As the cryptocurrency market embarks on one other spherical of capitulation, an period of touching newer lows appeared to have been ushered in for many altcoins. Yesterday, the market capitalization for the worldwide cryptocurrency market dropped to $1.19 trillion, from an all-time excessive of $3.08 trillion in November, 2021. In the final 24 hours, an 8% decline was registered.
As the turmoil continues to mount, the Ethereum Classic (ETC) seems to have been caught by the whirlwind because it registered a 16% decline within the final 24 hours.
Following the ephemeral good points recorded by the ETC after the Magneto Upgrade to the community, the token has since taken on a gradual decline.
The Magneto Upgrade was applied on the ETC Network with the view to growing safety on the community, gasoline charges discount and to offer storage for pockets addresses and keys in a single location for ease of entry by customers whereas executing transactions on the community.
Since the Magneto improve, the token has suffered a 65% decline in value. With no prospects of restoration in view, allow us to check out efficiency within the final 24 hours.
The Bears Are Winning the Fight
Registering a 15.73% within the final 24 hours, the ETC token exchanged palms at $17.12 on the time of press. Touching the worth ranges it marked final April, the token was down by 90% from an ATH of $176.16 which it recorded final May.
With a decline in value, the 24% spike within the Trading Volume of the ETC token pointed to elevated distribution on the time of press. Within the interval underneath assessment, the market capitalization additionally noticed a 15% drop.
Movements on the worth charts lent credence to this place. At press time, the Relative Strength Index (RSI) and the Money Flow Index (MFI) of the ETC token have been noticed in oversold territory. The RSI was pegged at 30 whereas the MFI maintained a spot at 24 on the time of writing.
With over 450% volatility charge recorded within the final 24 hours, the Bearish Sentiment grew by 62% with the Bullish Sentiment registering a 31% development.
As a respite, the ETC token recorded some development yesterday on a social entrance, the token noticed some development yesterday. The Social Dominance for the ETC token noticed a 33% spike and the Social Dominance additionally rallied up by 35%.