ETC (Ethereum Classic) has kept its parabolic price action move that started at the end of March. Data from CoinGecko, a crypto market aggregator, reveals that Ethereum Classic has risen to about 50% in the previous 24 hours of trading. Surely, the crypto ranked 20th by market cap is over its all-time high at this moment, over $76.
The major possible reason for the price action advance, as seen, is the continuous positive performance of ETC since the conclusion of Q1 2021.
Major forks such as the Bitcoin Cash (BCH) and Ethereum Classic (ETC) have experienced significant bullish moves. The increase in ETC’s price value is a result of the Ethereum hard fork that comes from the disagreements on the best way to rectify the DAOs (Decentralized Autonomous Organizations) fiasco of July 2016.
The hype around the ETC token has been building recently, most especially because the token is available for purchase in the popular trading platform, Robinhood. Based on the data compiled with Google Trends, the search volume ETC has generated currently on the high.
The recent retail hype can also be ascribed to ETH breaking its previous all-time high and is currently rallying past $3000 as an uncharted price range. As revealed from the social media sentiments, the newbies holding ETC are looking at the “green Ethereum” as an economical option for the Ether juggernaut. In terms of the gains on year-to-date price action, ETC has outdone Ether by a factor of three.
Non-institutional traders are not the only ones interested in adding ETC to their portfolio as Grayscale is increasing its stake in its Ethereum Classic acquisition. The Grayscale Ethereum Classic Trust holds nearly $711.6 million worth of assets currently under management.
The positive performance of the price of Ethereum Classic so far this year also releases some respite for such projects disturbed by security challenges in the previous year. The green Ethereum has sustained different 51% attacks with millions of dollars worth of Ethereum Classic lost down the drain from the project development.
With such cryptos as BCH (Bitcoin Cash), DOGE (Dogecoin), and Ethereum Classic (ETC) printing substantial gains in price, the narrative of the alt season continues to build most especially amid the current stutter of Bitcoin. Since 2018, the market capitalization dominance of BTC has hit its lowest level.