Ethereum classic (ETC), the not-really-like-ether (ETH) sibling of the Ethereum blockchains native cryptocurrency, is on track for the best weekly performance in its four-year history, with prices nearly tripling since Sunday.
ETC/USD trading pair on Kraken.Source: Kraken, TradingView
Analysts in the digital-asset market say the price move likely reflects a speculative fever among retail traders rather than deeply informed bets on the Ethereum Classic blockchains future technological potential.
The dynamic might show that the just-for-fun yucks of trading the joke token dogecoin (DOGE) (which bears the hallmark of this years frenzy in GameStop shares on Wall Street) might be spilling over to almost-left-for-dead cryptocurrency projects from the last big bull market in 2017.
But to retail traders looking to bet on price-go-up, the ETC tokens might be looking pretty good, and cheap.
I think a lot of the interest has to do with the fact that dogecoin has moved so much and U.S. retail is looking for the next big asset, Joshua Frank, co-founder and CEO of crypto data firm The TIE, which tracks social media interest in digital-asset markets.
At press time, ethereum classic is changing hands at $133.72, up 7.96% in the past 24 hours.
Ethereum Classic was born out of a contentious split from Ethereum in 2017, known in blockchain lingo as a hard fork. However, it quickly lost the support of the larger Ethereum software-developer community and has never attained a similar level of respect among industry executives and investors. The projects market capitalizatio ...
- Ethereum Classic
- Crypto Exchange
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