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

8 March 2021 | Updated: 8 March 2021

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%

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.