The price of Ethereum Classic reached its highest level in the last couple of weeks on Wednesday- which was a result of a $50 million investment. The abovementioned investment was perpetrated by the Digital Currency Group backed by Barry Silbert- along with the cryptocurrency market recovery spearheaded by Bitcoin amongst others.
Ether Classic is the 17th largest cryptocurrency in the world considering its market value at a price of $63.19. This is more than a 98% rise in its 22nd June price of $31.91.
Ethereum Classic Rising Slowly
Digital Currency Group did reveal on the 21st of June that it had authorized the purchase of around $50 million shares of Grayscale Ethereum Classic Trust. This is simply an investment firm based in New York that has traditionally provided most accredited investors inordinate access to products of digital currency through traditional securities. The day DCG announced, the price of Ether Classic fell by around 22.56%, which was quite in sync with the rest of the cryptocurrency market.
A large section of the market was simply responding to the Chinese crackdown on the regional crypto sector- which also included a total ban on mining-related activities.
Nevertheless, Bitcoin and other altcoin markets have been able to bounce back despite the heavy sell-off. Several traders have been able to recognize multiple buying opportunities in the market of Bitcoin that has also facilitated Ethereum– due to the BTC/USD exchange rate slipping below $30,000. This did provide a psychological support level that has definitely prevented the downward trajectory of the pair.
At the same time, there have been several altcoins that have tailed the rebounding of Bitcoin which has owed to their high correlation with the digital asset, with Ethereum being one amongst the latter. According to the data provided by analyst company Crypto Watch, the correlation efficiency over 30 days for Bitcoin and Ether stood at 0.83 last Wednesday.
