Ethereum Classic: Bears may want to choose ETC for their next station
Ethereum Classic [ETC] has had to bear the brunt of the long-awaited ETH consolidation. Causing bear sentiment, ETC price is expected to drop considering its current performance. However, even as ETC volume and market capitalization declined, ETC saw an increase in social dominance and sentiment.
However, the question remains whether ETC's social media dominance is enough to beat short-term traders.
it's an exploit problem
Santiment, a leading market intelligence platform, in a September 22 tweet commented on ETC's position. The tweet indicates that ETC has seen high stakes relative to its price, especially after the Merger. This is an indication that the market does not believe in ETC's ability to be a PoW alternative.
Also, another reason for the massive lack of confidence in ETC could be due to the significant drop in ETC mining revenue. With no incentive for miners to mine, Ethereum Classic is expected to have a rough time. This will result in miners not interested in mining ETC and choosing other PoW chains for mining income.
Moving on to 'social' issues
The bearish sentiment towards ETC also affects its market capitalization. ETC's market capitalization has lost 29.27% in the last week. ETC volume also took a big hit and dropped a staggering 90% over the past seven days.
Also, as shown below, the social performance of the alt also doesn't help the cause from ETC. Despite some fluctuations in its social dominance, ETC's presence on social media is not constant.
Despite some major cases of positive sentiment, ETC has, for the most part, been unable to swing the market in its favor.
While things seem simple for ETC, there may be some hope for the network and its investors. The number of active addresses had some growth last month, up 38.29%. If this trend continues, it is likely that the growing number of active addresses could positively impact the price.
Sep 23, 2022