Things are looking rather pleasant for crypto markets during this morning’s Asian trading session. Bitcoin has sustained solid growth of over 7% on the day and currently trades at just over $11,450, this has pulled the majority of the altcoins to higher levels. One way out in front of the pack at the moment is Ethereum Classic.
Coinmarketcap has ETC trading at 26.5% higher than this time yesterday. The price hike has sent the altcoin from $34 to $43.5 in 24 hours. It is way ahead of the next best performer in the top 25 which is VeChain. Looking at the weekly chart Ethereum Classic is up almost 50% on the $28 it was trading at this time last Tuesday. The recent spike in price happened a few hours ago when consolidation was broken on the upside and it jumped almost 10% in about an hour.
Ethereum Classic was the original version of Ethereum which was created after the DAO attack in June 2016. The core community and developers split along with the software division with founder Vitalik Buterin going with the new forked version which has now become the standard. There are 99.9 million ETC tokens circulating with a $4.3 billion market capacity putting it at 14th position in the charts.
Momentum as usual has come from South Korea this morning with Bithumb and Upbit taking the largest trade volume at just under 40% combined. Around $1.3 billion has been traded in the past 24 hours, largely in KRW.
Other altcoins enjoying double figure growth this morning are VeChain and OmiseGO. The few in the red include Cardano, Stellar, Nem and Lisk.
More on Ethereum Classic can be found here: https://ethereumclassic.github.io/
FOMO Moments is a 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.