideological and technical difference meant a split from the parent community after the infamous DAO attack. After the split, ETC thus remained as an original unchanging chain, and continued as a hard fork.
The ETC crypto on July 18 witnessed a massive rally of over 18% and a volume increase of 134.45% at 5 AM (GMT +1), according to CoinMarketCap.
What drives ETC crypto?
ETC crypto seems to be generating massive interest following the news of the Ethereum Merge update. The Ethereum merger will see Ethereum’s transition from PoW to Proof-of-Stake (PoS). On July 15, the Ethereum developers announced the date of the possible change, which is September 19.
Since the official date was announced, both ETC crypto and Ethereum have witnessed a parabolic increase. In fact, if we look at the charts, it will reveal that the RSI indicates a significant jump, pushing the value of the ETC crypt to 72.45 during the intra-day trading session.
Image Credit: Trading View
This means that market participants show great interest in the token and want to get the most out of the bullish trend.
Even the MACD line indicates that the bullish momentum has gained momentum since the announcement created a gap between the signal lines, which signals that it is getting stronger. The directional movement index appears to be synchronized with the MACD indication, which indicates that the movement may look upwards momentum in the coming days.
Image Credit: Trading View
How is the price of ETC crypto going?
The Ethereum Classic crypto on July 18 traded at $ 21.33 with a volume of $ 1,36,49,63,014 over one day, according to CoinMarketCap. The 24th ranked crypto has increased by 47.8% in the last 30 days and over 40% in the last week. ETC crypto had a market value of USD 2,89,79,47,981 with 13,58,65,511 ETC coins in circulation.
The Ethereum Classic rally has been impressive considering that the market is stuck in a crypto winter phase. There are positive signs that the entire crypto market may be back with a bang and shrug off the crypto winter mark. That said, it is also important to note that nothing is constant in the crypto market, and cryptocurrency can change at any time. Therefore, market participants must make sure to conduct market research and tread carefully in such a market.
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