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Ethereum Classic (ETC) Prints All-Time High Over $80

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Wed, 05/05/2021 - 10:52
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Vladislav Sopov
More and more large-cap altcoins are affected by the developing mania. Ethereum Classic (ETC) added 100% to its 2017 high
Ethereum Classic (ETC) Prints All-Time High Over $80
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Ethereum Classic (ETC), an initial version of Ethereum (ETH) cryptocurrency procotol, is seeing its ETC token price going through the roof. It added 40 percent in 24 hours only and left 2017 in the dust.

Ethereum Classic (ETC) gets caught by altcoins' frenzy

Today, May 5, the price of Ethereum Classic (ETC) surged to a historic high of $81.56 on major spot platforms. The previous high was registered on Dec. 20, 2017.

Forty months ago, the ETC price barely touched the $41 level. The trading volume for ETC across all major exchanges was less than $1 billion. Today, it surpassed $18 billion in equivalent.

Ethereum Classic (ETC) represents the first "pre-DAO-fork" version of Ethereum (ETH) protocol. It utilizes the same Ethash mining alogithm for transaction confirmation.

Related
Ethereum (ETH) Shorts Liquidations Witness All-Time High as Ether Price Surpasses $3,500

As covered by U.Today previously, yesterday, on May 4, Ethereum (ETH) also printed a new all-time high over $3,500. This record was followed by massive shorst liquidtations on Huobi, ByBit, Binance Futures and so on.

Coinbase interest fuels ETC growth

Eagle-eyed Twitter commentators noticed that the "Coinbase premium"—the gap between the average price on spot exchanges and Coinbase's ETC/USDT ratio was very high during the maximum price spike.

At its peak, the ETC price on Coinbase was over $98, implying a 22 percent "Coinbase premium"—which is a very high level for this metric.

Typically, this is interpreted as the indicator of Coinbase liquidity inflow being the main catalyst of the ETC spike.

Related
USDT Debuts on Coinbase, CTO Ardoino Explains Why This Is Important

As U.Today reported, Coinbase has recently added USDT stablecoins to its range of assets.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)