Chart for ETC/USD
Ethereum Classic (ETC) has seen a lot of favorable developments over the past few months but the price has failed to rise successfully. If anything, one might be led to believe that those developments actually did not affect the price at all and that interest in Ethereum Classic (ETC) has not changed a bit. There are two sides to this. For retail investors that trade sentiment or hype which is very common in this industry, it is early days yet to be thinking about Ethereum Classic (ETC). We have seen a lot of investors turn to projects like EOS (EOS) over and over again just because it receives a good pump every now and then. I know for a fact that most of these ‘investors’ do not have the slightest idea as to the fundamentals of such projects nor do they care as long as they can see a 5% spike on a regular basis.
Let’s talk some more about investor sentiment. Until recently, Ripple (XRP) was considered a bank coin and a centralized coin by majority in the cryptocurrency space. This was an extremist view and some sensible people in the industry; even though they did not hold any XRP, talked against this kind of approach. I was one of those people. I had my reasons to not invest in Ripple (XRP) but I was sure that the sentiment is due for a change in no time. Sure enough, the same happened and all of a sudden Ripple (XRP) is now the sweetheart of the crypto community. The point is, sentiment does not change long to take, fundamentals do. What influences sentiment in this market? Pumps, consistent pumps followed by more pumps. I remember during the last Swell conference, when most Ripple (XRP) investors expected the price of Ripple (XRP) to rise, it continued to fall throughout the conference. It may have surprised a lot of new people in the industry who could not get their heads around why a cryptocurrency might continue to fall before, during and after the most anticipated even for that coin throughout the entire year.
Chart for ETC/BTC
To be honest, it did surprise me too but not because I wondered why the price fell, but because I was completely stunned by the level of manipulation. Sure, it would have been natural to expect that some investors would have bought the rumor and sold the news but if you had been following Ripple (XRP) back then, you might know that it was a lot different than that. That was the first time I bought Ripple (XRP) and tons of it. Sure enough, the price bottomed after the Swell conference and rose to a new high past $3 as expected. Long story short, manipulation lasts only as long as the whales accumulate. Sentiment does not take time to change. When the whales are done accumulating Ethereum Classic (ETC), they will do the same with it as they did with Ripple (XRP). To them, this coin, that coin, it does not matter as long as they are making money. However, for those that believe in this space and the future potential of Ethereum Classic (ETC), it might be a good time to start accumulating now as the whales are almost done.