Third Ethereum Classic Price Pump Pushes ETC Value to $17.35


It is evident there are multiple altcoins which are clearly getting pumped right now. There is no real reason for a currency such as Ethereum Classic to go up in value by 15% over the past 24 hours. For some reason, that is exactly what happened, pushing the Ethereum Classic price back to $17.38. An interesting development, as this sudden spike in trading volume shows how the markets are being manipulated as we speak.

Ethereum Classic Price Pump Part III

The past two weeks were pretty interesting for the Ethereum Classic price, even though things looked incredibly weak for most of it. On November second, the Ethereum Classic price hovered around $10 after a slow and steady decline during the months prior. Ever since that time, however, there has been an increase in trading volume, resulting in the ETC price being pushed up in quick succession. So far, there have been three pump cycles to take note of, with the latest one occurring over the past 24 hours.

This first pump cycle saw the Ethereum Classic price reach $12 on November 4th. With a trading volume that increased fivefold from days prior, it became evident this is not natural growth whatsoever. A second cycle followed in the next two days, resulting in an Ethereum Classic price of $15.2 at the peak. Again, a much higher trading volume than normal, mainly driven by the Bithumb exchange. This trend has been pretty steady, as every Ethereum Classic price gain is thanks to Bithumb trading rather than actual developments.

All of this brings us to the current Ethereum Classic price of $17.8, which is another 15.26% gain over the past 24 hours. With a 23.17% gain over Bitcoin – which is still struggling pretty hard to find any solid support levels right now- things are looking pretty good for ETC holders. It also pushed ETC back to the #9 spot of cryptocurrencies ranked by market cap. Whether or not this position will be maintained from the time the weekend has come and gone, remains to be seen.

This latest Ethereum Classic price pump is the direct result of a massively inflated trading volume. With $572.5m worth of ETC trading in the past 24 hours, it is evident market manipulation is working at its finest right now.  This trading volume is well beyond the $35m ETC normally generates during a day. It also shows how much money is being thrown around in cryptocurrency right now with the sole purpose of making coins look far more popular than they are. None of the coins which actually deserve attention get it because the money flows elsewhere.

Bithumb generated nearly half of all ETC trades, just like it does for Bitcoin Cash right now. It is evident these South Korean exchanges are taking China’s place when it comes to effectively manipulating cryptocurrency prices beyond belief. Coinone and Korbit are also in the top three of exchanges ranked by trading volume. Once this volume shifts to the next coin to pump and dump – which will potentially be Dash, by the look of things right now – the Ethereum Classic price will start tumbling down once again.

In the end, there are those who make good money by getting in on cryptocurrency pump cycles and those who stand to lose it all. Chasing  a pump, such as Ethereum Classic, is never a good idea when you don’t know where the top is. It is evident the Ethereum Classic price may continue to rise for some time to come, although reaching $20 may be a bit too steep of a challenge. Always remember to take profits before the pumpers decide to offload and take your hard earned money with them. Cryptocurrency markets are not charity by any means, that much is certain.