Midweek trading is looking good from an Asian perspective as most cryptocurrencies have shown positive price action this morning. Bitcoin is still holding steady, up around 1.5% at $8,840, and this has had a positive influence on a lot of the altcoins. A couple are showing very strong growth today and those are Ethereum Classic and Litecoin
Looking at the Coinmarketcap charts shows that ETC is currently on a flyer, up 24% from this time yesterday. The Ethereum forked coin is trading at $35.6 at the time of writing, up from $28.50 24 hours ago. Over the past week is has shown solid growth of almost 100% from $17.8 on Wednesday last week. ETC is heading back towards its all-time high of $47 on December 21.
Ethereum Classic is the original version of Ethereum which was created after the DAO attack in 2016. As with Bitcoin, the community was split along with the software division but founder Vitalik Buterin went with the new forked version which has now become the standard. With no announcements on their blog or social feeds this month the uptake appears to be a technical, not a fundamentally driven one.
As with the momentum on most altcoins recently it is all happening in South Korea. Almost 40% of the trade is in KRW on Upbit, Bithumb and Coinone. ETC has a total market cap of $3.5 billion with $1.37 billion traded in the past 24 hours, it is ranked at 14th and climbing. Ethereum Classic has been far less volatile that other cryptocurrencies in recent weeks.
The only other altcoin with a double digit movement is Litecoin which is up 14%. LTC has been on a downward slide since its $370 high on December 19, possibly coinciding with founder Charlie Lee selling his entire stash. Renewed momentum will be driven by the upcoming Litecoin Cash fork which is expected early next week.
More on Ethereum Classic can be found here: https://ethereumclassic.github.io/
FOMO Moments is a new section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.
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