It is safe to say all cryptocurrency markets are still reeling after that first Bitcoin price correction. With most altcoins still in the red, it remains to be seen which markets will recover first. So far, the Ethereum Classic price is showing some positive signs of a recovery. With an Ethereum Classic price of over $27.5 right now, it appears to be a matter of time until $30 is reached once again. Ethereum Classic Price Stars to Rebound It is good to see some cryptocurrencies show positive signs of life after the Bitcoin price onslaught earlier this week. More specifically,
It is safe to say all cryptocurrency markets are still reeling after that first Bitcoin price correction. With most altcoins still in the red, it remains to be seen which markets will recover first. So far, the Ethereum Classic price is showing some positive signs of a recovery. With an Ethereum Classic price of over $27.5 right now, it appears to be a matter of time until $30 is reached once again.
Ethereum Classic Price Stars to Rebound
It is good to see some cryptocurrencies show positive signs of life after the Bitcoin price onslaught earlier this week. More specifically, the Bitcoin price has a tendency to affect all different altcoins in existence as well. It doesn’t matter how much such currencies try to decouple from Bitcoin, the price correlation will always be present regardless of what some people might think. Ethereum Classic is no exception in this regard, that much is rather evident.
The Ethereum Classic price has evolved in an interesting direction over the past week. Seven days ago, this currency was still valued at just over $18. ETC Has maintained this value with relative ease over the past few weeks, with very little room for growth. That suddenly came to change a few days ago, when the Ethereum Classic price suddenly started surging toward $34.
It was a big surprise to a lot of people, as it still remains to be seen whether or not the value of ETC is based on anything else but speculation and hype. Then again, the same can be said for virtually all other cryptocurrencies. It is evident people who have held onto their ETC for some time now finally have an option to cash out with a healthy profit. That would also explain why this all-time high price triggered a steep decline all the way to $22.6 over the next two days.
One thing working in favor of ETC is how the trading volume is still pretty solid. In fact, this altcoin has more trading volume than some top 15 cryptocurrencies combined. A very interesting development, although this volume will eventually shift to a different cryptocurrency as well. Since we already know where it is coming from, no one will be surprised to see the volume dry up in a few days as another cryptocurrency becomes the flavor of the week.
More specifically, Bithumb is the sole exchange responsible for the Ethereum Classic price pump. They do get a bit of help from Coinone, and Korbit and Coinnest are also in the top 6 ranked by volume. It is evident South Korea has become a major hub for cryptocurrencies recently, and things will continue to evolve in an interesting direction. Things will get very interesting once these Korean exchanges decide to support other cryptocurrencies which are also popular on Bithumb.
How things will play out for the Ethereum Classic price, remains to be seen.We may see another run up to $30 in the next few days. With a 5% gain in USD value and 6.7% gained in BTC value over the past 24 hours, things look rather promising. It will all depend on whether or not the Bitcoin price will continue to correct or not. That seems highly likely at this point in time, though.