After yesterday’s negative trading pressure, most cryptocurrency markets are showing some positive momentum as of right now. The Ethereum Classic price shows a lot of upward momentum as of right now, thanks to a solid 17.7% gain in the past 24 hours. Whether or not this means the Ethereum Classic price will surpass $40 or higher later today, remains a big question, though.
ETHEREUM CLASSIC PRICE IS LOOKING PRETTY SOLID
It has become rather evident most cryptocurrency markets will see a strong bounce throughout 2018. Even though it is unclear whether or not that means we will see significant increases in the coming days or weeks, the momentum is certainly turning in favor of cryptocurrencies once again. Especially in the altcoin department, things are looking up once again, which is positive news for the people speculating on the Ethereum Classic price as of right now.
To put this into perspective, the Ethereum Classic price has risen by 17.7% in the past 24 hours. That in itself is a rather significant gain for any cryptocurrency, let alone an altcoin. This massive increase puts the Ethereum Classic price back above $38.4, and it is likely we will see it hit $40 in the coming hours. Reaching a new all-time high is not out of the question either, although the Ethereum Classic price will need to push past $45.51 to make that happen.
It is also worth noting the Ethereum Classic price is rising thanks to solid gains in the ETC/BTC ratio. With Ethereum Classic rising by 12.11% in favor of Bitcoin, it is evident there is a lot more progress to be made in the future. After all, most altcoins are trying to decouple from Bitcoin’s volatility as of right now, yet very few of them are successful in doing so. Every new rise in the altcoin/BTC ratio will bring us one step closer to seeing altcoins perform independently of Bitcoin in the future, although no major shakeups will occur in the coming weeks or months.
With $692m in 24-hour trading volume, things are not looking all that bad for Ethereum Classic right now. The vast majority of top altcoins still struggle to get past $250m in 24-hour trading volume, and it is evident that trend will not change anytime soon. For some reason, there is less demand to trade all cryptocurrencies in general, which makes it rather difficult to note anything positive in this regard. If ETC can generate nearly $700m in volume, there’s no reason to think other altcoins can’t do the same in the future, though.
For once, it’s not the Korean exchanges driving most of the Ethereum Classic trading volume. That being said, we do see both Bithumb and Upbit in the top five, but the leading exchange by trading volume is OKEx as of right now.This exchange also ranks third with their USDT trading market, which is rather surprising. Penance completes the top five with $52.45m in 24-hour trading volume, which is not too shabby either. All things considered, the volume seems healthy enough to push the Ethereum Classic price up even further in the coming hours.
For the time being, Ethereum Classic is perhaps the best market for altcoin trading as of right now. We also see the other markets turn green again, which will effectively allow for other currencies to flourish in the near future. With these current Ethereum Classic price gains, it may be best for most users to take profits and hold onto the rest, as the markets can turn volatility at any given time. Then again, with the Ethereum Classic price so close to setting a new all-time high, holding your balance is also a viable option if you enjoy taking risks.