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Ethereum Classic Snaps declined as prices reached eight-week high

Ethereum classic has risen to eight-week high today - this is the highest level since 9 September.

06.Nov.17 8:40 AM
By Daria Zaytseva


Ethereum Classic Snaps declined as prices reached eight-week high

At press time, the fork of the etheruem blockchain is trading at about $15. According to CoinMarketCap, the ninth largest cryptocurrency in terms of market capitalization over the last 24 hours increased by 16.90 percent. Week-on-week, ETC grew by 38.88 percent, and on a monthly basis - by 21.68 percent.

The figures show that the rally was partly fueled by the Korean exchanges offering trading in ethereum classic for South Korean won (ETC/KRW) pairs. According to CoinMarketCap, trading volumes on Bithumb, one of the largest exchanges of cryptocurrency in South Korea, have jumped by 53.52 percent in the last 24 hours.

Elsewhere, the investor community is linking the price rally with the listing of ETC and ETH futures on OKEX, a trading platform for digital assets launched by the Chinese stock exchange OKCoin.

Whatever the reason for the recent successes, the rally looks solid on technical charts. The analysis of price action shows that the cryptocurrency could approach the levels of $17.88.

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