Ethereum Classic traders may have some unsettling days and ETC is to blame
Ethereum Classic had a September filled with hardships as the altcoin had to bear the brunt of the ongoing bear market. However, it seems like the bearish momentum will continue for ETC, and one of the reasons for that could be ETC’s declining social engagements.
Here’s AMBCrypto’s Price Prediction for Ethereum Classic for 2022-2023.
Forgot about the (Ethereum) Classics?
According to the social intelligence platform LunarCrush, ETC’s social mentions and social engagements witnessed a massive decline in September. Furthermore, ETC’s social mentions depreciated by 57.26% and its social media engagements reduced by 74.97%.
One of the reasons for ETC’s decline on the social front could be the emergence of ETHW. ETC was anticipated to be the solution for Ethereum miners. However, with ETHW in the picture, it may be the case that ETHW may have taken some of ETC’s limelight.
The weighted sentiment over the past two weeks also witnessed a decline. As can be seen in the image below, the weighted sentiment against ETC was mostly negative. This indicated that the crypto community had more negative things to say about ETC than positive.
The decline in engagements coupled with growing negative sentiment could have an extremely bearish impact on ETC’s future.
Cause after cause for concern
Another major concern for ETC would be losing the interest of its miners. As evident by the graph below, ETCs hash rate declined immensely over the past month. This would imply that ETC’s network security was getting weaker and weaker over time.
Furthermore, ETC mining wasn’t profitable at the time of writing. If miners failed to make profits, it would create immense selling pressure on them and would eventually take ETC’s prices further down.
Furthermore, ETC also witnessed a decline in its volume over the past few days, its volume depreciated from 853.1 million to 297 million over the past two days. ETC’s market cap followed suit and declined as well.
Despite all the negative factors going against ETC, its price showed some optimism and grew by 0.5% in the last 24 hours. ETC was trading $23.06 at the time of writing.
Even though there was some growth that was shown by ETC’s price, factors such as the hack of ETC’s official twitter account could have a negative impact on ETC’s perception going forward.