The market has been largely bearish today. Bitcoin (BTC) is hovering around $6500 while most altcoins are down by an average of 2%. But even in this weak opening to the markets, Ethereum Classic (ETC) is doing relatively well. This could be an indicator that investors are slowly taking an interest in Ethereum Classic (ETC). This is considering the fact that nothing significant has happened today to warrant its strong start to the week when compared to the rest of the market.
If anything, there are cryptos that have big news today but haven’t seen any positive moves in prices. Going into the future, Ethereum Classic (ETC) could emerge as one of the biggest winners, once the crypto Bull Run returns. Several factors support this assertion.
First, there is a growing consensus that the next Bull Run will be driven by adoption. Unlike in 2017 when not many people knew much about crypto, the situation is quite different now. People are more aware of crypto and are unlikely to throw money at literally every coin out there. This will lead to a concertation of volumes on strong cryptos.
One crypto that will draw in such investments in the next Bull Run is Ethereum Classic (ETC). Its use case is pretty wide. For instance, its immutable nature makes it quite useful for applications where immutability is a major requirement. It has already been applied in voting in Brazil, and it could gain more usage in this field. Ethereum Classic (ETC) is also pretty similar to Ethereum (ETH), which puts it in a strong position as a platform for launching ICOs. With the move by the SEC and other agencies to look into ICO regulation, an ICO boom could return and well-known platform blockchains like Ethereum Classic (ETC) will flourish.
Secondly, from a look at the charts, it is pretty clear that the ETC blockchain might have bottomed out. From the weekly charts, which are a visual of how the markets have been moving in the last 12 to 20 months, it is clear that Ethereum Classic (ETC) could be approaching a long-term resistance level. It is trading along the same price level where it reversed in October 2017, at $10.
Ethereum Classic (ETC) has been oscillating around this price level for the last one month, and selling momentum has died down. This could be an indicator that investors don’t believe that ETC can drop much further than this level. It’s also supported by the fact that Bitcoin (BTC) might also have bottomed-out at $6000 as well. As such, there is a possibility that ETC could gradually rise from this price level onwards.
In essence, once the bulls return, the value of this crypto could rise by a huge margin. It will be pushed by its fundamentals, and the overall bullish momentum driven by Bitcoin (BTC). Based on the above, Ethereum Classic (ETC) is definitely a worthy long-term hold, one that has what it takes to appreciate in value going into the future. Everything about it inspires confidence, and this will draw in smart money going into the future.