Ethereum Classic Price Resists Bear Market in Single-Day Rally
On Thursday afternoon, the ethereum classic price remained in its unstoppable increase as it hit $17.71 on cryptocurrency exchange Binance with a single-day rise of 7 percent.
The price movement could be influenced by several reasons. The key factor is the listing on Coinbase, which came as a shock when it surpassed other rivals including Ripple’s XRP token to the finishing line.
Revenue was also increased significantly over the past days where the price rose from about $13.50 to $17.74 and it seems to keep climbing.
Nonetheless, the listing on Coinbase has been revealed some time ago, and ETC remains to climb, recording more than 20 percent in the past two days. If the movement continues this way, then we could be heading back to the psychologically relevant $20 region with a drive towards a two-monthly high of $24 in sight. June has been a terrible month for cryptos with declines ranging from 10-20 percent for most cryptocurrencies.
Even though it is difficult to pinpoint the reason behind the rise, one can at least follow the historical trend of ethereum classic price to be able to comprehend what will be coming next for this cryptocurrency. How much further can ethereum classic climb if this positive movement continues?
The historic all-time high for ETC presently stands at $45.51. Other increases include $42.38 as recorded at the end of February and $24.70 at the start of May.
Prior to its all-time high of $45.51, ethereum classic moved from $26.99, experiencing an increase of 68 percent. Similarly, prior to hitting $42.38, ethereum classic rose from $25.92 with an increase of 63 percent. Eventually, in May prior to reaching $24.7-, ethereum classic skyrocketed from $16.15 with a 52 percent increase. On average, that is a 61 percent increase for ethereum classic.
However, this is based on speculation. In a similar way, in the instances above, the markets are moving in a different pattern so we cannot merely predict that the present ethereum classic movement implies it will finally reach up 61 percent, yet, historically, there is a similar pattern for the past three ethereum classic peaks. It could be likely as a result of coincidence, however, if history is not followed, predictions are not considered.
