classic ethereal [ETC] it’s up, again, but here’s the reason this time

classic ethereal [ETC] it’s up, again, but here’s the reason this time

classic ethereal [ETC] it’s up, again, but here’s the reason this time

With an increase of more than 150% in the last month, it has been a good time to Ethereum Classic (ETC) and their headlines. Sharing a statistically significant positive correlation with ETH, the growth of ETC can be attributed to the Ether price rally itself. Especially since ETH appreciated by more than 65% in said period.

How have the last 30 days been?

At the time of writing, ETC was trading at $43.81. A month ago, the altcoin was trading at $14.8, according to data from CoinMarketCap. In the last month alone, there has been a significant build-up with ETC’s Relative Strength Index (RSI) and Money Flow Index (MFI) rising steadily. At press time, the token’s RSI was pegged at 72.90, while its MFI was at 77.

Trading activity on the ETC network peaked around July 29. Between July 27 and 29, the alt posted daily highs of 4.4 billion, 4.39 billion, and 4.74 billion in trading volume, respectively. However, after the July 29 high, trading activity fell more than 75% across the network and was pegged at 995.99 million, at press time.

Source: Sentiment

Furthermore, according to Messari, the supply of ETC tokens in addresses with a balance greater than $10 million has grown considerably in the last 30 days. A month ago, these addresses had 69 million ETC. With a growth of more than 40% in the 30-day period, at the time of writing, this category of whales had more than 97 million FTEs.

Despite the price/volume divergence that emerged in late July, these whales have not been discouraged as they have increased the accumulation.

Source: Mesari

The previous month also saw an increase in the total count of unique addresses that were active on the network. With a reading of 26,843 addresses on August 13, active addresses on the ETC network grew 8% in 30 days.

The total sum of addresses in the network amounted to 2,433,746, at the time of writing this article.

Source: Mesari

When it comes to mining on the forked network, the hash rate and average difficulty increased over the last month. Since July 14, the hash rate and mining difficulty on the ETC network have increased by 80% and 43%, respectively.

Additionally, ETC’s Sharpe Ratio stood at 7.83, growing over 900% over the last month. This was a sign that the altcoin was offering excessive returns to investors, relative to the risk it posed to holders.

Source: Mesari

In light of talk of a new fork of the current Ethereum network, it is unclear what is going on with the ETC network. Especially if users are further divided between the Ethereum Proof-of-Work Network and the new Ethereum Proof-of-Stake Network.

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