The “original” but ironically “false” Ethereum and Telcoin (TEL) prices saw a huge surge.
Ethereum Classic (ETC), a favorite of Digital Currency Group founder Barry Silbert, rose 300 percent in one week.
ETC hits $ 180: Bull market or “casino market”?
As the 2021 “altcoin season” is starting to feel better, the increases in altcoin prices have turned into a relay race.
The most popular name in 2021 was Dogecoin (DOGE), which has earned over 7,000 percent since January this year.
With the popularity of internet jokes and social media, different coin names came to the fore this week. In particular, there was an explosion in the ETC price. On the other hand, TEL price flew to the second layer solution.
Blockstream CEO Adam Back on Twitter about why the altcoin market is making such spikes in correspondence He used the phrase “casino market hypothesis”.
It is said that investment in ETC can be not only short-term but also dangerous. The blockchain, which has been in operation for four years, has been hacked by 51% multiple times, and the network has security and flexibility that Bitcoin lacks.
As prices rose on Wednesday, ETC’s data on Coinbase spiked to a massive 50 percent increase. became the stage.
Still, the supporters were cool and did not rush to get out of their positions.
Last week, dad told me he bought $ETC at $30 and I told him he bought the wrong Ethereum and there’s no usecase or adoption at all.
He sold it immediately after and it’s now at $140.
Gonna disown myself first before he gets to do it.
— Squeeze (@cryptoSqueeze) May 7, 2021
Silbert told Twitter followers about the price journey that has risen from $ 0.50 to over $ 180 since the launch of ETC in 2016. reminded and highlighted that it reached a three-year high against Bitcoin.
Asked if he was “happy” with what happened, Silbert said Thursday was a “good day”. told.
ETC is the cryptocurrency which started the year in 38th place and is currently the 13th in terms of market capitalization.