Tuesday , November 24 2020

Ethereum Classic Skyrockets Over 100% with a Dash of Binance Leverage, Crypto Coins News


  • The ethereum classic price (ETC) rallied (******************************************************************% over the last hours. ETC has more than doubled this week.
  • ETC is now a top 11 cryptocurrency by market cap. An ETC futures product that launched this week catalyzed the price action.
  • A recent technical upgrade is also a likely factor.

The ethereum classic price is riding high on Friday, as a crucial technical upgrade partnered with a dash of Binance leverage to launch the lesser-known altcoin into the stratosphere.

Ethereum classic went parabolic over the last hours as an ETC futures product launched on Binance. | Graph:CoinMarketCap

ETC zoomed as high as $ 12. on Thursday evening. That doubled the altcoin’s price for a (% gain over $ 5.) a week earlier.

The Asian and European sessions decisively breached resistance at the $ 9. 90 level Friday. Another breakout at the $ (************************************************************************. level sent the price spiraling higher. It blasted through $ (************************************************************************. **************************************************************************, stopping just short of $

************************************************************************ by early Friday afternoon.

The parabolic price movements inaugurated ETC into the top cryptocurrencies by market capitalization. It leapfrogged several other cryptos along the way.

Binance Launches Ethereum Classic Futures

**************

************************** Binance launched ethereum classic futures this week. | Source: Reuters / Darrin Zammit Lupi

This week’s addition ofan ethereum classic futures product to Binance

has launched ETC’s price into orbit. The ETC futures are available with up to x leverage. Crypto derivatives traders are apparently using the leverage to go long!

Another likely, though less potent, factor in the sudden rally is the Agharta upgrade to the ETC implementation. The software upgrades were deployed via a non-contentious hard fork, and they make ETC more interoperable with its sister blockchain, Ethereum.

The Ethereum Classic Cooperative has had to warn against scammers who have tried to offer “Agharta coins.” The scammers are fraudulently claiming Sunday’s fork created a new cryptocurrency. The scheme’s website says, “Make ethereum classic great again!”

Source: TwitterIt’s Altcoin Season for BTC and ETH Forks

Bitcoin and ethereumhave posted significant gains in January (***************. The cryptocurrency industry’s two biggest blue-chip coins continue to rally from mid-December lows. But as far as parabolic crypto price surges go, it’s altcoin season. ********

And many of the coins experiencing sudden price spikes seem to be the ones that forked from bitcoin or ethereum:bitcoin cash,

************** (bitcoin SV, ethereum classic, bitcoin gold, and even bitcoin diamond.

Disclaimer: The reports and opinions in this article do not represent investment or trading advice from CCN.com.

This article was edited by Josiah Wilmoth****************************. ********************************

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