Scan to Download ios&Android APP
ETC to USD
Ethereum Classic price explodes
ETH to USD
Increase sparks intense debate
BCH to USD
Mid-pack coins post big gains
UNI to USD
Bitcoin exceeds $24,000
By Monte Stewart
20:38, 29 July 2022
Updated
Altcoin prices ended the week on a high note Friday following a bad start.
Several top-100 coins posted huge gains compared to seven days earlier, and most cryptocurrencies were up for the third straight day after the week began with two days of consecutive declines. However, the market saw more choppy trading Friday than it had in the previous 48-hour period.
Ethereum Classic ((ETC) exploded about 60% from a week earlier. (All figures based on CoinMarketCap data.)
ETC’s gains appeared to reflect investors’ enthusiasm for Ethereum’s next hard fork, known as the Merge whereby the blockchain will convert to a proof-of-stake (POS) crypto mining mechanism from a proof-of-work (POW) mechanism, which is extremely energy-intensive.
The Merge will integrate Ethereum’s main network with the Beacon chain. Plans call for the merger to be completed in September.
ETC was Ethereum’s original coin prior to the blockchain’s hard fork in 2016, when ether ((ETH)
became the network’s top cryptocurrency. Ethereum Classic’s sharp increase in advance of the Merge has sparked some intense debate among investors about its long-term value.
It will still be possible for crypto miners to produce and market ETC through the POW mechanism after the Merge.
ETC was bolstered by a $10m investment this week from AntPool, a mining pool affiliated with giant crypto miner Bitmain Technologies. (A mining pool is a group of miners who combine their computational resources to improve the probability of find a block and mining more crypto, according to Investopedia.)
Some analysts skeptical
But some analysts are skeptical about ETC’s future.
“This [AntPool expenditure] seems like a trade more than an investment,” Thomas Dunleavy, a senior analyst at crypto research firm Mesari told Bloomberg. “I don’t think Ethereum Classic has any long-term viability.”
GME
AAPL
GOOG
TSLA
Weiss Ratings cryptocurrency analyst Alex Benfield believes that ETC has risen, at least in part, because investors can not tell it apart from ether.
“In my opinion many people confuse ETC with ETH and a lot of the trading action stems from this sort of confusion,” Benfield told Capital.com.
Bullish Bearish
93% 7%
You voted bullish.
You voted bearish.
Give BCH/USD a try
Ether closed the week up more about 13%.
Some relatively unknown, middle-of-the-pack coins also posted large weekly gains.
Oasis (ROSE) was up about 51% as conventional markets closed in North America, after rising about 30% on the day. Meanwhile, bitcoin gold (BTG), quantum (QTUM) and ravencoin (RVN) were also up more than 40%
Synthetix (SNX) ended its strong week up about 33%, although the coin was down for the day. As Capital.com reported this week, Ethereum also plays a key role in the production of synthetix.
Bitcoin (BTC) finished the week slightly below $24,000 after surpassing that mark periodically on Friday, and ETH was above $1,700. Bloomberg reported that both coins are due to post their best monthly performances since 2021.
Investors have breathed easier since the US Federal Reserve (Fed) followed through on an expected 0.75% interest-rate hike on Wednesday. Some analysts believe that, due to an economic slowdown that some analysts have called a technical recession, the Fed will ease up on interest-rate hike over the rest of the year, giving investors more incentive to invest in risk assets like crypto.
“Signs the Fed may be nearing the end of their hiking cycle have lifted all risk assets, and crypto has also benefited,” Cici Lu, CEO for consulting firm Venn Link Partners, told Bloomberg.
“Liquidation of leveraged positions seems to be over,” she added, and “markets may have found the bottom.”
Got a trading idea? Try it now.
Most traded
Why Capital.com?
Simple and intuitive platform
No commission
Competitive spreads
Join the 415.000+ traders worldwide that chose to trade with Capital.com
1. Create & verify your account
2. Make your first deposit
3. You’re all set. Start trading
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83.45% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Risk Disclosure Statement
The value of shares and ETFs bought through a share dealing account can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.
Risk warning: transactions with non-deliverable over-the-counter instruments are a risky activity and can bring not only profit but also losses. The size of the potential loss is limited to the funds held by us for and on your behalf, in relation to your trading account. Past profits do not guarantee future profits. Use the training services of our company to understand the risks before you start operations.
Capital Com SV Investments Limited is regulated by Cyprus Securities and Exchange Commission (CySEC) under license number 319/17. Capital Com SV Investments Limited, company Registration Number: 354252, registered address: 28 Octovriou 237, Lophitis Business Center II, 6th floor, 3035, Limassol, Cyprus.
Start trading on ETC/USD now.