Ethereum Classic had a September full of hardships as the altcoin had to bear the brunt of the ongoing bear market. However, it looks like the bearish momentum will continue for etcand one of the reasons for that could be: etc’s declining social commitments.
Here are AMBCryptos Price Prediction for Ethereum Classic for 2022-2023.
Forgot the (Ethereum) Classics?
According to the social intelligence platform lunarCrush, ETC’s social mentions and social engagements witnessed a massive decline in September. Additionally, ETC’s social mentions were down 57.26% and social media engagements were down 74.97%.
One of the reasons for the social decline of ETC could be the rise of ETHW. ETC was expected to be the solution for Ethereum miners. However, with ETHW in the picture, it could be that ETHW may have been in the spotlight of ETC.
Weighted sentiment over the past two weeks also witnessed a decline. As can be seen in the image below, weighted sentiment against ETC was mostly negative. This indicated that the crypto community had more negative things to say about ETC than positive ones.
The decline in engagements coupled with growing negative sentiment could have an extremely negative impact on ETC’s future.
Cause after cause for concern
Another major concern for ETC would be the loss of interest from its miners. As can be seen from the chart below, the hash rate of ETCs has plummeted over the past month. This would mean that ETC’s network security kept getting weaker over time.
In addition, ETC mining was not profitable at the moment of writing. If miners failed to make a profit, it would create tremendous selling pressure on them and eventually ETC’s prices would fall further.
Further, etc also witnessed a drop in volume in recent days, volume dropped from 853.1 million to 297 million in the past two days. ETC’s market cap followed and fell as well.
Despite all the negative factors that counter etc, the price showed some optimism, growing 0.5% in the past 24 hours. ETC was trading at $23.06 at the time of writing.
Even though there was some growth evidenced by the price of ETC, factors such as the hack of ETC’s official twitter account could have a negative effect on the perception of ETC in the future.
This post Ethereum Classic Traders Might Have Some Disturbing Days and ETC Is To Blame
was published first on https://ambcrypto.com/ethereum-classic-traders-may-have-some-unsettling-days-and-etc-is-to-blame/