Market Overview

Ethereum Classic Tops $2 Billion to Set 3-Month High

There’s a new top 10 cryptocurrency. As of press time, the total value of all ether classic (ETC), the cryptocurrency that powers the ethereum classic blockchain, in circulation has topped $2.2 billion, a move that helped it leap from 12th place at the start of the day to 10th place according to CoinMarketCap data.

Best known as the original ethereum blockchain, or the version in which funds stolen in a high-profile 2016 hack still belong to the attacker, ethereum classic is benefiting from tailwinds provided by major market listings.

Already, August 6 has seen the addition of ETC to U.S. crypto brokerage Robinhood’s trading platform, news that was followed by a pop in the price amid access to new market liquidity. As a result, the listing could be seen as a catalyst that helped ETC scale significant resistance at $19, a level it failed to scale on multiple occasions.

Propelled in part by the announcement, ETC is currently up 8.5 percent on the day, a figure that has helped it gain ground on competing cryptocurrencies.

Continuation is likely as the bulls have already matched the previous weekly (July 16 – July 23) total volume

Weekly RSI levels look healthy and show only a slight uptick in momentum, signaling room for further growth

Bullish Symmetric triangle has allowed for continuation topside with prices breaking the long-term resistance level at $19

Ethereum Classic Tops $2 Billion to Set 3-Month High, CoinDesk, Aug 7
Article Rating
Rate this post