Why Did Ethereum Classic Gain 60% In a Week?

0

Last Updated on 26 March 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

This week has been all about ApeCoin, the popularity of Waves in Russia and Ukraine, the resurgence of Bitcoin towards $44k and Loopring surging on the Gamestop news. So how come no one noticed that Ethereum Classic (ETC) jumped like 60% in the past seven days. Is it getting ready to repeat the epic run of last year in April then?

Advertentie.

Throwback coin

Although the Bored Apes NFT collection coins, also known as ApeCoin, have gotten most of the attention this week in the cryptosphere, a so-called throwback coin has also been gaining steam.

As Ether regained the $3k level and seems ready to reach for it’s all time high again in the next few months, Ethereum Classic, the digital currency created after a 2016 software change, also jumped more than 60% in the past week.

Both Bloomberg and Benzinga reported on it, but no one seems to have a good explanation as to why this is. In essence, the consensus among crypto Twitter seems to be that Ethereum Classic is once again surging because newbie traders seem convinced that it is the cheaper version of Ethereum itself, and if a coin worth $3k is too much for you to invest, a $50 coin seems more affordable. Let’s see if the challenging of Ether towards a new all time high in the next few months also means a repeat of the 2021 April run for Ethereum Classic.