Matango
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12.15
pm | | Ethereum Classic is up 54% in a week. (22nd Mar 22 at 7:54am UTC) | Quote Reply | The price of Ethereum Classic (ETC), which forked from Ethereum (ETH) after the hack in 2015, surged over the weekend. Participants in the crypto industry see several reasons for this rise.
ETC was trading at $39.03 this morning, posting an 8% daily gain and a 54% weekly gain, making it the best-of-the-week among 100 crypto assets by market cap.
However, as has been repeatedly observed, the periods of superiority of ETC over ETH did not last long. Since ETC/ETH started trading on Kraken in mid-2016, ETC has always been undervalued against ETH, although there have been short periods of strong lead.
Significant spikes in the price of ETC compared to ETH were observed in August and December 2016, September 2018, February 2020 and May 2021. However, after each spike, the market always reversed, with ETC usually at a lower level than before the price rally began. | |
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