Ethereum classic (ETC) jumped to $12.07 on Friday, the highest level since October 2018 and ended the week with more than 50 percent gains, according to Coinbase data.
That is the biggest weekly gain since April 2019. Further, the cryptocurrency witnessed a record trading volume last week.
Binance listed ETC futures
Binance, the world's largest cryptocurrency exchange by trading volume, announced on Jan. 16 that ETC futures were now available to its traders.
The announcement strengthened the bid tone around the cryptocurrency, sending it to multi-month highs on Friday. Listing of ETC futures on Binance will likely help the cryptocurrency evolve as mature market.
ETC bottomed out near $3.6 in mid-December as the sell-off in bitcoin ran out of steam near $6,400. Since then, both cryptocurrency have witnessed notable price rallies.
Hard forked
Ethereum Classic's Agharta hard fork was successfully activated at block number 9,573,000 at 06:26 UTC on Jan. 12. The update was implemented to facilitate better interoperability of the ethereum classic with ethereum. |
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Down But Not Out
BTC: Price: $8,640 | Market cap: $157 billion | 24-Hr Volume: $28.65 billion
Trend: Bull exhaustion Bitcoin fell sharply from $9,200 to $8,461 on Sunday, engulfing the price action seen in the preceding four days. The resulting bearish outside day candle is pointing to a fatigued rally.
What matters now is the survival on a daily-closing (UTC) basis of Sunday's low of $8,461 – the level at which the pullback looks to have halted in the last 20 hours. The same level saw bitcoin turn lower on Jan. 8.
For as long as that support holds, the bulls will probably try to inch back higher toward the 200-day average located near $9,030.
If prices secure a foothold below $8,461, a bearish reversal candlestick pattern would be confirmed and a deeper drop to $8,000 may be seen.
The longer duration charts are biased bullish. So, dips to $8,200-$8,000, if any, will likely be short-lived.
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| | | Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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Tired Rally