In the cryptocurrency world, there is always one market which seems to buck the overall trend without any real problems. With Bitcoin and other top markets in the dirt a bit, it is all the more interesting to see the Ethereum Classic price move up all of a sudden. Although the gains are not spectacular, there is always a chance this altcoin will hit $5 in the next few hours and days.
Ethereum Classic Price Bucks the Trend
When the top markets turn rather bearish, one has to be happy with any market which does not blindly follow this pattern. Although Ethereum Classic is not the most popular project by any means, it is evident the current price momentum will get many people excited a bit. It is also the only market in the market cap top 20 which notes gains of over 4% right now, thus it seems likely a lot of people will try to make good money with it in the process.
Over the past 24 hours, the Ethereum Classic price noted a strong 4.75% gain to push the USD value to $4.83. There is also a 5.8% improvement in ETC/BTC, bringing that ratio to 0.0012 Bitcoin. Both of these trends are made possible thanks to over $338.8m in trading volume, which is rather steep for this particular market.
As is usually the case when Ethereum Classic’s value begins to rise, there will be some funny memes to enjoy. Stev shares a pretty interesting one, and one that is also factually correct. Ethereum Classic is capable of noting gains whereas other markets are at a near standstill. Sustaining this level of growth will always be complicated, especially with the overarching bearish pressure affecting this industry.
For those who mainly want to determine where the price will head next, it seems the ETC chart looks somewhat promising. Nevermore expects some intriguing price action on Coinbase in the ETC/USD pair, although it seems unlikely any major push should be expected. Reaching $5 is still possible right now, although it will require some significant effort to make that happen.
A somewhat similar sentiment is echoed by Crypto Fibonacci, who is looking at the ETC chart like a hawk. It is obvious ETC is not only bucking Bitcoin’s trend, but it does the exact opposite. Not necessarily all that significant for a market which tends to pump at random over the past year and a half, but still interesting for traders.
All things considered, it would appear Ethereum Classic could maintain this “bullish” momentum for the remainder of the day. It is not that difficult to buck the current bearish trend, and the rather high trading volume seems to indicate traders will not relent anytime soon. However, this market tends to flip from bullish to bearish and vice versa on a seemingly random basis. Chasing the pump is never a smart idea.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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