Ethereum Classic is having a very good month. The recent announcement from Coinbase that promises to see Ethereum Classic listed on the exchange, paved the way for an incredible mid-June for Ethereum Classic. However, even with the Coinbase news very much settled and back at the back of everyone’s mind, Ethereum Classic continues to skyrocket, moving back up towards $20.00 and almost within touching distance of its previous two-monthly high of $24.70.
At the time of writing, Ethereum Classic is valued at $16.86, up 10.98%.
Whilst we can’t quite determine what is causing this surge just yet, we can at least look at the historical movements of Ethereum Classic in order to try and understand what might happen next for this cryptocurrency. If this positive trend continues, how high can Ethereum Classic realistically reach?
The historic all time high for Ethereum Classic currently stands at $45.51. Other peaks include $42.38 as recorded at the end of February and $24.70 as recorded at the start of May.
Before reaching its all time high of $45.51, Ethereum Classic moved from $26.99, seeing an increase of 68%. Likewise, before peaking at $42.38, Ethereum Classic moved from $25.92, seeing an increase of 63%. Finally, in May, before peaking at $24.70, Ethereum Classic jumped from $16.15, seeing an increase of 52%. On average, that is a 61% increase for Ethereum Classic.
With this in mind, based on Ethereum Classics current value of $16.86, Ethereum Classic could reach $27.25 under a 61% increase (though the projected timescale for this is up for debate).
Of course, this is based on speculation. Likewise, within the examples above, the markets where behaving very differently so we can’t just assume that the current Ethereum Classic trend means it will eventually jump up 61%, however, historically this seems to have been the case for the past three Ethereum Classic peaks. It’s no doubt down to coincidence, but if we don’t question history and use it to our advantage, we can’t ever make informed predictions.
Overall, this is not investment advice. Historically speaking, Ethereum Classic likes to see climbs of 61% (on average) and thus, we could see this current jump in price materialise into something similar, though the current state of the markets does suggest otherwise. If you wish to invest, be careful and do so with your own prior research. Cryptocurrencies are risky, and volatility always takes hold. Trade well and trade safe though and Ethereum Classic may really see the moon soon enough.