Ethereum Classic Price Rises Past $40 After Huge Surge

The cryptocurrency market has earned itself quite a reputation for being highly volatile just as the latest performance over the past few weeks has demonstrated. However, there are the occasional one such as Ethereum classic that somehow managed to be exempted from the volatility.

The recent surge in cryptocurrencies leading with Bitcoin pushed to the total coin market cap up past the $500 billion mark but the prices of most cryptocurrencies now seem to be adopting a bearish trend.  Bitcoin has managed to uphold its recovery with the price going up past the $11,000 mark and reaching $11,395 at the time of this press. Ethereum Classic has also managed to maintain a strong performance with the price remaining on a bearish trend.

The price of Ethereum Classic demonstrated quite an impressive performance earlier this week with the price continuing to surge even as the price of Bitcoin dropped by a slight margin. This is impressive especially considering that Ethereum Classic is almost breaking its all-time-high of $43. An outstanding performance considering that the price has been rising at a higher margin than Bitcoin. This means that the percentage rise in the price of the altcoin has been higher than the percentage price increments of Bitcoin.

The performance of the altcoin has so far proved to be quite strong but there is still a chance that the price will be pull down by the price of bitcoin if bitcoin itself happens to go down. However, the price has so far not been affected by the minute bearish trends of Bitcoin.

The currently strong price performance of Ethereum Classic may be tied to the upcoming launch of a cryptocurrency called Callisto which will reportedly be airdropped to all Ethereum Classic holders at a 1.1 ratio. Airdrops have been known to lead to such price increases. For example, recent reports that developers are planning a Litecoin Blockchain fork to form Litecoin Cash. This led to a surge in the price of Litecoin.

If the price of Ethereum Classic continues to surge, it will most likely rise to a new all-time high. However, it is not clear whether the price will continue to go up or whether it will reverse, meaning the next few of hours will be quite critical. Meanwhile, Bitcoin’s price also seems to be surging but it is also not clear how longer it will maintain the momentum.