Back to the Start: Ethereum Classic Loses Half Its Value in Month-Long Retreat
The past few weeks have delivered carnage for the crypto markets, but for Ethereum Classic, the decline goes back even further. The cryptocurrency has lost more than half its value over the past month, reversing a dramatic rally that began on Feb. 5.
ETC/USD Price Levels
Ethereum Classic is up nearly 10% over the past 24 hours and currently trades at $18.48. With a total market cap of $1.9 billion, ETC is ranked 13th among active cryptocurrencies.
Trade volumes have surpassed $367 million over the last 24 hours, with more than a third of the daily transactions processed through OKEx ni Hong Kong.
Despite the rally, price action continues to exhibit weak underlying momentum, with the RSI falling back below 50. However, the move above $18 suggests that the cryptocurrency has overcome sellers’ immediate control.
It has been a volatile six weeks for Ethereum Classic. The cryptocurrency, which was developed on the original Ethereum blockchain, approached record highs just four weeks ago when it challenged the $40 mark. Just two weeks earlier, it had bottomed near $17 as part of a global downturn in cryptos.
Since reaching those highs, ETC has shed more than 50%. Moves of this magnitude have made it difficult to assess Ethereum Classic’s trajectory, even by crypto market standards.
One of Ethereum Classic’s most exciting projects is the Emerald wallet, which was identified as a major milestone in the 2018-2020 roadmap. Based on that roadmap, the desktop version of Emerald will be released this month, followed by a beta version of the mobile wallet in April. The final mobile product has been tentatively scheduled for June. However, there have been reports that Emerald’s development has been delayed due to technical challenges.
Another interesting deliverable slated to arrive in November is full IOT integration of the ETC platform. IOT refers to the internet of things, or the world of connected devices that extends far beyond conventional computers, laptops and smartphones.
The company recently announced the addition of Richard Shumann to its development team, as well as a new social media moderator and an expanded Board of Advisers. According to a Mar. 6 blog post, more hires are on the way.
A new community fund that promises $500,000 toward new projects is also in the works. The company says the projects will center on ways of improving the ETC ecosystem.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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