As Ethereum Classic stands up for grabs, bears choose ETC for their next feast
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Ethereum Classic [ETC] has borne most of what was expected ETH Merging. Echoing the sentiments of the bears, the price of ETC is expected to decrease compared to its current development. However, while ETC’s volume and market capitalization declined, ETC saw spikes in social media dominance and sentiment.
However, the question remains, is ETC’s social media dominance enough to beat short-traders?
It’s a mining issue
Holythe leading market information platform, in a Tweet comment on ETC’s position from September 22. The tweet stated that the price level of ETC was high, especially after the merger. This was an indication that the market did not believe in the potential of ETC to become a PoW alternative.
Furthermore, another reason for the huge distrust in ETC may be due to the significant decline in ETC mining revenue. Since miners are not incentivized to mine, Ethereum Classic is expected to be very difficult. This would further lead to miners not being interested in ETC mining and choosing other PoW chains for mining revenue.
Let’s move on to “social” issues
The downward trend towards ETC also affected its market value. The market value of ETC decreased by 29.27% in the last week. ETC volume also took a huge hit, dropping a whopping 90% in the last seven days.
Additionally, as detailed below, Alt’s social performance hasn’t been able to help ETC’s cause either. Despite the instability of social dominance, ETC’s social media presence did not remain consistent.
Despite a few instances of massively positive sentiment, ETC was largely unable to turn the market around.
While things looked bleak for ETC, there may be hope for the network and its investors. The number of active addresses increased somewhat during the last month, 38.29%. If this trend continues, it is possible that the increase in active addresses will have a positive effect on the price.