Making predictions on cryptocurrency is definitely difficult since the market moves very fast and massively changes in value. While Bitcoin, Ethereum, and Doge are three of the most popular cryptocurrencies as of the moment, there is another cryptocurrency slowly rising to fame.
Ethereum Classic Peaking?
For those that haven’t heard, a cryptocurrency called Ethereum Classic, which takes after Ethereum, has just recently peaked. The question is, will it go any further or will it go back down? While there are a lot of emerging cryptocurrencies, Ethereum classic is still relatively new and has little to no data to back it.
When doing fundamental analysis on the cryptocurrency, the lack of data makes prediction hard since the only notable movement was the recent massive spike. The theory that Ethereum Classic could go all the way up to $1,000 comes from a Twitter account that shared a video with an explanation of the theory.
$ETC Price Point: All-Time High
While the Twitter account notably focuses a lot on Ethereum Classic, it also reportedly focuses on a number of other cryptocurrencies as well. The video noted that $ETC or Ethereum Classic is similar to $BTH wherein both of them derive their value usually from Bitcoin and Ethereum.
Despite the cryptocurrency currently dipping, the video states that “without a doubt” the price of $ETC will go up to $100 by the end of the month. This assumption was given on May 5 when the video was released and the price had already peaked at a whopping $179 price point!
Ethereum Classic Social Engagements
One technique used was looking at the social mentions and social engagements of Ethereum Classic which can actually give cryptocurrency buyers an idea which is the hottest cryptocurrencies as of the moment. For those that are on the lookout for new cryptocurrency listings that could potentially become big, it is important to investigate what the consensus is saying as of the moment.
One way to do this is to go to LunarCrush which not only gives the value of the cryptocurrencies but also the volume of engagements and mentions that it has. While this is not a solid indication of a cryptocurrency’s increase, this still gives a significant piece of data that could support or refute your predictions.
Read Also: Warren Buffett ‘Alright’ with Vice Chairman Saying He’s ‘Disgusted’ With Cryptocurrency Success
$ETC Market Cap
The video by Savage Profits defends $ETC being a commodity relating it to Bitcoin. Basically, Bitcoin has a coin market cap of 21 billion bitcoins. Once it hits this cap, it will be extremely difficult to mine more bitcoins. $ETC is also no different. When it came to $ETC, the market cap was notably 210,700,000 coins.
Since there is an absolute cap for $ETC, once the coin gets closer to the market cap, the value will reportedly go “through the roof.” The video then notes that this won’t be an overnight thing but rather something that will happen in the long run maybe later this year, next year, or some time in the future.
Related Article: Elon Musk Reacts to the Theory that ‘Crypto Uses too much Energy’ With Explanation of Hypocrisy
This article is owned by Tech Times
Written by Urian B.
ⓒ 2021 TECHTIMES.com All rights reserved. Do not reproduce without permission.
