By Nathan Ferguson
Ethereum Classic and its holders have had something to cheer recently as the altcoin gained more than 150% within the previous month. Analysts attributed the upside to Ether’s attractive upsides as ETC shares a statistically substantial positive correlation with Ethereum. Remember, ETH gained more than 65% within the mentioned timeframe.
About the Past 30 Days
ETC traded at around $43.81 during this publication. Meanwhile, the alternative token changed hands at $14.8 one month ago (Coinmarketcap data). The previous month saw substantial accumulation, with Ethereum Classic’s MFI (Money Flow Index) and RSI (Relative Strength Index) surging steadily. While publishing this post, ETC’s RSI stood at 72.90, whereas the MFT swayed at 77.
The ETC network saw trading activity peaking on July 29. Between July 27 and 29, ETC’s daily trading volume peaked at 4.4B, 4.39B, and 4.74B, respectively. Nevertheless, trading activity declined by more than 75% after the July 29 high and hovered at 995.999 million at this writing.
Moreover, Messari revealed that ETC supply in wallets holding more than $10M grew substantially within the past 30 days. The category held 69 million Ethereum Classics 30 days ago. Meanwhile, an over 40% growth within the month had the whale cohort holding more than 97M ETCs at this publication.
Also, the past month witnessed a surge in unique addresses count. The metric stood at 26,843 on August 13 before an 8% monthly increase in active wallets. The network’s addresses totaled 2,433,746 during this publication.
Meanwhile, the average difficulty and hash rate have surged within the previous month. Ethereum Classic network has seen mining difficulty and hash rate surging 43% and 80%, respectively. Furthermore, the token’s Sharpe Ratio hovered at 7.83, gaining more than 900% within the last month. That signaled that the coin offered excess investor returns relative to the danger it posed to ETC holders.
Amidst debates on more forks on the present Ethereum blockchain, it’s unclear what ETC network will see. Especially if the community splits between the ETH PoS and the new PoW platform. However, time will tell the events that could follow.