Ethereum Classic (ETC), one of MiningStores recommended coins to mine, has had some very impressive price gains in the past week. As a result, our GPU mining community are licking their lips at the new daily profits this coin is providing.
What is causing ETC to rise?
This week, two major trading platforms Coinbase and Robinhood Crypto, have listed ETC on their exchanges. As a result, ETC market capitalisation has increased to $1.9 billion USD and ETC/USD was up over 13% overnight.
This is great news for ETC which currently sitting on the brink of the top 10 coins for market capitalisation according to coinmarketcap.com. Many cryptocurrency traders have been looking for another major coin to diversify their portfolio with, and ETC is putting its hand up for this position.
Where will ETC go from here?
As always, exponential rallies are faced by a key resistance line, and inevitably the price of the coin starts to fall. Although this may be true, it also presents an opportunity for traders to buy into a coin with excellent fundamentals at a discount price! The decision is always up to the investor whether to buy a coin or not, but if you agree with the fundamentals of this coin then of course you should buy.
If you’ve followed our conservative recommendation of mining Ethereum Classic (ETC) over the past months then well done! In the last day we’ve seen the price rise from AU$22 to AU$27.5. That’s a $5.50 increase, meaning that if you’ve held your coins, then your daily returns just went up 22% overnight!
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