Why Did Ethereum Classic Gain 60% In a Week?

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This week has been all about ApeCoin, the popularity of Waves in Russia and Ukraine, the resurgence of Bitcoin towards $44k and Loopring surging on the Gamestop news. So how come no one noticed that Ethereum Classic (ETC) jumped like 60% in the past seven days. Is it getting ready to repeat the epic run of last year in April then?

Throwback coin

Although the Bored Apes NFT collection coins, also known as ApeCoin, have gotten most of the attention this week in the cryptosphere, a so-called throwback coin has also been gaining steam.

As Ether regained the $3k level and seems ready to reach for it’s all time high again in the next few months, Ethereum Classic, the digital currency created after a 2016 software change, also jumped more than 60% in the past week.

#EthereumClassic $etc is becoming extremely profitable to mine. The miners recognize this, and they are porting over to #etc in mass. #bitcoin

— ETC Sage Capital (@EtcSage) March 20, 2022

Both  and Benzinga reported on it, but no one seems to have a good explanation as to why this is. In essence, the consensus among crypto Twitter seems to be that Ethereum Classic is once again surging because newbie traders seem convinced that it is the cheaper version of Ethereum itself, and if a coin worth $3k is too much for you to invest, a $50 coin seems more affordable. Let’s see if the challenging of Ether towards a new all time high in the next few months also means a repeat of the 2021 April run for Ethereum Classic.