Grayscale Increases Holdings in Ethereum Classic Despite Last Week’s Crypto Market Crash

Grayscale Increases Holdings in Ethereum Classic Despite Last Week’s Crypto Market Crash

Grayscale, the world’s largest cryptocurrency assets manager by AUM, has announced that it has increased its holdings in Ethereum Classic (ETC), Bitcoin Cash (BCH), and Litecoin (LTC). The recent acquisitions have brought the total value of the company’s crypto holdings to $39 billion.

According to a report published by Bybt, a cryptocurrency analytics firm, Grayscale purchased 80,300 ETC, 1,822 BCH, and 1,468 LTC last week.

Meanwhile, Bitcoin (BTC) remained the dominant asset held by Grayscale, as the investment company now has more than 655,500 Bitcoin in its possession with a total value of $32.7 billion at press time. Even though Bitcoin had a rough time last week, Grayscale has acquired about 6,748 BTC over the past 30 days.

The company’s total Ethereum Classic holding now stands at about $140 million. The cryptocurrency market valuation currently stands at $1.55 trillion and is down by 1.25 over the past 24 hours, as the cryptocurrency market struggles to pare recent losses.

ETCUSD – 4-Hour Chart

Key ETC Levels to Watch — March 8
The ETC traded on a mixed sentiment in the early hours on Monday and was last spotted around the $11.23 price point.

Since the last crash in February, the fifty-third-largest cryptocurrency has struggled to regain a strong bullish momentum to no avail. The cryptocurrency appears to be confined within a trading range between $12.21 and $10 over the past few weeks. Ethereum Classic has to post a sustained break above the $12.46 resistance to finally negate the consolidation range and reclaim its all-time high.

Meanwhile, our key resistance levels are at $12.46, $14.00, and $16.00. While our key support levels are at $10.57, $10.00, and $9.00.

Total Market Capitalization: $1.55 trillion

Ethereum Classic Market Capitalization: $1.3 billion

Ethereum Classic Dominance: 0.083%

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

Ethereum Classic Price Analysis — March 1

Ethereum Classic Price Analysis — March 1

Ethereum Classic (ETC) traded with a mild bullish momentum in the early trading hours on Monday, as the cryptocurrency market slowly recovers from last week’s crash. The crash caused Bitcoin (BTC) and other cryptocurrencies to fall by double-digits under a few hours. At press time, ETC is trading at $10.80, up by about 3.3% on the day.

That said, the cryptocurrency market crash occurred in tandem with the entire legacy market. News reports show that Nasdaq 100 recorded its biggest slump since October last year, as US Treasury bond yields bolstered market mood.

The cryptocurrency market’s correlation with traditional financial markets and some of the largest indices, including the NASDAQ Composite and the S&P 500, is becoming increasingly glaring. Nonetheless, the cryptocurrency market took a massive beating last week, as it saw more than $300 billion get shaved off its valuation.

However, not all cryptocurrencies had a red weekend. Cardano (ADA) appeared to be unfazed by the bearish conditions surrounding the market and kept rising.

Meanwhile, the recent market correction can be construed as a healthy and necessary one, considering that the market had been on a parabolic bull run for several weeks before now. Naturally, investors begin to take out profits as markets get overleveraged, like what we just witnessed.

ETCUSD – 4-Hour Chart

Key ETC Levels to Watch — March 1

ETC is currently recovering from last week’s battering, which sent the fifty-fifth-largest cryptocurrency near the $9 area. That said, the cryptocurrency is trading below a descending trendline and has to break above this line to continue on this bullish momentum. This trendline is coinciding with the $11 psychological level, making it a crucial resistance for ETC.

Nonetheless, Ethereum Classic is currently deep in oversold conditions on our 4-hour chart, indicating that we could see a return to neutral levels (at least) on our MACD indicator in the coming days. This technical indication, coupled with the prevailing recovery mode across the crypto market, should boost the ETC in today’s session.

Meanwhile, our key resistance levels are at $11.00, $12.00, and $12.46. While our key support levels are at $10.57, $10.00, and $9.00.

Total Market Capitalization: $1.45 trillion

Ethereum Classic Market Capitalization: $1.2 billion

Ethereum Classic Dominance: 0.08%

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

Ethereum Classic Price Analysis — February 22

Ethereum Classic Price Analysis — February 22

Ethereum Classic (ETC) is trading on a depressed momentum in the early trading hours on Monday, as most of the cryptocurrency market bleeds. The crypto market downturn got sponsored by the recent $3,000 drop in the price of Bitcoin (BTC).

Also, Ethereum (ETH) went back under the $2,000 round figure, exerting extra pressure on the ETC. That said, the entire cryptocurrency market cap has shed more than $70 billion over the past 24 hours.

The BTC correction got triggered by a rejection from its recent recording of a new all-time high at $58,480.

Meanwhile, most of the rest of the cryptocurrency market is down, with the ETC/USD trading down at -2.5% at $15.34 at press time. Polkadot (DOT), Cardano (ADA), and Chainlink (LINK) are trading down by -2%, -5%, and -4%, respectively.

Ripple is currently trading up at +14%, following reports that the cryptocurrency is now recognized as a business in Wyoming.

Meanwhile, Grayscale recently reported that it now has 12.28 million ETC under its management, boosting the prospects of a strong recovery in the cryptocurrency in the coming days.

ETCUSD – 4-Hour Chart

Key ETC Levels to Watch — February 22

Following a five-day-long consolidation between the $16.00 resistance and the $14.02 support, Ethereum Classic finally facilitated a bullish surge to the $17.60 high. However, this surge got rapidly undone by bears, who took the price back to the $14.40 area.

The cryptocurrency has since recovered from that fall but is now faced with the strong $16.00 hurdle. That said, ETC is nearing the end of our wedge pattern, indicating that it could facilitate a spike in either direction soon (however, most likely to the upside).

