Ethereum Classic Price: ETC Drops Below $5, Is It Time To Jump Ship? Sunday, November 25th
Ethereum Classic Drops Below $5, Is Time To Jump Ship?
Another day another market drop. The last couple of hours have seen the crypto market take a hefty blow. Bitcoin has dropped below the $4,000 position, a level it has found support at for the past two weeks. Among the top cryptocurrencies, there has been a price fall ranging between 10% to 20%. Ethereum is currently trading just above $106 and Litecoin had fallen to lows of $30 a level only hit in mid last year as the coins were soaring. This has had a tremendous effect on the market as it dropped from a little over $35 billion to little over $121 billion.
As the market suffers its greatest blow yet, there is a real concern if there is really a bottom. Could this be the end predicted by crypto skeptics who called for a crypto collapse?
ETC/USD Price Chart, Sunday November 25th:
For Ethereum Classic, the blow has been hefty, seeing the coin drop below the $5 position. This drop brings Ethereum Classic to a new year low. A drop below the $5 position by Ethereum Classic dates back to April 2017. This was back when the coin was climbing up the ranks making it its all-time high at the time.
In the last two weeks, Ethereum Classic has dropped from highs of little under $10 to what is at the time of press, $4.47. The only good news is that the coin has found support at the $4.44 position, but can we really trust that the coin has bottomed out? In the last two weeks, we have been naïve enough to think that the market has bottomed out and a reversal is underway, but every step forward has been met by two steps behind.
Historically, coming out of the weekend, the market records gains and many can only hope that this time it will lead to a rally that becomes the market’s lifeline.
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