Ethereum Classic [ETC] and why it is one of the worst hit large cap coins

As the cryptocurrency market embarks on another round of capitulation, an era of touching newer lows appeared to have been ushered in for most altcoins. Yesterday, the market capitalization for the global cryptocurrency market dropped to $1.19 trillion, from an all-time high of $3.08 trillion in November, 2021. In the last 24 hours, an 8% decline was registered. 

As the turmoil continues to mount, the Ethereum Classic (ETC) appears to have been caught by the whirlwind as it registered a 16% decline in the last 24 hours.

Following the ephemeral gains recorded by the ETC after the Magneto Upgrade to the network, the token has since taken on a steady decline.

The Magneto Upgrade was implemented on the ETC Network with the view to increasing security on the network, gas fees reduction and to provide storage for wallet addresses and keys in a single location for ease of access by users while executing transactions on the network.

Since the Magneto upgrade, the token has suffered a 65% decline in price. With no prospects of recovery in view, let us take a look at performance in the last 24 hours.  

The Bears Are Winning the Fight

Registering a 15.73% in the last 24 hours, the ETC token exchanged hands at $17.12 at the time of press. Touching the price levels it marked last April, the token was down  by 90% from an ATH of $176.16 which it recorded last May.

Source: CoinMarketCap

With a decline in price, the 24% spike in the Trading Volume of the ETC token pointed to increased distribution at the time of press. Within the period under review, the market capitalization also saw a 15% drop.

Movements on the price charts lent credence to this position. At press time, the Relative Strength Index (RSI) and the Money Flow Index (MFI) of the ETC token were spotted in oversold territory. The RSI was pegged at 30 while the MFI maintained a spot at 24 at the time of writing.

Source: TradingView

Bulls Beware

With over 450% volatility rate recorded in the last 24 hours, the Bearish Sentiment grew by 62% with the Bullish Sentiment registering a 31% growth.

Source:LunarCrush

As a respite, the ETC token recorded some growth yesterday on a social front, the token saw some growth yesterday. The Social Dominance for the ETC token saw a 33% spike and the Social Dominance  also rallied up by 35%.

Source: Santiment