The coming altcoin news put Ethereum Classic (ETC) in the focus, showing that it is one of the main cryptocurrencies in the spotlight. The breakout which started on Tuesday and the subsequent correction on Wednesday have put ETC up from 18th to the 16th place in terms of tis total market capitalization.
As it stands now, Ethereum Classic is better than 96 coins compared to their performance this week. Even though the rise over the past days has been impressive, most of the gains were recorded yesterday. At press time, Ethereum Classic (ETC) is shy of $7 with a market cap of $787 million and a meteoric 24 hour volume of $874 million, which some label as fake.
The price chart, as the altcoin news illustrate, shows that by trading volume in the past 24 hours, ETC is also among the top coins. Still, some members of the cryptoverse question how real these numbers are, especially when the market data providers present different numbers.
As it stands, the ETC trading volume is:
- USD 1.6 billion on Coinmarketcap
- USD 1.35 billion on Coinpaprika
- USD 1.6 billion on Coingecko
- USD 601 million on Messari
Analysts believe that the fake volume on Ethereum Classic is “worthy of a case study.”
Fake volume on $ETC is worthy of a case study.
1.7B USD on CoinMarketCap, I would wager the real figure is less than 10M USD
That's about 0.5% genuine transactions.
— Jakob Fugger (@Crypto_Fugger) August 23, 2019
Even though the recent rally itself was enough to attract more traders, a new announcement by Ethereum Classic Labs shows that the London-based investment company North Block Capital joined the ETC Labs’ Studio program.
“ETC Labs and North Block Capital will work together on creating comprehensive token sale initiatives for North Block Capital investments, clients and partners. As part of Studio, ETC Labs will provide technical support to create, launch and manage token sales as well as marketing expertise for promoting to the Asian market and creating liquidity through exchange listings in Asia,” according to the announcement shown on many best cryptocurrency news sites.
As reported, it is very likely that many traders are positioning themselves in the coin ahead of the scheduled hard fork, which is expected to occur on September 13. Although the fork has been planned for a long time, events like these tend to draw the attention of traders and some of them are looking to turn profits ahead of the fork.
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