Ethereum Classic (ETC) has recently rallied off along with the rest of the market. However, the rally has now come to a standstill as the price is consolidating before its next big move. ETC/USD did face some resistance at the 38.2% Fib extension level but the positive momentum helped it break past that level. Ethereum Classic (ETC) investors have been very confident after the recent regime change that saw ETC Labs running the show with its aggressive Dapp development program. However, we have seen little to no improvement in the way their social media accounts are run. Recently, there were rumors of a 51% attack but response from the official Ethereum Classic (ETC) account was unsatisfactory.
The market has two types of very extreme opinions regarding Ethereum Classic (ETC) at the moment. There is one group that believes that Ethereum Classic (ETC) is a scam or a useless sh*tcoin that has no future. On the other hand, there is another group that believes that Ethereum Classic (ETC) is a hidden gem of a project that is going to be at the center stage in the near future with influence in IOT (Internet of Things) market as well as other industries that can benefit from its immutable and decentralized nature. However, the way their official accounts are run by the current team would give the impression to a newcomer that Ethereum Classic (ETC) is a total sh*tcoin. No matter how wonderful a blockchain is and no matter how much it has achieved, if it cannot show anything to the general public apart from new wallets or the useless junk that they claim as Dapps, investors will not take it seriously.
Chart for ETC/BTC (1D)
The last few months have made it clear that there are people who have big plans for Ethereum Classic (ETC). It certainly is a blockchain that could meet such expectations, but not if it keeps on being run in the same way as before where its official Twitter account is run like that of a thirteen years old. In the past, it was unreasonable to criticize Ethereum Classic (ETC) for such things. It was just trying to survive after the Ethereum (ETH) hard fork. However, those days are long gone and the cryptocurrency market is a lot different today.
The fact that Ethereum Classic (ETC) still has a lot of interest despite having any use case at the moment is reason enough that this blockchain has a lot of potential and it can be used to bring brilliant ideas to life. If the teams behind Ethereum Classic (ETC) reflect on why they have been lagging behind all this time while far inferior projects have been rising past them, there is no doubt that they could turn this blockchain into the Bitcoin (BTC) of the altcoin market which is something all proponents of a decentralized and immutable ecosphere would like to see in the near future.