Ethereum Classic (ETC), a decentralized, open-source, and blockchain-based cryptocurrency, might soon lose its current momentum which allowed it to become one of the top-performing crypto assets for the past week.
Although the crypto has declined by 2% over the last 24 hours, it is still enjoying a nearly 30% jump from its value seven days ago. Moreover, on a bi-weekly basis, the digital token tallied an upswing of 20.3%.
During the last few days, Ethereum Classic was among the few cryptocurrencies that managed to post double-digit gains within the previous week led by Solana which surged by an astonishing 35%.
As for the reason, some experts believe that the pivotal turnaround in the hash rate of the ETC towards the end of 2022 paved the way for miner profitability which, in turn, increased the number of transactions processed by the asset’s network.
In fact, during the last two days, the Ethereum Classic transaction count surged and hit a new monthly high. Following this, ETC recorded a 12% increase in its trading price, indicating that the spike in volume triggered an upward movement for the altcoin’s value.
Despite being in the green for more than a week now, Ethereum Classic is still haunted by the negative weighted sentiment that denotes bad convictions that investors harbor for the digital token.
In fact, the online crypto data provider predicts the digital coin will change hands at $19.76 five days from now and will make another massive surge within the next 30 days to trade at $47.48.
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