Ethereum Classic has been a surprise star in the 2021 bull market, and is gaining ground again
Ethereum Classic has without doubt been the dark horse of this crypto bull market. Largely written off due to the success of its older brother Ethereum, it is now one of the best performing coins, climbing up to 17th in the market cap rankings and increasing by 61% just this week.
If you want to capitalise on ETC’s bullish price action, read ahead for our recommended platforms to buy ETC, as well as a recap of the coin’s fundamentals and even a price prediction.
How & where to buy Ethereum Classic in the UK and elsewhere
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What is Ethereum Classic – and why is it trending?
Ethereum Classic is a fork of Ethereum, the second most popular cryptocurrency. Ethereum Classic aims to preserve the principles of decentralisation that Ethereum has arguably sacrificed in the interests of scalability.
ETC proponents believe this has made Ethereum vulnerable to attacks, and many investors believe that Ethereum Classic will win out in the long run as Ethereum moves to proof-of-stake consensus. This transition is looming ever closer, and this has led to a boom for ETC.
Additionally, Ethereum Classic has a huge upgrade, “Magneto”, coming in July. The anticipation of this upgrade has led many investors to “buy the rumour”.
Is Ethereum Classic a ‘buy’ right now?
Although ETC has already notched up impressive gains (61% weekly and over 10% daily), the coming “Magneto” upgrade means there is room for further growth. If successful, Ethereum Classic could build a stronger case for adoption over its older brother, Ethereum.
This could be a buy signal as investors “buy the rumour” and “sell the news” — a proven technique that allows shrewd traders to time the market and beat the crowds to a hot investment.
ETC price prediction
With the Ethereum Classic price currently hovering just under $60, it is currently trying to break through an established resistance level. If ETC can record a series of higher lows on the hourly chart, then it could push through the $60 resistance to target the monthly high of $71.
If the “Magneto” upgrade goes smoothly, ETC’s strong fundamentals would likely solidify the chances of a move to this level, and could even force a retest of the $78 Fib level.