The Ethereum Classic community is all set to launch the Emerald Wallet, a powerful tool that will further support the ETC Blockchain. The first release of the wallet is scheduled for late March 2018. In anticipation, investors have been adding Ethereum Classic to their portfolio in droves and it has already been been reflected in ETHC’s price growth. However, early this month, a big move was missed that turned out to be a major blow for Ethereum Classic as it hurt ETC’s price. Since then, we have been quiet. But now, the Wallet launch is on track for late March and we are about to reveal some of our secrets before the project is announced.
The Emerald Wallet will be based on the latest version of the Ethereum Classic Client. This will include all the features of the most popular desktop and mobile wallets as well as a new transaction fee model which will be faster and cheaper than other coins in circulation today. But we are not stopping there. The Emerald Wallet will also incorporate BIP32 hierarchical key storage and advanced biometric authentication that requires a fingerprint or facial scan to identify the user by his/her palm vein pattern. All these features will come standard with the Ethereum Classic Wallet. It will also be cross-platform compatible and provide support for the latest versions of Android and iOS.
So what has happened to Ethereum Classic?
The price of Ethereum Classic surged from $12.3 to $18 in mid-January 2018 on the Bittrex exchange. The ETC market cap rose by about $700 million and it looked as if this was just the beginning of an even bigger rally. Investors who missed out on the last bull run or were late to the party started buying Ethereum Classic in anticipation of a breakout. But then, something went wrong. Ethereum Classic is not a part of the general crypto correction that we have witnessed over the past month, but a big move was missed. On Feb 5, Ethereum Classic surged from $18 to $23, supported by a price jump in BTC.
The ETC price continued to rise and broke through the $28 mark. On a 24-hour basis, it is one of the best performers at 25%, but then, the ETC price went south. Between Feb 5 and 8, Ethereum Classic lost 30% of its value and dropped back to $20. This was not just a pullback or correction; it was a significant decline that did not reflect any fundamental weakness in the market. If we look at the chart below, we find that Ethereum Classic was bullish and was trading above both moving averages during this period. This is a strong indication that the price of ETC was bullish and it was only a matter of time before it broke out.
Ethereum Classic bull run recap
The price of Ethereum Classic surged on the Bittrex exchange. The ETC market cap rose by about $700 million and it looked as if this was just the beginning of an even bigger rally. Investors who missed out on the last bull run or were late to the party started buying Ethereum Classic in anticipation of a breakout. But then, something went wrong. Ethereum Classic is not a part of the general crypto correction that we have witnessed over the past month, but a big move was missed. Ethereum Classic surged from $18 to $23, supported by a price jump in BTC. The ETC price continued to rise and broke through the $28 mark.
On a 24-hour basis, it is one of the best performers at 25%, but then, the ETC price went south. Between Feb 5 and 8, Ethereum Classic lost 30% of its value and dropped back to $20. This was not just a pullback or correction; it was a significant decline that did not reflect any fundamental weakness in the market.
ETC Price Correction Reversed:
Getting Away With A Big Move That Hurts Ethereum Classic’s Price It was a big surprise for Ethereum Classic investors as the ETC price started moving south, reversing the gains that it had made between late January and early February. The ETC price fell to $20 and in a matter of days, it dropped back to $16. This was not a normal correction or pullback; this was a significant decline that did not reflect any fundamental weakness in the market. If we look at the chart below, we find that Ethereum Classic was bullish and was trading above both moving averages during this period. This is a strong indication that the price of ETC was bullish and it was only a matter of time before it broke out.
