Market Cap
24h Vol
7052
Cryptocurrencies
76649
Markets
2021-05-06

Ethereum growth analysis

Ethereum Classic ( ETC ) continues its parabolic rise in share price that began in late March.

Data from cryptocurrency market aggregator CoinGecko shows that ETC is up nearly 50% over the last 24-hour trading period at the time of writing.

Indeed, the 20th ranked cryptocurrency by market capitalization is now at its highest ever level above $76.

The first likely reason for this current price increase is the continued positive performance of ETC since the end of Q1 2021.

Major forks such as Ethereum Classic and Bitcoin Cash ( BCH ) have seen significant upward moves . ETC followed Ethereum's hard fork, which came after disagreements over the best course of action to fix the collapse of the decentralized autonomous organization in July 2016.

Retail hype is also building for ETC, especially since the token is available for purchase on the popular Robinhood trading app. According to Google Trends data, the number of online searches for Ethereum Classic is high.

This current retail hype can also be attributed to Ether ( ETH ), which beat its all-time record and surpassed $3,000 for the first time. Indeed, social media sentiment points to early ETC holders who see "green Ethereum" as a much cheaper alternative to the ETH moloch.

Retail traders are not the only investors eager to add ETC to their bags, as Grayscale is also increasing its ownership of Ethereum Classic. The Grayscale Ethereum Classic Trust currently has approximately $711.6 million in assets under management.

Positive ETC price performance so far in 2021. Also bringing relief to a project plagued by security issues in 2020. Green Ethereum suffered multiple 51% attacks and millions of dollars of ETC were moved out of the project .

With cryptos such as ETC, BCH and dogecoin ( doja ) printing significant price increases , the alt season narrative continues to build especially amidst the behind Bitcoin ( BTC ) stuttering current . Bitcoin's market capitalization dominance is also at its lowest level since July 2018 .