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By Mehab Qureshi
etc (CRYPTO:ETC), the native asset Ethereum ClassicIt experienced a remarkable rally on Wednesday when it broke above $15.64 to form a huge green daily candle..
etcwhich was named as a spin-off on the air (CRYPTO:ETH), is up more than 24% in the last 24 hours, posting intraday gains of $19.52.
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According to blockchain analytics firm Santiment, ETC is experiencing a massive rally. And not only is the trading volume unusually high, but there is also a massive influx of short positions by traders on the exchanges, suggesting that this rally could be extended further.
It appears that the recent sudden price surge may have been partly due to a short squeeze. This usually happens when a large number of traders place bearish bets on an asset and instead its value increases.
Investors appear to be anticipating possible regulatory pressure on Ethereum later this year, which may explain why the price of Ethereum Classic is rising.
Related content: Ethereum Vs. Ethereum Classic. Technical comparison
Last year, Ethereum underwent a major overhaul known as The Merge, switching from a Proof-of-Work (PoW) network to a Proof-of-Stake (PoS) network. These updates aim to make the platform faster and more reliable, although the new betting features mean it could be subject to greater government scrutiny, especially in the US, where the SEC views Ethereum as a financial security. Therefore, the recent price increase may be due to the anticipation of the upcoming regulations.
As of press time: ETH: it traded 2.7% higher at $12,544. etc in the last 24 hours, it was trading for $19, according to Benzinga Pro.
Via Benzinga Spain.
Photo by Traxer via Unsplash
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