Ethereum Classic [ETC] is on the rise again, but this time for a very specific reason.

With a rise of more than 150% in the past month, it has been a good time for Ethereum Classic (ETC) and its holders. With a statistically significant positive correlation with ETH, the growth of ETC can be attributed to the rising price of Ether. Especially since ETH itself has appreciated by more than 65% during the said period.

How have the last 30 days been

At the time of writing, ETC was trading at $43.81. A month ago, the altcoin was trading at $14.8, according to data from CoinMarketCap. In the past month alone, there has been a significant accumulation with the ETC’s Relative Strength Index (RSI) and Money Flow Index (MFI) rising steadily. See the article: Disaster for Solana: This bad news makes investors pessimistic about the evolution of the course. At press time, the token’s RSI was pegged at 72.90, while its MFI was 77.

Commercial activity on the ETC network peaked around July 29. Between July 27 and July 29, alt recorded daily highs of 4.4 billion, 4.39 billion, and 4.74 billion in trading volume, respectively. However, after the July 29 spike, exchange activity fell more than 75% on the network and stood at 995.99 million, at press time.

Additionally, the supply of ETC tokens in addresses with a balance above $10 million has increased significantly over the past 30 days. A month ago, these addresses held 69 million ETCs. Growing over 40% over the 30-day period, this category of whales held, at the time of writing, over 97 million ETCs.

Despite the price/volume divergence that emerged towards the end of July, these whales were undeterred and intensified the accumulation.

The previous month, the number of unique addresses active on the network also increased. With a reading of 26,843 addresses on August 13, active addresses on ETC’s network increased by 8% in 30 days.

The sum total of addresses on the network is 2,433,746, at the time of writing.

When it comes to mining on the forked network, the hash rate and average difficulty have increased over the past month. Since July 14, the hash rate and mining difficulty on ETC’s network have increased by 80% and 43%, respectively.

Additionally, the ETC’s Sharpe ratio stood at 7.83, having increased by more than 900% over the past month. This is a sign that the altcoin is offering excessive returns to investors, relative to the risk it poses to holders.

In light of talk of a further fork of the current Ethereum network, it is unclear what becomes of the ETC network. Especially if users are further divided between the Ethereum Proof-of-Work network and the new Ethereum Proof-of-Stake network.

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Thomas E.
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