Ethereum Classic is one of the major cryptocurrencies to show positive growth during the last 24 hours, gaining 6.2%. While the cryptocurrency market in general demonstrates no particular trend today, ETC is once again priced at around $11.5. Traded at below $9 on September 14th, Ethereum Classic exhibited limited yet steady growth during a 5-day period.
Ethereum classic came into being after the DAO hard fork, that took place back in 2015. Technical vulnerabilities, discovered in the original Ethereum code, motivated the majority of community members to implement critical technical changes. The latter, however, have been rejected by the minority group of Ethereum enthusiasts, mostly for philosophical reasons. Thus, Ethereum Classic.
Due to higher vulnerability, Ethereum Classic is rarely used as a store of value. However, it does not prevent traders from speculating on this particular coin, which is the world’s 10th-largest cryptocurrency by market capitalization.
The most recent price swing is not necessarily a sign of an upcoming long-term growth. On the other hand, it can still be the beginning of something bigger than just a brief retraction during the downtrend. As many other cryptocurrencies, Ethereum Classic has reached its all-time high on September 2nd, when a single token was traded at $23.68, two times more than now. It may not sound reassuring but ETC has appreciated 50% since September 15th.
According to Bollinger Bands, the trend is consolidating once again but volatility spikes can be expected after a period of relatively calm market behavior.
