Ethereum Classic is Rapidly Gaining Momentum in the Crypto Markets

When referring to Ethereum, most investors think and talk about Ethereum 2.0 or ETH. After the spill of 2015, the Ethereum Classic, better known as ETC, has become somewhat forgotten. However, in a surprising turn of events ETC has recently started a new bull rally getting 300% appreciation in the last month. As noted by CoinDesk, the older sibling of Ether scored a new ATH of $177.26 yesterday.

This price is about 350% higher than its starting point of $38.67 on May 1st, 2021. At the moment, it has been pulled back, but at the same time, ETC has managed to retain 200% from last Saturday, which is still a good sign for crypto investors. It should be noted that ETC’s daily active user base has increased to tens of thousands of traders while ETH has 900 thousand daily active users in the same time bracket.

Why has Ethereum Classic Started to Climb up in the Markets?

Many analysts have been pointing towards an upcoming ‘altcoin season.’ The alt season starts when investors start flocking around other cryptocurrencies while the Bitcoin price is crashing. Martin Gasper, a research analyst from CrossTower, told the media that the Ethereum Classic ecosystem has not been very active lately. 

According to Gasper, investors looking at long-term investment ventures could prefer buying low and HODLing the coin until they gain massive returns. Collin Plume, President of Noble Gold Investment, opines that the latest increase in interest for old and more volatile digital assets might have directed traders towards ETC. 

Ethereum Classic Massive Gains Attributed to Sentimental Value of the Silver Cryptocurrency

John Iadeluca, CEO of Banz Capital, believes that the current surge of ETC could be attributed to the sentimental values of early traders. While Ethereum Classic lacks the innovative prerogative that is expected from cryptocurrencies at present, it holds the historical significance of starting the journey from ground zero and giving rise to the crypto empire. 

Meanwhile, Joe DiPasquale, CEO of BitBul Capital, thinks that the two main theological factors behind this current appreciation are the recent record-breaking spree of the Ethereum 2.0, ETC is only getting a piggyback ride from the grand market popularity of its sibling. Also, since ETH is planning to move toward proof-of-stake, investors are speculating if the merger would allow them to raise stakes in ETC as a separate entity after the shift.