Ethereum Classic Nears Top 10 Cryptos After Rallying 180%

  • 17 January 2020, Friday, 08:00
Ethereum Classic Nears Top 10 Cryptos After Rallying 180%
Source: iStock/_iceman

Ethereum classic (ETC) has been in a parabolic run, starting in late December and accelerating over the course of this week. As of pixel time (10:00 AM UTC), the ETC rally has brought the price up by 80% in the last four days, and over 180% since the bottom on December 18.

Following the most recent price gains, ETC briefly secured the position as the 10th most valuable digital asset by market capitalization, before once again falling behind tron (TRX), monero (XMR), and dash (DASH).

The token trades at almost USD 10 today and is up by 30% in the past 24 hours.

ETC price chart:

Today’s price rally came two days after major crypto exchange Binance announced that it would launch ETC/USDT perpetual contract with up to 75x leverage. The new contracts were launched on Thursday at 8 AM (UTC).

Also, ETC is rallying following the successful conclusion of the Agharta upgrade, which occurred last Sunday. The upgrade is said to make ETC more interoperable with Ethereum (ETH), which is currently the most popular platform for all types of decentralized applications (dapps).

Interoperability and the rebuilding of ties between Ethereum and Ethereum Classic is by many considered crucial for the success of the latter.

As previously reported, ETC stood out during 2019 as one of the cryptoassets that were most uncorrelated to bitcoin (BTC), with several occurrences of large fluctuations in volatility independent of bitcoin.

Source: cryptonews.com