Earlier today, Ethereum Classic set an all-time high of $109.85 thus signaling what could be the beginning of a series of new all-time highs this week. With the new all-time high of $109, Ethereum Classic has more than doubled the last one of $49 set in mid-April this year.
Ethereum Classic is trading at a 13% Premium on Coinbase Pro
At the time of writing, Ethereum Classic is trading at around $106 on most crypto exchange platforms such as Binance. However, ETC is trading at $121 on Coinbase Pro as demonstrated in the following screenshot courtesy of Coinmarketcap. The higher price of Ethereum Classic on Coinbase Pro is a 13% premium when compared to its value on other exchanges.
Retail Demand is Behind Ethereum Classic’s Rally
Ethereum Classic increasing in value has resulted in the ETC Grayscale trust now being worth $1.17 Billion. This is despite the Wall Street company offloading roughly 30,610 ETC in the last 30 days as highlighted in the following screenshot courtesy of Bybt.com.
From the above movement of Ethereum Classic out of the ETC trust, it can be concluded that its current price advancement is due to demand from retail traders rather than institutional investors.
Therefore, Ethereum Classic could continue to rise to new heights in the days to follow due to retail FOMO.
However, from a technical analysis point of view, a correction is on the horizon given the current parabolic run by Ethereum Classic.
Ethereum Classic Website is Now Back Online
Earlier this week, the Ethereum Classic website was unavailable due to an expired SSL certificate. However, crypto-twitter had come to the conclusion that the downtime was the result of increased interest in Ethereum Classic by investors.
Below is a screenshot of one such theory musing that the downtime was either due to increased investor interest or a DDOS attack on the Ethereum Classic website. The website is now back online and functioning at full capacity.