Ethereum Classic Leads the Rally

Cryptocurrencies made another U-turn; prices are moving higher after a considerable downside volatility in January. The digital currencies bounced back more than 50{2325416b18fed861799b4779639365424b814afb9c0c39dbe6e9c8b6a491b862} in the last two weeks, while some of the altcoins have outperformed bitcoin in price appreciation. Ethereum Classic (ETC) has been witnessing a strong uptrend over the last two weeks. The altcoin price soared 200{2325416b18fed861799b4779639365424b814afb9c0c39dbe6e9c8b6a491b862} since hitting the lows of $14 on February 6. ETC price rallied more than 20{2325416b18fed861799b4779639365424b814afb9c0c39dbe6e9c8b6a491b862} in today’s trading. The altcoin is currently trading around $40, just shy of the all-time high of $46 it hit in late December.

Ethereum Classic

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Though the broader rally in cryptocurrency prices provided support to ETC, lower than expected regulatory actions from the South Korean government has added significantly to this altcoin price.

Ethereum Classic gets the majority of volume from South Korean markets – Korean exchanges such as Bithumb and Upbit accounts for 19{2325416b18fed861799b4779639365424b814afb9c0c39dbe6e9c8b6a491b862} and 13{2325416b18fed861799b4779639365424b814afb9c0c39dbe6e9c8b6a491b862} of the total volume. However, investor’s strategy to diversify their cryptocurrency portfolio with the addition of emerging altcoins continues to generate substantial volume for Ethereum Classic from exchanges such as OKEx.

Ethereum Classic Is High, but NEM, Stellar and Cardano are in the Red

Ethereum Classic

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NEM coin (NEM) has been among the most significant laggards in cryptocurrency space. The theft of $530 million of NEM coin from Japanese Coincheck exchange significantly impacted its price.

The coin struggles to break the trading range of $0.55 over the last two weeks. NEM price declined more than 2{2325416b18fed861799b4779639365424b814afb9c0c39dbe6e9c8b6a491b862} in Monday trading, amid the news that hackers converted about $84.7 million of the loot into other virtual coins – the majority of trades were made on dark-web.

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Stellar (XLM), which was developed to increase the transaction timing, has also been experiencing difficulties over the last couple of days. Its price traded in the range of $0.45 last week, when its counterparts generated substantial growth. XLM price declined close to 0.50{2325416b18fed861799b4779639365424b814afb9c0c39dbe6e9c8b6a491b862} in Monday trading. Its protocol is similar to Ripple (XRP), but it only targets smaller transaction compared to Ripple.

Cardano (ADA), the sixth largest cryptocurrency in terms of market capitalization, declined 0.50{2325416b18fed861799b4779639365424b814afb9c0c39dbe6e9c8b6a491b862} in early trading on Monday. ADA price continues to trade in the tight range of$ 0.40 since it recovered from the recent lows of $0.28 on February 6.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects.
Siraj is a published financial analyst on the world’s leading websites including SeekingAlpha, TheStreet, MSN, and others.

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