Traders Pumped Ethereum Classic’s Price To Record High: Analysis

Traders pumped Ethereum Classic’s price to record highs of $38 and it even reached $150 on Coinbase so let’s read more in our latest Ethereum Classic news.

The traders pumped Ethereum Classic’s price overnight and sent the token into uncharted territory. In the past week, it demolished the April 15 high of $38 and increased to $97.24 today according to the data from Nomics. Depending on the exchange that users use, it reached a higher price on different exchanges. On Coinbase, the price was set at $149 before settling down into the $127 range which is a full $35 more than on Binance and $12 more on Robinhood.

Robinhood only supports trading of Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin and…Ethereum Classic

I think I now know where the DOGE money is going next https://t.co/wH72c7Hi6O

— Barry Silbert (@BarrySilbert) May 4, 2021

With the biggest price discovery being short-lived, the upwards price movement is real and the expectations for the trend include overall exuberance on the market with ETC’s listing on trading apps and plenty of other changes to the competitor chain. Ethereum Classic is a result of the 2016 fork of the Ethereum blockchain after a smart contract related to the DAO project was exploited for 3.6 million ETH. The entire ETH community rallied behind this action and most stakeholders wanted to intervene and to change the blockchain’s code to eliminate the theft. Others wanted to do nothing.

Unable to reconcile with the differences, the developers went through a hard fork. For years, Ethereum classic moved along but over the years, It never increased above $13. At the same time, ETH never dropped below $100. Now, It is enjoying momentum as the demand for coins like DOGE, BCH and EOS is also increasing. Will Foxley from the mining company Compass Mining said:

 “Mining Ethereum and Ethereum Classic now has about the same profitability, following the latter coin’s recent price surge. It’s remarkable if you think about where Ethereum Classic was less than a year ago: reeling from multiple 51% attacks, little application traction and a split core developer team.”

ETC benefited from three key exchange listings, Coinbase, Robinhood, and Binance so while the former is the most-used exchange in the world, the latter two are gateways to crypto novices because they focus on user experience and make it easy to buy and sell. Ethereum Classic, however, has no plans to switch to a proof-of-stake which means ETH miners will want to use their hardware on the ETCH chain as Foxley said:

“It will be interesting to see if Ethereum Classic’s price holds up, particularly as the greater Ethereum ecosystem gets closer to EIP 1559 and the Eth 2.0 “Merge.” If the coin’s price does, it could be a lifeline, albeit weak, for capital heavy GPU miners.”