Tanya Abrosimova
Independent Analyst
Ethereum Classic, now the 20th largest digital asset with the current market value of $560 million, has gained over 7% in recent 24 hours to become the best-performing coin out top-20. An average daily trading volume jumped to $650 million, demonstrating strong trading activity. ETC is most actively traded against BTC at a cryptocurrency exchange Coineal focuses on Asian region with branches in China, Japan, Korea, Vietnam among others.
What’s going on
At Devcon, ETC Labs announced a new partnership with gitcoin, SWARM and bloqinc to improve collaboration between ETC and ETH communities.
“ETCLabs is committed to greater collaboration between the Ethereum Classic and Ethereum communities. ETH and ETC share history, DNA, values, and increasingly, technical functionality. While ETC will remain as a Proof of Work (PoW) chain, there are ample opportunities to work together,” the company said in the press-release.
The company confirmed its commitment to creating high-quality technology to address fundamental issues. The team is also looking for innovative ways to help to solve ETH scalability issues.
ETC/USD, the technical picture
ETH/USD retreated from Wednesday’s high of $5.30 and settled at $5.0 by the time of writing. The coin is supported by the middle line of one-day Bollinger Band at $4.90; however, once it is cleared, the sell-off is likely to gain traction with the next focus on $4.40 ( the lower boundary of the recent consolidation channel) and psychological $4.00 supported by the lower line of one-day Bollinger Band.
ETC/USD, the daily chart
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