Ethereum Classics Irrational Price Tripling Bears Hallmarks of Dogecoin Frenzy

Saturday 08 May 2021, 5:32 AM AEST - 1 month ago

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.

Few professional cryptocurrency-market analysts see Ethereum Classic as possessing the disruptive potential of Ethereum or other up-and-coming blockchains like Binance Smart Chain or even Cardano.

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 ...

Read full story on CoinDesk

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.