As we have seen over the past few weeks, it is evident the cryptocurrency markets are still pretty volatile. While things looked to be in a good place last night, this morning has resulted in a lot of losses again. All major cryptocurrencies are down between three to seven percent. One exception is ETC, as the Ethereum Classic price is still up by 12.5% compared to 24 hours ago.
Ethereum Classic Price Continues Uptrend
With most cryptocurrency markets in the red once again, it is always interesting to see who can buck this trend successfully. When Bitcoin loses value, it is an excellent time for altcoins to improve their BTC ratio. Unfortunately, that doesn’t appear to be happening all that much right now, other than where the Ethereum Classic price is concerned. Unlike all other currencies, the Ethereum Classic price is still in the green over the past 24 hours.
More specifically, the Ethereum Classic price has increased by 12.58% in the past 24 hours. Given Bitcoin’s current 3.4% loss in the same period, this gain is pretty interesting to keep an eye on. After all, it further confirms ETC is making up lost ground in the BTC ratio department as well. Otherwise, the Ethereum Classic price would have significantly declined USD value as well, just like any other cryptocurrency on the market right now.
To put this into perspective, the Ethereum Classic price went up by 15.58% in USD value, pushing the price to $29.63. At the same time, the ETC/BTC ratio rose by 17.72% in favor of the alternative cryptocurrency as well. With such solid gains in both departments, things are looking pretty solid for Ethereum Classic right now. Even so, there is a very real chance the negative momentum will eventually drag ETC with it, although it remains to be seen how things evolve in this regard.
With $712m in 24-hour trading volume, Ethereum Classic looks rather impressive when looking at the bigger picture. After all, the overall cryptocurrency trading volume has dropped from over $24bn to just $17.2bn in the past 24 hours, which seems to indicate further bearish momentum will materialize in the coming days and weeks. A bearish trend will undoubtedly impact the Ethereum Classic price at some point, thus cashing out the current profits may not be a bad idea altogether.
With most of the ETC trading volume originate from OKex, an interesting situation is created. Although Upbit and Bithumb are also in the top three, it is evident a lot of people are looking to diversify their Bitcoin holdings once again. The way things look right now, there is a lot more upswing potential for altcoins compared to Bitcoin, even though all markets are intrinsically linked to the world’s leading cryptocurrency first and foremost.
For the time being, it is unclear what will happen over the next few hours. With all signs pointing to a bearish trend once again, the Ethereum Classic price may come apart very soon. If that happens., it is not unlikely the ETC price will drop to $24 or a bit lower before the day is over. At the same time, there is a lot of positive momentum in the ETC market right now, and the Ethereum Classic price may surpass $32 before things turn around.