Meanwhile, our key resistance levels are at $16.00, $17.85, and $19.22. While our key support levels are at $14.02, $12.46, and $10.57.

Total Market Capitalization: $1.69 trillion

Ethereum Classic Market Capitalization: $1.7 billion

Ethereum Classic Dominance: 0.1%

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

Have you invested in an extremely rare opportunity of a lifetime?

Have you invested in an extremely rare opportunity of a lifetime?

The Next “Buzz Word” Altcoins
Last month, the Bloomberg Galaxy Crypto Index was at 1414.37, following a low of 217.82 in early March. BTC had made a new high yesterday at $51,630.86. Today (February 17) and the index was at 2,295.61. That’s a huge gain for one month.

Let me put this into perspective. In late 2017, I said that cryptoassets were the biggest institution revolution since the Industrial Revolution and that they represented the investment of a lifetime. Institutions, however, were not ready or capable of participating in that revolution so they “pooh-poohed” it. The SEC decided that most altcoins were securities which precipitated a huge bear market. By the end of 2018, cryptos had undergone an 85% decline and BTC hit a low price of $3,236.76 on Dec 15, 2018. But then look what happened.
BTC was up 92.71% in 2019
It was up 305.94% in 2020
And it’s up 75.42% in less than 50 days of 2021….

What did I say in 2018? There was actually a period from October through November last year when I made over $3 million in 7 weeks. Cryptos are the investment of a lifetime.

While BTC could go up another 10 fold in the long run, I doubt that it will go much over $100,000 this year…. But the opportunity of a lifetime is not over because now the altcoins are starting to move. Here are a few examples, and this is just the movement in 2021.

BNB 289%
ETH 144%
LINK 178%
SNX 215%
AAVE 397%
CND 145%

And remember those gains are just from the 48 days of 2021….

You can purchase crypto coins here.  

Update on Cryptoassets
I think that there are a number of altcoins that could go up 10 times or more during the rest of 2021. Now we might have a decline of 40% or more during the year, but it probably will be short-lived with a very quick recovery…
BTC was up 92.7% in 2019, 305.94% in 2020, and in the first six weeks of 2021, it’s up 74.22%. Let’s contrast that with the other hedge against the USD and disaster, gold. Gold was up 20.94% in 2019, up 18.32% in 2020, and it’s down 5.1% so far in 2021. The path of safety is now BTC.

Gold has about 10 times more market cap than cryptos right now (even though cryptos are now over a trillion for the 1st time). If all of the money in gold went into BTC, BTC’s price would be about $370,000…

People talk about BTC being volatile and risky. But where can you find something that has made over 1,000% in 3 of the last 11 years, over 100% in 8 of them, and had only two losing years? There is only one other place than BTC with anywhere near equal performance – other cryptoassets.
If you had bought BTC at the beginning of 2012 (well, not at the very beginning), you would have turned $1,000 into more than $7.1 million (up $4.5M last month)…

Remember these are 30-day percent gains. This is probably the easiest market possible to make a lot of money. You could, however, just as easily enter a position and immediately have a 25% drawdown – which could cause you to exit and then miss out on some nice gains. If you don’t have strong beliefs about cryptos like I do, crypto volatility will test you…

This newsletter makes no recommendations about cryptos but is a free service… I personally own positions in most of the cryptos mentioned in this newsletter.

Author: Van K. Tharp, PhD

Note: This article was culled and abridged from a monthly cryptos update by Dr. Van Tharp. The full article can be accessed here.

You can purchase crypto coins here. 

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

Ethereum Classic Sheds $2.5 as the Entire Cryptocurrency Market Bleeds on Monday

Ethereum Classic Sheds $2.5 as the Entire Cryptocurrency Market Bleeds on Monday

Ethereum Classic (ETC) saw a sharp drop in the Asian session on Monday, as the entire cryptocurrency market plunged. The sharp drop likely got sponsored by a massive correction in Bitcoin (BTC), which recently attempted the highly-coveted high of $50,000.

That said, the decline got triggered by massive sell walls positioned at the round figure.

BlockTower Capital CIO Ari Paul noted that this was a “brief and minor correction,” but he still believes we are in the middle of a “violent bull run.” Meanwhile, Dan Held, the Director of Business Development at Kraken, recently asserted that this could be one of the large major “supercycles,” indicating that this market decline is not over yet. That said, ETC could continue on a downward slide in the coming hours if this BTC correction persists.

Ethereum Classic is currently sitting at the 45th position in terms of largest cryptocurrencies based on market cap, according to CoinMarketCap. The cryptocurrency has come a long way since its heart-wrenching 51% drop in August last year. The altcoin has since surged more than 100% from its August highs. At press time, the cryptocurrency is trading at $14.10, down by about 10% on the day.

The top exchanges for trading this crypto asset are Binance, Huobi Global, OKEx, HBTC, and BiKi. Meanwhile, Wrapped ETC tokens were first listed on decentralized exchanges (DEX) like Uniswap and Sushiswap just a week ago.

ETCUSD – Hourly Chart

Key ETC Levels to Watch — February 15

ETC is currently suffering a massive bearish blow, as the cryptocurrency has shed about $2.5 since the start of the session on Monday. Given the current market dynamics, we expect to see additional declines to the $12 area over the coming hours. However, this near-term bearish bias could get broken if the cryptocurrency successfully defends the $14.02 support level.

Meanwhile, our key resistance levels are at $15.99, $17.85, and $19.22. While our key support levels are at $14.02, $12.46, and $10.57.

Total Market Capitalization: $1.43 trillion

Ethereum Classic Market Capitalization: $4.58 billion

Ethereum Classic Dominance: 0.3%

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.