Since the beginning of May, Ethereum Classic (ETC) has risen from US $ 36.3 to more than US $ 170, and the current price is hovering around US $ 109. The cryptocurrency market is still under pressure and the price of Ethereum Classic it may fall further in the next few days. This may not be the best time to invest in this cryptocurrency.
The fundamentals of recent price increases are weak
Ethereum Classic is a smart contract platform that allows users to trade currencies, properties, stocks and provides a way to manage digital assets without intermediaries. According to its official website, Ethereum Classic is one of the purest decentralized projects in the field of cryptocurrencies with a bright future.
Ethereum Classic was born on July 20, 2016. It is a distributed network consisting of a blockchain ledger, native cryptocurrency (ETC), and a powerful ecosystem. At the beginning of this year, the value of Ethereum Classic was between 5 and 6 US dollars, but the value of this cryptocurrency has been increasing steadily since then. Since the beginning of May, the price of Ethereum Classic (ETC) has skyrocketed. Despite current adjustments, there is currently no risk of trend reversal. Ethereum Classic keeps the original Ethereum blockchain intact, but the recent price increase does not have that basic meaning.
"The price increase is due in part to speculative activity following Ethereum's massive rally and in part to market participants speculating that ETC will be more relevant after the ETH 2.0 update."
