Random ups and downs are more likely than ever to continue happening in the cryptocurrency world as we saw yesterday with the downward plunge in the trading sector. However, the Ethereum Classic price is displaying an upward pattern, currently on a 17.7% increase recorded in the past 24 hours. The incline, however, brings in uncertainty as to whether it will hit the 40 dollar mark, or even more, later today.
What Is Going On With Ethereum Classic?
There are many cryptocurrencies which soar and crash in value in a matter of hours while others remain stable. In 2018, a forecast has predicted a rise across the cryptocurrency industry.
Traders have witnessed a modest gain in the Ethereum Classic price compared to other altcoins with a significant rise of 17.7% in the previous 24 hours. This solid gain puts the Ethereum Classic Price up at $38.4 which seems within touching distance of $40 in the upcoming few hours. For a new all-time high, the momentum needs to carry it beyond the $45.51 mark, which may also be imminently possible.
From a wider perspective, the Ethereum Classic price is steadily rising owing to the rigid gains recorded in the ETC/BTC ratio. The Ethereum Classic Price has increased by 12.11% in favor of Bitcoin meaning that there is still room for progress in the future. Every incline recorded in the ratio mentioned above increases the probability that Ethereum Classic will perform independently when decoupled from the popular Bitcoin.
It is doing pretty well for itself with $692M in 24-hour trading volume record. With the majority of forecasts predicting “next to nil” changes in the Ethereum Classic trading volume pattern, most altcoins will strive to hit the $250M mark in trading volumes. This shows how much Ethereum Classic is enjoying the market tides right now. Nonetheless, if it is capable of generating and maintaining an approximate on $700M in trading volume value, it means that other altcoins may follow suit in the near future.
As per the usual trends where the Korean exchanges bag the highest trading volume, currently, OKEx, followed by Bithumb and Upbit, are the leaders. OKEx also ranks third in their USDT trading market rankings which is quite impressive. Penance comes fifth with a $52.45M trading volume. With the above assessments, it is quite possible to see the volumes pushing the Ethereum Classic price up even further later in the day.
Currently, it is safe to say that this is the best platform for altcoin trading. Any traders could take advantage of the green pasture in the price gains by taking profits and storing the rest due to market and trend uncertainty. From a different point of view, one may be tempted to hold onto the assets as the price closes into setting a new all-time high.
Do you think the Ethereum Classic price will maintain its current trend? Leave us your view in the comments section.