Why ETC price goes up so high recently? Does it have something related to ETH?

LUCKMCFLY

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I think it has nothing to do with ETH, rather I think that ETC is completely related to the price of BTC, which is normal, the price of ETC had a great price reaching 176.72USD, given a huge uncertainty of the price. The market has been declining, after hearing the news from Elon Musk about BTC because the currency did not react, and has fallen by 43%:

Quote

The downward movement continued until May 13, when ETC bounced at the 0.618 Fib retracement support level, found at $83.4.

However, the bounce has been weak and technical indicators in the daily time-frame are bearish.

Source: https://beincrypto.com/qtum-btt-etc-hot-neo-omg-zrx-vet-losers-may-7-14/

Certainly ETC is being one of the most losing coins so far, it shows that there are many sales, for now the work of the bulls is difficult, more with the uncertainty in the market that currently exists.

Noruka

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Quote from: Scripture on May 06, 2021, 05:40:35 PM

Quote from: greentech2 on May 05, 2021, 05:39:51 PM

Why ETC price goes up so high recently? Does it have something related to ETH?

Nobody anticipated ETC to hit that price easily in just a short period of time, it just like a $30 worth per ETC and now, its all time high is around $150 which is so unpredictable. I don’t know if there’s a connection between ETH and ETC but they both have made their new all time high, and congrats to those who hold ETC since the last bear trend, I didn’t see this coming.

Nobody anticipated almost any of the bull runs being so crazy. It is like the whale are jumping from one coin to another, pumping them up to the sky and the rest of investors also jumps onto the bandwagon. If DOGE ca pump like that and ETC can, which coin cannot? The market is so hard on fire that I believe there will be winners every single day.

VanDeinsberg12

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it's because miners have nowhere to go but etc once it switched to POS fully which most of miners opposes against, but they could also create other hardfork of ETH retaining the PoW and its gonna render ETC useless.
ETC has ever experienced 51% attack anyway and it's probably gonna experience such attack again and im sure users and developers who are thinking in long term gonna avoid such vulnerable coin.
but i still wonder why the pump could get to this high all of sudden maybe some people also think etc could have achieve the same feat like ETH as its predecessor but imo thats a bit delusional.

raji1995naya

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Institutional investors have recently been aware of ETH, which is likely to have contributed to ETC's growth. We don't see any progress in ETC, and I've only seen one token built on it, but it's a fork of Ethereum.I'm not sure why, even though the doge coin will surpass its current value in this economy, and all other coins will do the same, the coins are still worthless. This is for a lot more than the doge coin, which is backed only by Elon Musk and everyone's dumb fomo.

Entei

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Quote from: tokeweed on May 07, 2021, 11:11:52 AM

There were rumors swirling around a couple of years back that Bitmain was buying ETC and was going to start supporting ETC exclusively since ETH is switching to proof of stake. There was a slight buy up but then ot all came quiet. Maybe this time it’s for real.

If that confirms for sure there will be an explosion in prices. Today there was a setback, but it's normal after a strong appreciation. Greater adoption by the people and strengthening of the community is necessary for ETC to reach historic prices. ETC is a good alternative to ETH for people who don't appreciate the direction that ETH is heading.

tokeweed

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Quote from: greentech2 on May 05, 2021, 05:39:51 PM

Why ETC price goes up so high recently? Does it have something related to ETH?

There were rumors swirling around a couple of years back that Bitmain was buying ETC and was going to start supporting ETC exclusively since ETH is switching to proof of stake. There was a slight buy up but then ot all came quiet. Maybe this time it’s for real.

X-ray

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Quote from: Amejoaquim on May 05, 2021, 08:13:59 PM

As far i know ETH 2.0 will release verry soon and most of the investor predict this ETH 2.0 will verry good and make the user of erc-20 more comfortable to using

that platform.

We are discussing about ETC and i guess you are missing something or you didn't read properly about the topic that already explained by OP. There's no reason for this pump.
It's only a pump to follow the hype and the whales were pumping ETC to the new ATH. Ethereum has nothing to do with the pump that happened with ETC.
Do you know the different between ETC and ETH? Can't you even see that before?

noorammak

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The ETC's increasing in value is increasingly possible as ETH is slowly turning to POS. The mining mechanism shift has caused a part of miners to turn to ETC for mining because of lower difficulty and higher profitability.
We can see that ETC's hash rate is going up.
https://www.coinwarz.com/mining/ethereum-classic/hashrate-chart

slaman29

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Quote from: ingiltere on May 06, 2021, 11:11:06 AM

It's probably because ETC is the original chain, not DAO hacked roll-back version. If forked one make new highs why not original chain make something similar too?
In the end it's all about speculation though, it goes up and down naturally. Market doesn't need to be reasonable, even a meme coin can threat Top 3 coins.

