With the cryptocurrency market entering yet another wave of capitulation, altcoins are faced with a period of new lower lows. The global cryptocurrency market capitalisation fell to £0.97 trillion yesterday, down from an all-time high of £2.50 trillion in November last year. There has been an 8% decrease in the last 24 hours.
Ethereum Classic (ETC) appears to be one of the worst-affected large-cap altcoins as it has dropped 16% in the last 24 hours as the instability continues.
The fleeting gains resulted from the network’s Magneto Upgrade preceded a steady decline of the altcoin.
The upgrade was deployed on the ETC Network with the goal of strengthening network security, lowering gas fees, and storing wallet addresses and keys in a central spot for easy access by users when carrying out network transactions.
The price of ETC has dropped by 65% since the Magneto upgrade, with no signs of recovery in immediate sight.
The token was trading at £13.9 at the time of writing, up 15.73% in the last 24 hours. These are the levels ETC last saw in April, down 90% from its all-time high of £143 hit in May 2021.
The 24% rise in ETC’s trading volume coincided with a price drop, indicating increased distribution at press time. The market capitalisation likewise fell by 15% over the time period under consideration.
At the time of writing, the token’s RSI and MFI were both oversold, at 30 and 24, respectively.
Bearish sentiment increased by 62% in the last 24 hours, while bullish sentiment increased by 31%, as volatility rate hit over 450%.
On the bright side, ETC witnessed some gains yesterday on its social side. The ETC token’s social volume increased by 33%, while its social dominance also increased by 35%.