With all cryptocurrency markets suddenly turning green again over the past 24 hours, the coming weekend may prove to be rather interesting for a lot of currencies. The Ethereum Classic price is certainly on the right track to make big things happen, thanks to its solid 10.71% gain overnight. As of right now, the Ethereum Classic price hovers near $37, and may very well push to $40 again.
Ethereum Classic Price Mounts a Strong Comeback
Even though ETC tends to note strong gains on a regular basis, it just doesn’t seem to hold onto that for very long. Not that long ago, we were discussing how the Ethereum Classic price would surpass $40, which it did. Right now, that same ETC is worth just under $37 even though the Ethereum Classic price has increased by 10.71%. Volatility is the name of the game as far as this altcoin is concerned.
More specifically, the Ethereum Classic noted this strong 10.71% gain during a time where most other currencies were struggling for momentum. Even so, ETC itself did not see much positive momentum these past few days either, despite the price rising to $42 earlier this week. That strong rise was quickly followed by a steep decline to $31.47. Ever since that time, the Ethereum Classic price has started to move up again in rather spectacular fashion.
With such strong gains in quick succession, it almost seems to be a matter of time until the Ethereum Classic price comes down once again. Whether on not that will happen before ETC can hit $40 again, is difficult to predict as of right now. There is some negative pressure forming on the ETC chart already, but no sudden $7 jump will go unpunished as far this altcoin is concerned. Taking profits is always better than holding a bag.
With nearly $1.1bn in 24-hour trading volume, it has become apparent ETC is in much higher demand than most top altcoins right now. It is uncanny how so many markets suffer from a lack of trading volume, whereas ETC seemingly has an abundance of trades taking place. This strong trading volume may help propel the Ethereum Classic price to $40 in the coming hours, depending on how bearish the overall sentiment will be in the long run.
There is one caveat to this higher ETC trading volume, though. Nearly half of all trades come from Bithumb and Upbit, two exchanges which cannot be used properly by people who live outside of South Korea. OKEx is in third and fourth place, followed by Bitfinex. There are three actual fiat currency pairs in the top 5, and one USDT pair as well. This seems to indicate a lot of fresh capital is entering the ETC ecosystem as we speak.
For the time being, it remains to be seen how long this current Ethereum Classic price pump-and-dump cycle lasts. Although the current has some merit to it, speculators are just toying with the price whenever they want to, creating cycles of increases and steep declines. For the longevity of this currency, the current trend is not all that great, but for speculators, it is one of hottest markets around.