Ethereum Classic and Telcoin (TEL) are leading a new wave of altcoins in this week.
The price of Ethereum Classic (ETC), the favorite of the founder of the Digital Currency Group, Barry Silbert, has increased by 300% in one week.
ETC Hits $ 180: Bull Market Or “Casino Market”?
In the final incarnation of the “altcoin season” 2021 Altcoins give each other the torch as investors look for optimal returns.
This year the market’s approach has also changed strangely, from the use case of a token to the culture that surrounds it.. This is reflected in Dogecoin (DOGE), the highest value of 2021, which has increased more than 7,000% since January.
Memes and other social triggers also seem to be driving progress in this week’s round of hikes. The ETC price skyrockets without any noticeable change. TEL benefited from a successful migration to Layer 2.
“Casino Market Hypothesis”, answered Adam Back, Blockstream CEO, during a debate on Twitter about why the altcoin market had such results.
As Cointelegraph reported, Back had also described the luck of chance as the driver behind the increase in DOGE’s wealth..
Others noticed that Investing in ETC, in particular, can be not only short-sighted, but also dangerous: In the four years of its existence, the blockchain has been attacked several times at 51%, which indicates a lack of security and resilience what is missing in Bitcoin and the “newer” Ethereum (ETH).
I know, too recording Price volatility: ETC was trading at a whopping 50% premium on Coinbase as prices rose on Wednesday..
Yet, The fans were unfazed and seemed in no rush to get out of their positions.
Last week my dad told me that he had bought $ ETC at $ 30 and I told him I had bought the wrong Ethereum and there was no use or adoption case. He sold it immediately afterwards and is now at $ 140. I’ll deny myself first before he does
– Squeeze (@cryptoSqueeze) May 7, 2021
Silver himself reminded her to your Twitter followers ETC’s price trajectory since its inception in 2016: from $ 0.50 to over $ 180 and a three-year high against Bitcoin.
When asked if he was “happy” with what happened, Silbert He said this Thursday had been a “good day”.
ETC is now the 13th cryptocurrency by market capitalization after starting the year at number 38. The abundance of growing interest in ETH is a constant theme when it comes to your inherited parents. This is shown by data from the mood resource TheTIE The volume of ETH tweets exceeded that of BTC for the first time.
“Classic” altcoins come out of hibernation
Meanwhile, Bitcoin repeats different and less favorable moves as the week comes to an end. After failing again in its attempt to break resistance near USD 60,000, it returned to USD 56,000 on Friday.after falling to lows of $ 55,400.
Despite the relative lack of uploads Long-term market participants remain absolutely safe from the bull market.
“BTC, ETH and the whole market keep pumping and pumping, it’s unreal”, summarized on Thursday Simon Dedic, managing partner of the blockchain investment and consulting firm Moonrock Capital.
“After two years of the bear market, you learn to appreciate a bull market every day. This market should not be taken for granted. Stay humble, stay grateful, stay rational. “
As Cointelegraph reported, Many altcoins in the market have seen strong returns over the past few weeks.