Should you buy ETC following the latest market crash? If that’s your concern, feel at home. This article evaluates Ethereum Classic’s latest price trends and assets factors that tell whether the alt is worth hodl as we near 2022 Q2.
Ethereum (ETH) has massively overshadowed Ethereum Classic since the fork, with founders focusing on the latter. For now, Ethereum is in its long process of shifting to PoS consensus from PoW as it targets increased efficiency.
On the other side, Ethereum Classic (ETC) will keep its Proof-of-Work mechanism. That could make it an attractive choice for developers, users, and NFT creators that favor PoW, and that individuals faction will retain ETC demand.
Moreover, ETC being among the pioneers within the crypto space, also keep its appeal. The latest slump, especially the UST and LUNA debacle, highlights the weakness of new cryptocurrency projects. Ethereum Classic has remained in operation for years, meaning it’s a tested and confirmed project.
ETC Price Action
While writing this content, Ethereum Classic traded near $21.25, following a 1.23% drop within the previous day. Nevertheless, that appeared like a brief recovery from ETC’s latest dip that bottomed near $16.02.
The alternative token has never touched such lows since April 2021. The recent low accounted for a 69% fall from the April 29 high and over 80% from ETC’s lifetime peak.
The massively discounted price means ETC is at attractive value areas if a rally emerges. Moreover, slight upticks from the oversold region put Ethereum Classic in a lucrative accumulation territory. If you are a dip-buyer interested in a tried and confirmed crypto, you can check what this crypto pioneer has.
On the on-chain front, ETC’s overall NFT trade volumes remain at the lowest market within the past four weeks. This metric peaks during April’s end. Meanwhile, the token’s supply held by large wallet investors saw a brief surge over the past two days, justifying price increases.
Nevertheless, the index remains around monthly lows. However, the impressive development activity means support for the project. The project enjoys a massive backing, reassuring investors contemplating whether Ethereum Classic is worth their portfolios.