Cryptoassets Eclipse Traditional Assets in Recent Market Shift, Notes ETC Group's Head of Research

In a recent blog post dated 11 December 2023, Dr. André Dragosch, Head of Research at ETC Group, provided a detailed analysis of the current state of the cryptocurrency market. His insights reveal a landscape where cryptoassets are increasingly outperforming traditional assets, influenced by a complex interplay of economic indicators, market sentiment, and investment flows.

Timeline of Ethereum-classic

Making a bullish comeback in December, the Ethereum Classic price blazes up this Winter season. Ready to extend the 38% year-to-date growth, the ETC price lights up a breakout rally as it drinks up the increased momentum thanks to the recovery phase in the overall market.

Litecoin was back in the green to start the week, despite the crypto market continuing to trend mostly lower. At the time of writing, the global market cap is down 0.59%, following a recent red wave. Ethereum classic also climbed higher on Monday, hitting a four-day high in the process.

Despite the recent fall, the crypto market is set for a jump in late 2023. Major cryptocurrencies like Bitcoin(BTC) and Ethereum(ETH) maintain positive year-to-date growth. As optimism sustains, investors can find altcoins with the potential to provide higher returns.

The ETC coin price has been on a downward trend for the past week, completing a negative trend within a falling channel. The price was rejected at the resistance trendline, leading to a 5% drop in the price of ETC over the last five days.

I was on vacation for the last week-and-a-half but before I left, I sent a list of things to watch for to my colleagues that in hindsight, was wholly inadequate. Anyway, here's my effort to catch up.

Conor Grogan, the Head of Product at Coinbase Inc (NASDAQ:COIN), on Wednesday, detailed how he uncovered a substantial sum of dormant cryptocurrencies and successfully reached out to their owner. What Happened: Tracking down and reclaiming dormant wallets is no easy feat, as Grogan discovered.

Ethereum Classic (ETC) is currently experiencing a rise in its market price, gaining 13.99% in the last 24 hours, according to data from CoinMarketCap. Following the ETC's dip in the last two days, it appears the bulls have retaken control of the market, pushing the coin to trade above the $20 mark for the first time since April.

Ethereum Classic (ETC) bulls have been active over the past week, bullishly pushing the token's price with significant gains in the last seven days. An over 22% seven-day price increase saw ETC smash the $15.79 resistance level to $18.74 at press time.

Ethereum Classic (CRYPTO: ETC) is trading higher by 5.66% to $16.68 Wednesday afternoon. The altcoin is trading higher amid strength in the price of Bitcoin following BlackRock's Bitcoin ETF application.

Ethereum Classic (CRYPTO: ETC) is trading lower by 7.30% to $16.67 Monday afternoon amid broader weakness across cryptocurrencies. Shares of several cryptocurrencies are trading lower after the SEC sued Binance over U.S. securities violations.