In the last 2-3 weeks, Ethereum’s price has increased by 50% and gave massive gains to investors. But that is nothing if compared to the gains given by ETC. Yes, that is not a typo. ETC is the short form of Ethereum Classic based on ETH’s native cryptocurrency. The coin surged by over 3x in just a few days, and comparing it to a month back, the coin has scaled by 10x. this massive jump in price was seen similar to the price jumps of Dogecoin and Gamestop. While many are going frenzy over its rise, others think it has a great future ahead.
Ethereum classic was a by-product of ETH hard fork split from it back in 2017. But it never got the same kind of software support from developers and community as ETH did. This is why it lacked investments from industry leaders and executives. It has also been a victim to many attacks from hackers and never got the same kind of respect as Eth did. But recently, it has seen a price jump that is colossal considering its scale. The trading volume of the coin surpassed $10 billion on Upbit, a Korean exchange, and on the other hand, other exchanges found it difficult to handle the traffic due to the same.
The main reason for this price rise was the huge rally that retail investors participated in recently. The coin saw a huge price gap between various exchanges, and this shows that most retailers were behind this. Institutions haven’t shown any interest in ETC in the past, and even this time around, that’s not the case. Reports showed that the price of ETC on Robinhood and Coinbase was 50% higher than trading platforms like Binance.
We have seen in the past that cheaper coins and stocks often get the attention of huge masses, and then they rally it to unbelievable prices. While some profit from the same, some face heavy losses due to the pump and dump scheme. Analysts are worried about this non-directional and frenzy market that crypto is having. Almost every day, some or the other coin get rallied due to news, a story, or just for deceiving the normal investor.
Did you invest in ETC, and if yes, when did you exit? And do you think that the pump and dump schemes are getting out of hand? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.