Tuesday, May 30, 2023

Ethereum Classic grows despite the market


For a week, we observed violent price changes on the market: negative movements were followed by sudden growth, which, in turn, was also corrected. And today’s day for cryptocurrency is clearly the best.

Many analysts associate the new drawdowns with the approach of the weekend, as usual, for the weekend the situation on cryptomarket significantly worsens. Nevertheless, in the midst of general unrest and falling prices, one altcoin stands out, which confidently goes against the current. This is the Ethereum Classic (ETC), which boldly chose its own path contrary to the general trend.

Of course, Ethereum Classic is difficult to notice, because it is not a very well-known altcoin, especially in comparison with its competitors, however, it is its behavior that should now attract investor attention.

At least one thing is certain: Ethereum Classic is, for now, the only altcoin that managed to escape from the squeezed bear market.

At the time of this writing, the Ethereum Classic coin is valued at $ 17.55, and in the past 24 hours, it managed to raise 2.68%. This rise, of course, can not be called something special, but compared to its neighbors, Ethereum Classic definitely did a tangible way to overcome bearish pressure.

For example, another coin, Dash (DASH), at the time of this writing, has lost 4.35% over the past 24 hours, NEM (NEM) has lost 5.20%, Tron (TRX) has fallen 7.42%, and VeChain (VEN) – 8.44 %. Thus, as you can already see, all other altcoins are falling rapidly, while ETC is able to swim against the current.

Analysts believe that they have an answer to the question of why Ethereum Classic is moving in the opposite direction. While cryptomarket is under pressure from bears, the growth of a single coin is quite a rare phenomenon.

So, the main reason for the growth of Ethereum Classic, according to experts, is the main event for the coin – its placement in the list of Coinbase crypto exchange, which caused a mild excitement around this cryptocurrency, and could provoke its growth in a difficult period for the rest of the market.

The management of Coinbase also confirmed the information regarding the listing of the Ethereum Classic coin in its platform, however, when it is available for trading on it – it is unclear.

In the crypto community, it is believed that the coin trading will be opened during July, and Coinbase itself will have to specify in advance the exact date and time when Ethereum Classic will be fully available. However, so far, Coinbase has not revealed any information, and users can only wait.

Placement of the Ethereum Classic coin on such a large crypto exchange, as Coinbase, should attract more large institutional investors to this coin, therefore, analysts expect that this coin will grow significantly in price in a very short time. However, even now speculation takes place, and it is, in our opinion, now the decisive factor that ensures the growth of the price of Ethereum Classic, even during the general bearish pressure.

Nevertheless, Ethereum Classic is just one of the crypto assets, and therefore, it is characterized by volatility, and any forecasts from any analysts concerning this tool should be treated wisely.


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