With an increase of more than 150% in the last month, it has been a good time for Ethereum Classic (ETC) and its holders. With a statistically significant positive correlation with ETH, the growth of ETC can be attributed to the rise in price of Ether. Especially since ETH has appreciated by more than 65% during said period.
How have the last 30 days been?
At the time of writing, ETC was trading at $43.81. A month ago, the altcoin was trading at $14.8, according to data from CoinMarketCap. In the last month alone, there has been a significant buildup, with ETC’s Relative Strength Index (RSI) and Money Flow Index (MFI) rising steadily. See the article: Disaster for Solana: This bad news makes investors pessimistic regarding the evolution of the course. At press time, the token’s RSI was pegged at 72.90, while its MFI was 77.
Trading activity on the ETC network peaked around July 29. Between July 27 and 29, alt posted daily highs of 4.4 billion, 4.39 billion, and 4.74 billion in trading volume, respectively. However, following the spike on July 29, trading activity fell by more than 75% on the network and stood at 995.99 million, at press time.
In addition, the supply of ETC tokens in addresses with a balance greater than $10 million has increased significantly in the last 30 days. A month ago, these addresses had 69 million ETC. Growing over 40% over the 30-day period, this category of whales had, at the time of writing, over 97 million FTEs.
Despite the price/volume divergence that emerged in late July, these whales were not discouraged and intensified the accumulation.
The previous month, the number of active unique addresses on the network also increased. With a reading of 26,843 addresses on August 13, active addresses on the ETC network increased 8% in 30 days.
The total sum of addresses in the network is 2,433,746, at the time of writing this article.
When it comes to mining on the forked network, the hash rate and average difficulty have increased over the last month. Since July 14, the hash rate and mining difficulty on the ETC network have increased by 80% and 43%, respectively.
Additionally, ETC’s Sharpe Ratio stood at 7.83, having risen over 900% over the last month. This is a sign that the altcoin is offering excessive returns to investors, relative to the risk it poses to holders.
In light of talk of a new fork of the current Ethereum network, it is unclear what is going on with the ETC network. Especially if users are further divided between the Ethereum Proof-of-Work network and the new Ethereum Proof-of-Stake network.
