The price of Ethereum Classic (ETC) has risen 40% in the last week.
In fact, at the end of March it was below $ 13, while now it is around $ 18, although it has also exceeded $ 20 in the last 24 hours.
In fact, between the $ 11 reached on March 25 and the $ 20 reached today, it is up 80% in less than two weeks, and this followed about a month of lateralization around the $ 11 level.
The triggering event, which took place on March 25, was the announcement that Grayscale had bought around 161,000 FTE in 30 days, increasing its holdings by 10.65%, which is more than what it did with Ethereum (+ 2.86%) but also with Bitcoin (+ 3.61%).
Grayscale can't seem to get enough of $ ETC, adding ~ 161,612 more in the last 30 days.https: //t.co/1fzod6Mk90 https://t.co/sfRID8Xu5b
– Ethereum Classic (@eth_classic) March 25, 2021
This specific Grayscale interest in ETC has spread to other investors, although it is worth remembering that Grayscale does not buy for itself, but only to make funds available to its investors.
The price of Ethereum Classic (ETC)
Interestingly, 2020 closed with the price of ETC at less than $ 6, so the price has tripled since then.
However, it is still far from the all-time high of $ 44 reached on January 14, 2018, that is, during the peak of the speculative bubble formed in late 2017.
For example, Ethereum (ETH) had already reached and passed its peak in January 2018 at the beginning of February 2021, and its price is now 40% higher than the maximum of the last cycle. In contrast, the ETC price is still in the middle of the previous cycle high.
By the way, while Ethereum plans to switch to Proof-of-Stake (PoS) in the coming months, Ethereum Classic seems determined to keep Proof-of-Work (PoW) as its consensus algorithm, thus distinguishing itself from its more famous fork. and remaining in this sense more similar to bitcoin and other first and second generation cryptocurrencies.
In this way, perhaps ETC begins to follow a different path than ETH, although time has clearly shown that users prefer the latter, and that there are new and fierce competitors.