Ethereum Classic is in a downward correction soon after the breakdown on February 23. Today, ETC is trading at $12.09 at the time of writing. After the breakdown, the altcoin dropped to $9.03 low and made a pullback.
Despite the global economic recession caused by the Covid-19 pandemic, the cryptocurrency markets have soared significantly in value in 2020. The New Year is expected to be even more favourable for the growth of the industry, opening vast investment opportunities.
Blockchain technology is considered to be secure and immutable due to its decentralized nature. But as it becomes more popular with new solutions popping up almost daily, hackers become inventive enough to find vulnerabilities and attack it.
This week the crypto currencies outlook has divergence performance. Ethereum Classic and Monero are still making positive moves as the respective markets reach the overbought region of the daily indicators. The altcoins are presently retracing in the overbought regions. Meanwhile, Tezos, Stellar and LINK are presently in a sideways trend as the coins battle the overhead resistances.
Ethereum Classic (ETC), a byproduct of the globe’s second most famous cryptoasset, has been hit by several big attacks on its blockchain technology network. Anonymous hackers vanished with over $1.5 million (approx. £1.2m) by conducting a 51% attack on Etereum Classic’s rudimentary technology. At the time of press, ETC is exchanging hands at $4.68 USD (-7.15%).
Ethereum Classic (ETC) is the coin to give a load of attention to during the present market correction. ETC investors have been gripping firmly to their coins and multiplying more during the correction. The ETC investor landscape isn't a big one at this moment, but it is definitely one of the most highly educated and well informed and painstaking ones.