Ethereum Classic Rallies Again, Outperforms Ethereum YTD - But What History Shows?
Ethereum classic (ETC), that was created after a hard fork of the original Ethereum (ETH) blockchain in 2016, is again rallying in the market and has now outperformed ETH on a year-to-date basis. However, history shows that ETC rallies rarely last.
Although prices of both coins are down year-to-date, ETC has managed to outperform its larger sibling ETH. Since the beginning of the year until noon (UTC) on Tuesday, ETC is down by 28%, while ETH has fallen by 59%.
Furthermore, since reaching a local bottom of USD 13.34 a week ago, ETC has now rallied by close to 87% to a price of USD 25.2. By comparison, ETH has risen by almost 54% in the same time period, from USD 1,006 a week ago to USD 1,551 at the time of writing.
The strong ETC rally now comes after another short-lived pump from March and April this year, when ETC surged by over 90% in just over two weeks. That was followed by a dump of around 47% over the next 30 days.
Looking at the chart, it doesn’t take an expert to see that ETC is essentially behaving as ‘ETH on steroids’. The two coins' price moves are generally in the same direction, but ETC often experiences stronger rallies followed by deeper corrections.
Year-to-date price for ETC/USDT (blue line) and ETH/USDT (red line):
Zooming out further, the same can also be seen in longer time frames.
As Cryptonews.com reported in March this year, major price rallies for ETC against ETH were seen in August and December 2016, September 2018, February 2020, and May 2021. After each spike, however, the market always reversed lower again, with ETC generally ending up at a lower level than before the price rally began.
ETC/ETH price since 2017:
Still, it is worth noting that Ethereum Classic as a network does have its own set of
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