Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Everyone who assumed Bitcoin would be the only major cryptocurrency to note some big price gains in the final weeks of 2017 is gravely mistaken. We now see all major altcoins try to make a name for themselves and bounce back strongly. The Ethereum Classic price, for example, has increased by as much as 50% overnight. To some people, this is organic growth, whereas most people see it as the pump-and-dump cycle that it probably is. Still, it is a remarkable development, to say the least.
Ethereum Classic Price Explodes Overnight
While most investors keep pouring money into Ethereum these days, it has become rather evident one shouldn’t discount Ethereum Classic by any means. It may not have the global appeal of Ethereum yet it is the only immutable blockchain of the two. It was only a matter of time until the Ethereum Classic price started to go up in value again. After a few weeks of hovering near the $17 mark, things have certainly exploded over the past 24 hours.
More specifically, we have seen an Ethereum Classic price increase of just over 50% in the past day. That is remarkable growth, to say the least, especially when considering how no one saw this coming whatsoever. Things have been somewhat quiet on the ETC front as of late, but it seems investors and speculators are throwing a lot of money at this altcoin right now. Maintaining this trend will be pretty difficult, though, especially once the trading volume starts drying up once again.
It is also important to note the Ethereum Classic price is not just going up in USD value. The altcoin is making up a lot of ground against Bitcoin as well, with a 45.25% gain visible on the charts right now. All of this is rather surprising, as the Bitcoin price is pretty close to breaching $10,000 on a permanent basis. At the same time, a lot of people are only now diversifying their portfolio. This means there is a lot of positive momentum affecting the Ethereum Classic price right now, as well as some other altcoins which have been undervalued for quite some time now.
Thanks to almost $1.5bn in 24-hour trading volume, we may see the Ethereum Classic price continue to surge for quite some time to come. More specifically, this price gain is pretty significant already, but the markets may help push the value of ETC to $40 in the coming hours. Rest assured a lot of people will start taking profits in the coming hours as well. Seeing one’s investment go up by 50% in quick succession is always a strong sell signal.
Anyone guessing how Bithumb is the main driver of Ethereum Classic trading volume would be absolutely correct. However, Coinone and Korbit are also putting their weight behind this Ethereum Classic price pump cycle. Bitfinex is the only non-Korean exchange in the top four, and they comfortably sit in third place as of right now. Rest assured this pump will turn into a dump sooner or later when the volume switches from buying to selling. Then again, a lot of altcoins are going up in value right now, and things may play out very different compared to what one would expect.
The final few weeks of 2017 will be pretty spectacular for pretty much all cryptocurrencies.There are still a  few undervalued coins in the top 10, as well as a few currencies which should never have reached their current valuation either. How things will play out between now and December 31st, remains to be seen. The year 2017 has been pretty solid for all cryptocurrencies, and we can only hope to see more of the same throughout 2018.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.