With the stupendous rally, Ethereum Classic token has become the 20th largest crypto in terms of market cap. There are three major reasons for the 123% rally in a week that has led to the price of $75. The foremost reason is that the uptrend is an extension of the uptrend that started at the end of first-quarter.
Top forks such as Ethereum Classic and Bitcoin Cash (BCH) had seen considerable uptrend. Ethereum Classic is an outcome of hard fork executed after Ethereum core team parted ways due to misunderstanding over steps determined to resolve issues that come up in the decentralized autonomous organization in July 2016.
Secondly reason is the addition of ETC to its platform by the popular trading app Robinhood. Interestingly, Google search volume related to Ethereum Classis has been on the rise, as per data published by Google Trends. This prevailing retail hype is also ascribed to Ether (ETH) recording fresh all-time high and breaking above $3,000 for the foremost time. Obviously, social media sentiment indicates that first-time ETC investors regard Ethereum Classic, also referred to as “green Ethereum”, as a considerably cheaper substitute for ETH juggernaut.
Considering the year-to-date gains, ETC has also eclipsed Ether by more than 3x factor. It is not only the retail traders who are investing and closely tracking ETC. Grayscale investment fund has been increasing its Ethereum Classic holdings. Currently, the Grayscale Ethereum Classic Trust possesses roughly $711.60 million worth assets under management (AUM).
The price rally of ETC so far this year also provides some breathing space for the venture which was regularly facing attacks from hackers last year. The Ethereum Classic blockchain faced numerous 51% attacks, resulting in a loss of millions of dollars.
Robinhood only supports trading of Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin and…Ethereum Classic
I think I now know where the DOGE money is going next https://t.co/wH72c7Hi6O
— Barry Silbert (@BarrySilbert) May 4, 2021
As cryptocurrencies such as Bitcoin Cash (BCH), Ethereum Classic (ETC) and Dogecoin (DOGE) record considerable price gains, there is an increasing claim of beginning of an altcoin season. The argument is also strengthened by the fact that Bitcoin (BTC) remains range bound. More importantly, at 43.3%, the market dominance of Bitcoin is currently at its lowest level since July 2018.