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[Blockchain Today Reporter Ji-Hye Han] Cointelegraph reported that the surge in Ethereum Classic over the past 7 days was almost the same as the surge in Dogecoin.
Ethereum Classic (ETC) continues to maintain the parabolic price that started at the end of March, and transactions have increased by almost 50% over the past 24 hours, according to cryptocurrency data platform CoinGecko. Cointelegraph reported this.
As of the 6th, Ethereum Classic is currently the 19th largest cryptocurrency based on coin market cap, exceeding $95.
The first reason for this price increase is that ETC’s positive performance continues after the first quarter of 2021.
Major cryptocurrencies such as Ethereum Classic and Bitcoin Cash (BCH) have shown a significant rise in recent years. Ethereum Classic is the result of the Ethereum hard fork in July 2016, arising from disagreements on the best steps to correct the challenges of decentralized municipalities.
In particular, since tokens can be purchased from the popular trading app Robinhood, the surge in purchases is also based on ETC. According to data from Google Trends, Ethereum Classic’s online search volume is also high.
This surge in purchases may also be due to Ethereum (ETH) surpassing its all-time high and surpassing $3,000 for the first time. In fact, in social media sentiment, Ethereum Classic is considered a cheaper alternative to Ethereum’s price. In addition, the Ethereum Classic surpassed Ethereum in the view that the price increased more than three times per year.
As Grayscale also increases its Ethereum Classic holdings, not only small traders are keen on ETC trading. The Grayscale Ethereum Classic Trust is said to currently manage approximately $711.6 million in assets.