The price of Ethereum Classic surged in recent days, even outpacing the recovery of other cryptocurrencies. The ETC token is trading at around $24, which is over 50% higher than its low this month. The total market capitalization of this cryptocurrency has grown to more than $3.2 billion.
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Why is the ETC price rising?
Ethereum Classic is a blockchain project that aimed to realize the original vision of the Ethereum blockchain. It is a fully decentralized computing platform that developers can use to create fully decentralized DeFi applications.
There are several reasons why some developers prefer Ethereum Classic over Ethereum. First, unlike classic Ethereum, which has some degree of centralization, the fork is fully decentralized. Second, the ETC blockchain works exclusively with proof-of-work. While Proof-of-Stake has many advantages, not the least of which is environmental friendliness, PoW has proven to be a more secure and reliable option.
Furthermore, Ethereum Classic was developed using a combination of Bitcoin and Ethereum technologies, making this network even more reliable. As a result, a number of developers have opted for Ethereum Classic in recent years. For example, some of the DeFi platforms running on ETC include CoinRabbit, NFT List, MoonLama, and NFTCreed.
Also, many crypto investors still consider Ethereum Classic coins as an interesting investment.
However, ETC is nowhere near as popular as Ethereum. The ETH blockchain has thousands of applications such as Aave, Curve Finance, and Compound. It has also been used to create some of the most popular NFT projects like Azuki and Bored Ape Yacht Club.
It is still not entirely clear why the ETC price has been in such a strong uptrend lately. There has been no major news in the ecosystem recently. There is a likelihood that investors are simply taking advantage of their buying opportunity. Considering that the coin has fallen over 86% from its peak in 2021, it could make perfect sense.
Ethereum Classic Price Forecast
The ETC price has been in a strong uptrend over the past few days. The coin has managed to move above the important resistance at $21.71. This was the lowest level on January 21. The price has moved below the lines of the moving averages of the last 25 and 50 days. It is also below the descending trend line shown in red, while the Relative Strength Index (RSI) has been rising.
Considering that the trading volume is still low, there is a probability that the ETC price has formed a Dead Cat Bounce pattern. In this case, the coin is likely to continue the downtrend and retest the support at $20.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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