Ethereum Classic rally halts after price reaches 8-week high
The past few months have been rough for Ethereum Classic (ETC), as the cryptocurrency has struggled to stay relevant in a market dominated by shinier coins. However, over the past couple of sessions the cryptocurrency has shown signs that it might be entering some sort of a recovery mode. The token’s good streak culminated yesterday, when its price reached $15.64, its highest level since September 9. The rally lost some steam in the latter part of the session, however, with ETC finishing the day at $14.33. The Ethereum Classic price has been hovering around that level in today’s trading.
Ethereum Classic has benefitted from a steady increase in trading volumes over the past few days. Its daily volume spiked to $435.6 million yesterday on the back of increased market activity in South Korea.
A breakdown of ETC’s 24-hour trading volume, which currently stands at $192 million, reveals that South Korea’s Bithumb exchange accounts for nearly half of all ETC trades, globally. Local rivals Coinone and Korbit capture 15.5% and 7.7%, respectively.
Ethereum Classic came into existence last year, following a split of the Ethereum blockchain. Seeking to recover funds stolen during the initial coin offering of Decentralized Autonomous Organization (DAO), the Ethereum Foundation and the Ethereum development team executed a hard fork that erased the effect of the incident. However, the move was opposed by some within the Ethereum community, who continued to use the old blockchain, rebranding it as Ethereum Classic.
In today’s trading, the ETC price stood at $14.13, as of 14:23 GMT. The digital currency has lot just over 6% of its value and its market cap currently stands at $1.37 billion.