Ethereum Classic Price Surprises Amid Turbulent Markets
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Ethereum Classic recorded an increase of at least 35 points on Tuesday, marking the downward trend in the global market and raising the ETC to its highest level in January.
Barry Silbert, the founder of the Digital Currency Group DCG, wrote on Monday. DCG, of course, is the parent company of Grayscale Investments, which has built a fund that owns ETC on behalf of fund shareholders.
If you’re not watching Ethereum Classic, you’re doing it wrong.
Thus, Silbert has an interest in promoting ETC. Even so, Silbert’s tweet stayed prophesied, because in a few hours the Ethereum Classic value hired a 20% rally, an advance that issued even while other top cryptocurrency pivots on negative territory.
Currently, the Ethereum Classic price is traded at 32 USD per Bitfinex, down from a low of nearly 24 USD a day. That translates into a market cap of 3.3 billion dollars, ranking 14th in the ETC graphs.
Airdrop FOMO or a South Korean pump?
It is not clear as soon as it contributes to the rally. Over is speculation that this is related to the upcoming launch of the Callisto network, which will distribute its tokens CLO to the current ETC holders.
Still, developers have designed the Airdrop blockchain for the 5500000 block, which will take place on 5 March. Hence, it seems slightly doubtful that the ETC increases to such an extent if the Airdrop is still 20 days off.
A look at the daily trading volume of the ETC shows, however, a rather significant concentration of size on the South Korean exchanges, which currently priced at a premium of about 7% of its value on other stock exchanges. On Upbit, ETC / KRW has an equivalent price of 34.17 USD, while the Coinone price is 34.27 USD. In total, KRW pairs represent more than 37% of the volume of Ethereum Classic transactions.
That being said, this party of trading volume does not inevitably suggest that it is a coordinated pump. Instead, it may be advisable that South Korean traders overcome to undergo KYC verification following the approval of new settlements on compact crypto transactions had to buy in the ETC as a result of Callisto’s initial announcement last month.
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