Ethereum Classic Leads The Top 10 Cryptos For The Week
Ethereum Classic, the fifth largest cryptocurrency with $17.63 billion in market capitalization, was the only cryptocurrency to gain value in the last seven days, rising from $15.69 on July 8 to $16.42 on July 15, according to coinmarketcap.com.
The next crypto to post a gain in the bearish seven-day period was FirstBlood, number 43, with a market capitalization of $79.515 million, followed by 49th place Metal; 50th place ChainCoin; 82nd place E-Dinar Coin; and 85th place DaxxCoin among the top 100 cryptos.
The Last Day Was Rough
Ethereum Classic managed to end the week better than most despite posting one of the worst performances in the last 24 hours, when it lost 12.05 percentage points, more than any of the top 10 cryptos except for 7th place NEM, which lost 12.09 points, and 9th place IOTA, which fell 20.16 points.
ETC remains the only major coin on a short-term buy signal after holding up above the prior declining trend-line. The token traded near the $18 level yesterday morning, and a move above $20 should signal at least a re-test of the prior $22.14 high, although a break-out could still be down the road, as the biggest coins remain in a correction for the present time. Short-term support is now at $16 with another strong level at $14.50.
The currency steadily gained since late March, when its price began rising from $2.34, riding the overall crypto trend. The price hovered under $1.00 from mid-September through March.
In May, Ethereum Classic displaced Litecoin for the number five spot. Litecoin has since surpassed Ethereum Classic, but Classic retains its number five position.
Also read: Ethereum Classic jumps ahead of the pack
ETC’s Unique Qualities
Some experts and ETC community members like Carlo Vicari have attributed its growth to expansion in community members. In mid-May, ETC China posted on twitter that ETC trading volume on Bithumb dominated over 50% overall.
There have also been reports indicating Ethereum Classic is becoming more popular in South Korea. The Asian Markets have always been crucial to many digital currencies and tokens growth rate.
Ethereum Classic forked for the first time on Oct. 25 to address a number of dos attack vectors that affected its network for several weeks. The upgrade faced no technical problems, with most of the network and miners smoothly transitioning from the old client to the new Gas Price Hardfork client.
Featured image from Shutterstock.
