Ethereum Classic Price Defies Bear Market in Single-Day Rally
The Bitcoin price continues to cling to its interim support level while trading within a tight window. | Source: Shutterstock
The ethereum classic price continued its inexorable rise on Thursday afternoon as it reached $17.71 on cryptocurrency exchange Binance — a single-day increase of 7%.
There could be several factors which are affecting this price movement. The principal one is the listing on Coinbase, which was something of a surprise when it beat other contenders such as Ripple’s XRP token to the finishing line.
Turnover has also increased quite substantially in the past days where the price climbed from a low of around $13.50 to $17.74 of now and appears to be still rising.
Still, the listing on Coinbase has been announced some time ago, and ETC still continues to skyrocket, gaining over 20% over the past 48 hours. If it continues rising in this manner then we could be back over the psychologically significant $20 mark with a push towards a two-monthly high of $24 not that far away. June has been another bad month for cryptos with decreases ranging from 10-20% for almost all cryptocurrencies.
Whilst one cannot quite determine what is causing this surge just yet, one can at least look at the historical movements of ethereum classic price in order to try and understand what might happen next for this cryptocurrency. If this positive trend continues, how high can ethereum classic go?
The historic all-time high for ETC currently stands at $45.51. Other peaks include $42.38 as recorded at the end of February and $24.70 as recorded at the start of May.
Before reaching its all-time high of $45.51, ethereum classic moved from $26.99, seeing an increase of 68%. Likewise, before peaking at $42.38, ethereum classic moved from $25.92, seeing an increase of 63%. Finally, in May, before peaking at $24.70, ethereum classic jumped from $16.15, seeing an increase of 52%. On average, that is a 61% increase for ethereum classic. One does not that the increases are decreasing in scale however.
Of course, this is based on speculation. Likewise, within the examples above, the markets where behaving very differently so we can’t just assume that the current ethereum classic trend means it will eventually jump up 61%, however, historically this seems to have been the case for the past three ethereum classic peaks. It is probably down to coincidence, but if history isn’t followed, informed predictions are out of the window.
Historically speaking, ethereum classic usually climbs by over 60% or close and thus, we could see this current jump in price materialise into something similar, though the current state of the markets does suggest otherwise.
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