Following yesterday’s downward spiral, most altcoins have almost fully stabilised in the last 24 hours. According to coinmarketcap.com, Ethereum Classic is now priced at $18.88, up from yesterday’s low of $17. What’s noteworthy about the asset’s market rally is that it’s happening amid a downturn in trading value. This may be due in part to Grayscale’s ETC holdings.
Grayscale’s cumulative assets have risen in a staggered fashion, according to the above table. Currently, holdings have reached a plateau, with the price reaching a high. The latest market surge is likely to be boosted if Grayscale expands its ETC holdings. Retail traders who have been HODLing ETC for the past 90 days have a ROI of more than 150 percent, which could rise to 200 percent if demand from Grayscale increases.
External variables have an effect on the ROI after 30, 60, or 90 days in the case of ETC; however, on-chain metrics are main indicators in the case of SOL.
SOL’s price has risen by more than 12% in the last 24 hours, and the asset’s trading value is increasing, as it is with ETC. Due to higher loading rates and reduced fees as compared to other options, SOL has steadily scaled up since the beginning of 2021. SOL has an advantage over Ethereum in that POH (proof of history) is simpler and less expensive than POW (proof of work).
Projects like SOL have a better chance of winning market share and rallying on top spot exchanges before Ethereum’s network fees decline and stay reliably minimal. Partnerships are also important, and SOL has recently been embraced by FTX’s new derivatives exchange Serum. This may have given the altcoin a much-needed lift, as the price recently reached a record high. If trade volume continues to rise, it can enter market discovery mode.
Based on the price chart and on-chain metrics presented above, SOL may follow in the footsteps and narrative of ETH. This is also a widely held belief on social media and on Crypto Twitter.
The momentum is carrying THETA’s price ahead at the same time as ETC and SOL are rallying. Following the bloodbath, the price increased by almost 8% yesterday. And, despite the subsequent rebound, it is almost back to where it was for the previous two weeks.
The trade volume has fallen by more than 40%, but this has had little effect on THETA’s price. THETA’s price is primarily determined by demand on spot markets. The price is currently more than 15% off its all-time high, which was reached in the last week of March 2021. The price is expected to rise alongside alts such as ETC and SOL as trade volume rises.
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