ETC pumped 130% last week: Reasons

ETC pumped 130% last week: Reasons

The parabolic parabolic price action advance of Ethereum Classic (ETC) has continued to be maintained since it started in March.

ETC is up almost 50% in the last 24-hour trading period as of the time of writing, according to Data from crypto market aggregator Coingecko

ETC is at all-time high and it is rated as the 20th ranked crypto by market capitalization.

A continuation of ETC’s positive performance since the end of Q1 2021, is the first likely reason for this current price action.

Significant upward moves are being seen by major forks like ETC and Bitcoin Cash (BCH), according to Cointelegraph. After disagreements on the best course of action to rectify the decentralized autonomous organization debacle of July 2016, ETC was a consequence of the Ethereum hard fork that ensued

Retail hype is also building on ETC especially as the token is available to buy on the popular trading app Robinhood. Online search volume for Ethereum Classic is on the high, according to data from Google Trends.

This current retail hype may also be attributed to Ether (ETH) smashing its all-time high and moving beyond $3,000 for the first time. Indeed, social media sentiment points to newbie ETC holders considering the “green Ethereum” a much cheaper alternative to the ETH juggernaut.

ETC has also outperformed ETH in terms of year-to-date price action gains by a factor of over three-fold.

Retail traders are not the only investors keen on adding to their ETC bags as Grayscale has also been upping its Ethereum Classic ownership. The Grayscale Ethereum Classic Trust currently holds about $711.6 million in assets under management.

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