Well ETC never stopped being the original chain for all these years and it's always taken them a long time to climb to ETH's place, so it is kind of a valid question to ask why now:)

It's not like it didn't have other chances before, just a bit strange now all of a sudden to hit such big highs, so yeah seems to be just plain speculation in the end.

makishart

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Quote from: greenslope on May 06, 2021, 01:55:15 PM

Thanks for sharing. Will Grayscale get bailed out when it collapses? How big is this whale?

If you are feeling about how big this whale and then you must see the total crypto asset that owned by grayscale https://tokenview.com/en/Grayscale

Grayscale was a very big institution for crypto fund management platform. This institution was adding various crypto for the future hodl.

more than 50 billion in crypto hodling.

Scripture

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Quote from: greentech2 on May 05, 2021, 05:39:51 PM

Why ETC price goes up so high recently? Does it have something related to ETH?

Nobody anticipated ETC to hit that price easily in just a short period of time, it just like a $30 worth per ETC and now, its all time high is around $150 which is so unpredictable. I don’t know if there’s a connection between ETH and ETC but they both have made their new all time high, and congrats to those who hold ETC since the last bear trend, I didn’t see this coming.

seleme

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I still hold ETC for a better price and I will dump it away if it can cross the next resistance on charts. The reason it has been pumped is the same as why altcoin markets fly now, the whole market is bullish at the moment. Potentially dead altcoins even made 2x in the last bull season, ETC can double the price from here, IMHO. The speculators will not let the ETH investors liquidate and that is why market makers keep pushing prices higher and higher. Maybe after ETH hitting $8k the liquidation process will start and that will be the start point to sell all altcoins and get the money back.

Oilacris

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Quote from: greenslope on May 06, 2021, 01:55:15 PM

Quote from: Coin_trader on May 06, 2021, 12:16:46 AM

ETC is listed on Grayscale balance sheet and they are still accumulating which is the reason why the price is growing same with Ethereum.

Thanks for sharing. Will Grayscale get bailed out when it collapses? How big is this whale?

No one can really tell on what would be the further possible actions that would be made off and speaking of on how big is this whale? that would be having an unknown answer because

if we do just simply scale it out basing on the word "whale" then you can presume that this isnt something dealing small amounts. Cheesy

When prices do surges up its neither in the reason of correlation of its parent coin or with having those fundamentals something like this.

greenslope

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Quote from: Coin_trader on May 06, 2021, 12:16:46 AM

ETC is listed on Grayscale balance sheet and they are still accumulating which is the reason why the price is growing same with Ethereum.

Thanks for sharing. Will Grayscale get bailed out when it collapses? How big is this whale?

leea-1334

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Quote from: Coin_trader on May 06, 2021, 12:16:46 AM

Quote from: ElmedoRator on May 06, 2021, 12:09:05 AM

Up to the present time, I cannot understand why, even if the doge coin can reach the current value in this market, with all other coins can do the same, the coins This has a lot more to do than doge coin that only gets support from Elon Musk and everyone's stupid fomo.

ETC is far different to DOGE. ETC is listed on Grayscale balance sheet and they are still accumulating which is the reason why the price is growing same with Ethereum. Dogecoin is a pure hype token without any fundamentals. Only Elon and his friends are playing with the price.

Also ETC has very good developers and are another smart contract platform, after all they were doing just the same thing as ETH and it was ETH that broke away let us not forget that.

Dogecoin is a hypecoin but at least that was what it was supposed to be from the beginning so anyone who thinks otherwise has fooled themselves:)

ingiltere

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It's probably because ETC is the original chain, not DAO hacked roll-back version. If forked one make new highs why not original chain make something similar too?
In the end it's all about speculation though, it goes up and down naturally. Market doesn't need to be reasonable, even a meme coin can threat Top 3 coins.

Blitzboy

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You can ask the same question to other alts. In this hype, I only see a few coins that do not increase while other rally rapidly.

ETC is a doubleganger of ETH without any developments so it is easy to understand why the price increases. But basically, it has not further value

slaman29

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ETC and NEOgas is what caught my attention this week, unfortunately, I sold both of them of what little I had for BTC some time ago. Still I would say no regrets. BTC is going up and I never know what could happen to ETC or NEO. Probably those WallStreetbet pumpers for all I know. Kudos to those who held.

Coin_trader

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Quote from: ElmedoRator on May 06, 2021, 12:09:05 AM

Up to the present time, I cannot understand why, even if the doge coin can reach the current value in this market, with all other coins can do the same, the coins This has a lot more to do than doge coin that only gets support from Elon Musk and everyone's stupid fomo.

ETC is far different to DOGE. ETC is listed on Grayscale balance sheet and they are still accumulating which is the reason why the price is growing same with Ethereum. Dogecoin is a pure hype token without any fundamentals. Only Elon and his friends are playing with the price.

ElmedoRator

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Up to the present time, I cannot understand why, even if the doge coin can reach the current value in this market, with all other coins can do the same, the coins This has a lot more to do than doge coin that only gets support from Elon Musk and everyone's stupid fomo.

Topic: Why ETC price goes up so high recently? Does it have something related to ETH? (Read 264 times)