Ethereum Classic (ETC) recently experienced an unexpected rally as the cryptocurrency rose by nearly 50% overnight and has a current price of $134.79. To put it another way, it has experienced an increase of 300% in a week. Furthermore, it has been via the popular exchange Coinbase that Ethereum Classic is currently trading at a whopping 50% premium.
In related news, it would seem that investors are going back and forth between various altcoins in an effort to pursue gains that would be considered optimal. We can see this happening right now with all the hype surrounding Dogecoin (DOGE), which itself had managed to gain a ridiculous increase of 7,000% ever since the year started.
Adam Back, the CEO of Blockstream, had offered his take as to why he believes that altcoins are suddenly surging in price. He claims that it is the ‘luck of the draw’ which has been spurred on by DOGE’s recent success, and he went on to compare the current situation to that of a ‘casino market.’
ETC investment could be dangerous
There are some who would claim the sudden rally in ETC to be dangerous, as investing in this altcoin may inherently be short-sighted. This is because during the four years that it has been active, ETC had been the victim of the 50% attacks, which only highlights the apparent lack of any kind of substantial security measures put in place.
Nevertheless, this glaring issue has apparently not prevented the investors and holders from buying ETC, and many do not appear to be in any kind of rush to exit this position in the near future. Furthermore, ETC has now become the 13th biggest crypto in terms of market capitalization, thanks to the recent rally. This is certainly impressive when we realize that ETC had been ranked as the 38th highest in January 2021. What is even more impressive is that Ethereum Classic tweet volumes have actually surpassed that of Bitcoin for the very 1st time in history.
Altcoin rally season
Numerous altcoins seem to be rallying at the moment, such as ETC, DOGE, and ADA. BTC, on the other hand, is struggling to reach the $60,000 mark again and has been floating around $55,000 for a while now.
This could also have resulted from the fact that many investors are actively searching for cheaper alternatives to Bitcoin, as was proven by both ETC’s and DOGE’s recent success.