Ethereum Classic has posed some notable gains in the market amid the crypto winter. The project has reclaimed $3 billion worth of market capitalization. Analysts claim that the project has more upside to follow. The Ether offshoot project has been suffering for long due to the bear trend that has been plaguing the industry. However, as the sentiment has begun to turn, ETC emerged as one of the prominent gainers of the week.
Ethereum Classic jumps by 80%
Ethereum Classic, witnessing miraculous recovery amid the crypto winter. When other digital assets were posting gains under 50%, ETC surged to surpass them and mark again of more than 80% over a week. Such a recovery of the coin has taken the price of the cryptocurrency and catapulted it. Besides, if we observed the last weeks’ performance of the cryptocurrency, it is visible that the coin’s price is currently up by more than 100%.
Smultaneoulsy, with the soaring price of the digital currency, the total market capitalization of the asset has also surged significantly, with an addition of more than a billion US dollar in just a couple of days.
Following the historic performance, we have observed that ETC has always shown a tendency to follow Ether’s performance. Indeed, ETC is already an offshoot of the second-largest digital asset. Notably, ETC’s margin of trading through which it surges above its predecessor has been wide. Moreover, the trends are showing a deviation from the usual correlation.
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ETC has still a paved way to top
According to some analysts in the cryptosphere, ETC price indicators are at a point to more steam in the current rally. Moreover, ETC has consistently closed in the green over the past few days and the indicators point that such close will continue. Some analysts also claim that if the asset crosses the price level of $25 then it will possibly touch or surpass the level of $30, as well as can go higher than the coin’s year-to-date moving average.
Such bullish trends of the coin would potentially cement Ethereum Classic bull trend over the coming week.
However, apart from bullish sentiments in the market, there still is a lot of selling pressure being mounted. Because of uncertainty and fear, many of the investors are cashing out to protect their portfolio from further losses. If Ethereum continues to stay green and grow, then the chances for ETC will remain enact and support will continue to pour in for ETC, pushing the price further.
Source: https://www.thecoinrepublic.com/2022/07/21/ethereum-classic-is-in-a-complete-bullish-mood/