Quick take:
According to a recent tweet by the team at Ethereum Classic, 69% of all ETC hodlers bought the digital asset at or near the 2018 top of $47. The team at Ethereum Classic highlighted this fact by retweeting a similar analysis by @ClassicIsComing
which explained that 1.23 million ETC addresses bought the digital asset around the time when Ethereum Classic experienced its all-time high value.Taking a second look at the chart shared by @ClassicIsComing, and keeping in mind that the analysis was done with ETC at $5.76, approximately 29.29% of ETC holders are in profits with their investments.
The fact that such a high percentage of ETC investors bought around the top could explain the general negative sentiment towards the digital assets. This is further illustrated by ETC’s Sentiment Momentum on BittsAnalytics.com. According to the latter platform, ETC has a sentiment momentum of -1.6. For comparison purposes, the sentiment momentum of Bitcoin is 98.7 on the same platform.
Switching attention to the daily ETC/USD chart, the following can be observed.
Summing it up, 69% of Ethereum Classic hodlers bought at, or near the January 2018 top of $47. This translates to roughly 1.23 million ETC addresses. The fact that Ethereum Classic is yet to reclaim these levels in the markets, could be a contributing factor to the negative crypto market sentiment towards ETC.
Taking a brief look at the charts, Ethereum Classic still has a long road ahead in reclaiming the 2018 high of $47. ETC is currently valued at $6.40 with the daily chart indicating some bullishness that will be confirmed once Ethereum Classic’s price pushes above the 200-day moving average.