Markets are Down, but ETC is UP! Here's why..
The last couple of days for crypto values has not been overly optimistic, but it is fully expected to happen time to time in the this ever changing space.
As, I obsessively watched my portfolio tank all around there was one asset that kept surging and stayed resilient to the latest downturn, and it was my favourite dark horse...Ethereum Classic (ETC)!
The next two charts highlight the down market with ETC as an outlier that increased in value over the same time.
I have been challenged many times on my support for Ethereum Classic, but I never waivered, and honestly I don’t understand the hate. ETC definitely holds a special place in my heart because there is something very admirable about it’s immutability and idealistic ways.
I started investigating what was going on with ETC today, and I came across a few interesting findings such as the majority of the trading volume or excitement was coming from the asian markets.
What could the asian investors/markets be so excited about?
BTCC is launching its first pure cryptocurrency exchange the BTCC DAX!, and it’s first trading pair is BTC/ETC!! Oh and one more thing it launches in 20 hours!!!
In case you have never heard of BTCC, it is a widely used Shanghai-based long-standing bitcoin exchange. ETC was selected to be part of the opening trading pair on the exchange by a twitter contest put on by the CEO of BTCC (Bobby Lee) who happens to be the brother of Litecoin founder Charlie Lee (also of Coinbase fame).
I absolutely love Ethereum, in all flavours, but after the recent Ethereum network woes brought on the mega ICOs, it seems reasonable to me that the interest of investors and developers alike may have been piqued for equivalent or alternative smart contract platforms. I believe there is a market for both versions to co-exist, and they probably should.
It will be interesting to see how this unfolds tomorrow, and which other cryptocurrencies will be added in the near future.
Thanks for reading!
interesting post. Not sure whether I have made the wrong decision to sell my ETC...
I think Devs are now searching for ETH alternatives after the recent issue in trade volume. We should expect all other cryptids that offer smart contracts to rise in value in the near future.
But I think once the ETH network switch to pos, I think prices would start rising again.
I agree @saithe! ETC is sticking around in the top 5 (market cap) for a reason
I don't own any ETC so lets hope ETH starts going back Up.
According to Augur, there is 92% of chance the ETH will reach 500$ on mid-July.
It is a good way to know if Augur is really good or not~
Interesting! Well, Augur is still in Beta and maybe the "crowd" (from wisdom of the crowd) isn't fully developed yet. It will definitely get more precise over time. Very cool tech, but it may be premature to judge it's predictions until it is fully complete and launched. Does anyone know how far Augur has gotten?
Yeah, you're right.
Anyway, when it is about crypto-currency, I don't think we can really predict anything~
Or everyone would be fucking rich!
Thanks on the Auger mention,,fascinating site. Thanks
HOLD!!! Yeah, I absolutely think ETH will come back up. It's just had a few hiccups lately. I think with PoS coming up it will drive the price up...total speculation though
Once my ETH goes back up I think ETC might not be such a bad option
ETH will come up for sure, especially a few % for sure when it is added to BTCC next week, I'm not sure how high it goes. ETH tech is the future, I'm just holding. ETC is a continuation of the original blockchain and has a really strong community support and great developers behind it. In the end, no one really knows..it's all speculative. Good luck !
Wow great article. It makes me feel better about owning ETC. Subb'd.
Thanks! @ikegass33 . In my opinion, just having any crypto means you're ahead of the curve.