The cryptocurrency market, on Friday, felt another shock as the price of Bitcoin failed to break toward $7,000. The largest sharer of the market showed a steady decline against the US dollar, as did some other cryptocurrencies like Ripple, Bitcoin cash, Litecoin, Stellar, etc.
Earlier this week, BTC showed positive signs when its price hit $6,800 but all in vain as the crypto fell by 1.2%, diminishing its value to $6,564. The cryptocurrency continues to sail on the bearish side conflicting the previous forecasts that had observed ‘new highs in July’. Bitcoin shares 42.5% of the market and has a market cap of $113.4 billion.
Ethereum classic, on the other hand, going against the tide, experienced a rather significant increase of 5.7%. The cryptocurrency is ranked at the 15th position in the market with a capital of $1.9 billion. The weekly charts of the crypto showed a steep incline in its prices. An impressive growth of 21% was recorded during a span of seven days from the starting price of $14.47.
The growing popularity of Ethereum Classic could be a result of the announcement made by Coinbase about the addition of the crypto to their list of compatible coins. This custodian service by the digital exchange led to the boost in its exposure to new money.
The buzz around Ethereum classic heightened last week, owing to the increased news coverage and number of articles about the cryptocurrency. Besides, ETC’s positive performance in the market throughout last month gave way to more bull talks in its favour. Though a triple-digit value is a destination relatively far away, the fact that the dip in the overall market conditions didn’t have quite an effect on it hints that ETC is here to stay for good.