In the last 24 hours Ethereum Classic (ETC) has been on a bit of a rollercoaster ride. It started around 6:45 am when ETC breached a key level of $18; the digital token had been trading consistently under that figure in the previous 48 hours so few expected it to make such move. Nevertheless, moved it did and by 9:45 am Thursday ETC had reached a high of $19.10. 10 minutes later, there was another spike which took ETC to a high of $19.23.
The only thing that can explain what happened after the spike at 9:55 is that investors and traders were spooked. No later than 2 hours after reaching the day’s high, ETC plunged to a level of $17.85. That level proved to be the steepest drop for most of the day’s trading but it was enough to spread some concern among traders in the digital token.
Like a lot of digital currencies, ETC saw its biggest gains over the December 2017 period. At one point the token reached a high of $43.06, seemingly in line with every other digital token out there that saw a spike on December 21. The pullback saw a decline but by January 14 the token had climbed again to reach $43.03, the highest price for the token thus far.
The big question among investors is just how far ETC can go. The token, many don’t seem to realize, is the leftover of the original creation of Ethereum. Developers have branded it classic because it preserves the original kernel technology and philosophy when the digital coin as first conceived. ETC continues to offer very solid features, including smart platform contract scripting and a decentralized Turing-complete virtual machine dubbed the Ethereum Virtual Machine (EVM).
ETC has kept its classic beginnings but it has failed to ignite the sort of interest that has formed around its offspring, Ethereum (ETH). The latter is trading well above $600 and is only second in valuation behind Bitcoin (BTC). The big question is whether ETC is doomed to be the poorer relation of ETH and whether investor will ever develop the confidence in ETC’s version of blockchain. The recent decline is perhaps not a hint of any long term bearishness on the upside of the token, but it does give some indication that ETC may take a long time to catch ETH.
The next 24 hours for ETC will be interesting to watch as traders either consolidate the prevailing trend, or reverse it.