Random pumps and dumps will continue to happen in the cryptocurrency world for quite some time to come. With so many opportunities to make quick money, it is normal people explore all of the options at their disposal. The Ethereum Classic price, for example, is well underway to hit $50. Not because of major developments, mind you, but rather because the Ethereum Classic price is being manipulated quite a bit.
What is Going on With the Ethereum Classic Price?
There are so many cryptocurrencies which can soar and crash in value in the matter of mere hours. Especially currencies which can be manipulated with far less money than Bitcoin or Ethereum tend to see some unexplainable price increases every now and then. The Ethereum Classic price is a good example of how such hype cycles tend to come around every now and then. At the same time, it seems to absorb any losses quite well, which is more than can be said for other currencies.
Over the past three months, we have seen the Ethereum Classic price go from $10 all the way to $46.36. While this is a “modest’ gain compared to some other altcoins out there, there are still questions as to how “useful” ETC will turn out to be. From an ideological point of view, there’s no reason why ETC should be worth less than ETH, but the reality is very different in this regard. Even so, the previous all-time high of just over $46 was quickly rejected as the Ethereum Classic price dipped back to $25.5.
Ever since that time, the Ethereum Classic price has attempted to retake $30, although several attempts were quickly pushed down. It is the third time in history for altcoin makes a solid attempt at staying above $40. Whether or not this latest run can succeed, remains to be seen. For now, things aren’t looking half bad, though. With some solid gains over the past 24 hours, reaching a new all-time high of $46.36 seemed to be relatively easy. Maintaining such an optimistic momentum has always been challenging, especially when Bitcoin is taking a few solid hits on the chin.
With $1.53bn in 24-hour trading volume, one would automatically assume there needs to be some news to warrant this Ethereum Classic price rise. In the cryptocurrency world, currencies often appreciate in value, especially when there is no news or major development to speak of. As such, the Ethereum Classic price tends to go up and down rather violently at seemingly random intervals, although it is likely there is a method to this madness after all.
Most of Ethereum Classic’s trading volume comes from the Bithumb exchange, which represents nearly 30% of all trades. OKEx is also a popular destination with $211.4m in trades. Binance completes the top three, slightly ahead of Bitfinex. It seems most people are moving from Bitcoin to altcoins again as the cryptocurrency markets have hit another roadblock. In fact, all markets are going in the deep red as we speak, all the while Ethereum Classic seems content to stay above $40.
Whether or not this Ethereum Classic price momentum is solid or genuine, is always difficult to determine. Not too many things make sense in the cryptocurrency world right now, but that situation has not changed all that much over the years. For now, it may be best to cash out profits before all markets turn sour again. Given the overall bearish sentiment, we may very well see a Bitcoin price retrace to $11,000. If that happens, all currencies will take a massive hit in quick succession.