Ethereum Classic Price Increased 7% In One DayJune 22, 2018
In one single day, the Ethereum classic price made its way to increase by 7%, continuing its fantastic rise this Thursday, reaching a price of $17.71 on the Cryptocurrency market. June has been Ethereum Classic’s month since it was able to increase from a low of around $13.50 to $17.74 and it seems it will still be rising.
Looking at how Ethereum Classic keeps skyrocketing its price, it wouldn’t be a surprise if it hits the $20 mark any time soon and going forward to $24. Even though June has been a rough month for the Cryptocurrency community, having almost all Cryptocurrencies a decreasing range from 10 to 20%, this doesn’t seem to be the case for Ethereum Classic.
Ethereum Classic and Ethereum
People, who are new to Cryptocurrency used to confuse both of them, is it ETC or ETH? Is there any difference? Well, for your information, there is.
Ethereum Classic surged during a hard fork on Ethereum’s 1,920,000th block, creating a new version of the Blockchain; while the nodes that continued to mine on the original and quickly falling into minority blocks ended up into what people now know as Ethereum Classic. Even though Ethereum is older than Ethereum Classic, the latter retains the original record of the Ethereum Blockchain while Ethereum itself has a modified history.
Why Would Its Price Behave Like That?
Some people assume that one of the principal factors is the fact that the US Cryptocurrency exchange operator (Coinbase) announced two weeks ago that they would start supporting ETC (Ethereum Classic) later on this year.
On June 11, Coinbase announced that they were going to list Ethereum Classic on their platform. Being the fifth one in their list, they would be joining Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Although Coinbase did not say in their announcement when was Ethereum Classic going to be available on their firm’s platforms, everything they stated was that it would be available in the “coming months”.
Before being available through their retail-focused brokerage service, Ethereum Classic would appear in its institutional and professional products.
Looking Back To Ethereum Classic History
Some people try to look back at Ethereum Classic historical movements trying to understand what is causing all of its rising.
Before getting into its all-time higher price around of $45 at the end of February, Ethereum Classic was at $26.99, watching an increase of 68%. During May Ethereum Classic was on $16.15 and all of the sudden it jumped to $24.70, seeing a rise of 52%.
All these were examples of the Ethereum Classic coin’s behavior during times where the market behaved differently than today, pure speculation.
Although not everyone thinks that ETC will suddenly jump up to 61%, many users assume that it would eventually increase more than just 10%. Such is the case for the past two Ethereum Classic peaks, basing themselves with the “History tends to repeat itself” phrase.