Outline on Ethereum Classic (ETC)’s Constricting Market

Ethereum Classic (ETC) is a hard fork of ethereum which was formed to overcome the loss of over 3.6 millions of stolen Ether from an online hack. It runs on the original ethereum platform allowing the implementation of decentralized applications (dApps) and smart contracts. After the loss, the majority of shareholders and miners did not want any outside influence on the immutable blockchain. Hence, ETC rolled the original ETH blockchain back to block 1920000, changed by the Decentralised Autonomous Organisation (DAO) leading to a design flaw. ETC blockchain consists of smart contracts that eliminate the presence of intermediaries like financial institutions and third-party individuals executed by the Sputnik Virtual Machine- a Turing complete machine. ETC is comparatively faster, safer and the transaction fee is comparatively low. The never-ending flow of coins makes it more secure.

According to reports from Coinmarketcap, the market cap value of Ethereum Classic (ETC) as on March 04 at 12:59 UTC is USD 458,406,643. The corresponding price of ETC/USD pair, ETC/BTC pair are USD 4.22 and 0.00111378 respectively. It is the 18th largest cryptocurrency in the market. The markcap value has been majorly on the downtrend, with a brief increase in values. The market values crossed 550 million USD at the beginning of January, however, has been on downdrift ever since. It reached its lowest of USD 398,331,878 on February 08 at 17:34 UTC which is 15.08% lower than the current value. There was an elevated percentage value of 34.97% between February 06 and February 24 when the numbers rose from the all-time low to its all-time high of USD 537,628,617 on February 24 at 09:34 UTC. After the brief enhancement, the values descended to the current value. There is a significant decrease to all the values – MCap, USD price and the 24h volume with the 14-day moving average. The MCap value shows a notable 11.64% decrease. The declinations in values show that the market has been under the bearish pressure.

Ethereum Classic (ETC) Price Chart & News

The dip in values has been pivotal. Hence the market is considered to be on the downtrend. However, MCap/USD pair of ETC has been on the lead, and the price of BTC has not joined the gain. An analysis shows that the price of BTC had dropped from an all-time high of 0.00140407 on January 6, 2019. The high values did not sustain for long and have been on a downtrend reaching its lowest on February 06 with a value of 0.00108398, a 22.80 percent decrease. The values rose to the current value, but the percentage rise has been insignificant. However, the MCap value of the cryptocurrency surpassed the bitcoin’s value on January 28 and has been up from then. The MCap/USD of ETC reached its all-time high on February 24, when MCap value crossed 500 million dollars at its peak price of USD 4.95. Nevertheless, the milestone ETC achieved was proved in February when it rallied from a low of $4.09 on February 18 to a high of $4.94 on February 24, which is a 20.78 percent increase within a short period of 6 days.

The 20-day EMA shows that the current market is on the uptrend with respect to MCap and price of USD. There has been an increase in value, an average of 3.53 percent with respect to the market cap. The moving averages have been varying majorly with the 14-day EMA on the downtrend and the 20-day EMA on the uptrend. However, the overall market has dipped by 1.59% within 24 hours. This variation points the balance only in favors of sellers. Hence, the traders and the community users ready to invest will have to sideline themselves, observe and explore the market trend and invest once there is a significant rise so that they can benefit from this digital currency. Based on historical data and our Ethereum Classic price prediction, the currency might reflect recovery over the next few weeks.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Related Articles

Back to top button