The etheric Fang ETC a week fell by over 20%, speculation on the price support difficult to continue
ETC prices dropped sharply in the past week, investors interested in this new digital currency looks like a recession.
This price adjustment seems to have taken some new momentum EthereumClassic block chain, although ETC has just appeared, some analysts had predicted would soon disappear, but ETC has won the price and trading volume rose significantly.
But the growth in this week stopped, according to the disclosure of data, ETC ETH prices plunged 23.47% in the past week, the same time, the ETC price of the dollar fell 23.16%.
As of press time, ETC prices rose slightly in the past 24 hours 1.5%.
For those people who are not familiar with the ETC ETC, the digital currency was born in late July of this year, the reason is that some idealists have objected to the bifurcation of the etheric Fang hard to support the original Ethernet square block chain market, and this block chain is not hard bifurcation, so did not occur in a series of technical change.
Poloniex ETC/BTC and on-line digital currency exchange transactions on the ETC/ETH in July 24th, to provide help for the development of ETC. After ETC, the rapid rise in prices for ETH, at the beginning of August soared more than 2000%.
The trading volume and enthusiasm decline
This week the price changes in the background of a weak transaction volume down.
According to CoinMarketCap data show that in the week, market participants trading a total of $38 million 100 thousand worth of ETC, the daily trading volume of at least $1 million 870 thousand, up $9 million 500 thousand.
In contrast, ETC trading volume surged in late July and early August, reaching $103 million 100 thousand in July 26th, reaching $147 million 860 thousand in August 2nd.
After the start, some people expressed this currency is suffering from fatigue excited fears.
This is a common currency competition, many competitive currency will encounter in recession, because they are apart from the speculative value does not bring some other things. PetarZivkovski bitcoin trading services company operations director Whaleclub said:
“With the trading volume drop in temperature in this August, no more speculative demand to maintain the price, so the price fell, this is the obvious thing to do.”
However, Zivkovski stressed that his views, he believes that the future of ETC than in many other currency competition is much better, this digital currency may undergo periodic changes in the price of such. This and other competitive currency, the currency competition may only be one or two such cycles, then they will fall away trading volume.
Encryption currency investment fund manager JacobEliosoff ETC pointed out that some supporters is still very warm, therefore, he asserted that these people will soon give up support for ETC.
However, he also stressed that not all ETC supporters are so excited, some of these supporters may for the currency lukewarm wen.
“Perhaps there is an ordinary people who are not on the ETC very much, and are beginning to act.”
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