When you look at the daily candles for the public Ethereum Classic fund, ETCG, it appears parabolic. But when overlaid on Ethereum Classic itself, we see that it has diverged sharply in this direction away from the cryptocurrency it tracks. My account has gone up 54% in a week, but is this going to continue or come down with a parabolic correction sooner than later?
I am noticing that ETCG seems to be much more responsive to the change in bitcoin price than to that of Ethereum Classic which it is supposed to track.
I think you are right. When investors look at their two non-accredited options, they can choose GBTC for bitcoin or the higher risk/reward (supposedly) ETCG in Ethereum Classic. I guess people see greater upside in ETCG so they are piling in even though it is not really tracking its underlying asset.
So far, as crypto recovers, bitcoin (and litecoin) have been the price leaders, we have yet to see the alt-season that might push Ethereum Classic and the others beyond bitcoin price gains.
julius007
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What is the reason for this? I haven't found anything to explain it. People confusing this with the news that ETHE will be available to non accredited investors is the only thing, aside from speculation, that I can figure.
I think you are right. When investors look at their two non-accredited options, they can choose GBTC for bitcoin or the higher risk/reward (supposedly) ETCG in Ethereum Classic. I guess people see greater upside in ETCG so they are piling in even though it is not really tracking its underlying asset.
So far, as crypto recovers, bitcoin (and litecoin) have been the price leaders, we have yet to see the alt-season that might push Ethereum Classic and the others beyond bitcoin price gains.