Ethereum Classic Tops $2 Billion to Set 3-Month High

As of press time, the total value of all ether classic, the cryptocurrency that powers the ethereum classic blockchain, in circulation has topped $2.2 billion, a move that helped it leap from 12th place at the start of the day to 10th place according to CoinMarketCap data.

Best known as the original ethereum blockchain, or the version in which funds stolen in a high-profile 2016 hack still belong to the attacker, ethereum classic is benefiting from tailwinds provided by major market listings.

At 2:00 UTC, ether classic passed MIOTA, the cryptocurrency that powers the IOTA blockchain, claiming the 10th spot on the CoinMarketCap chart and creating a fresh 3-month high of $20.37.

Bitfinex data shows ether classic had largely traded between $14.18 and $18.99 since the middle of May, slipping only once below.

As a result of increased retail investor interest spurred on by greater market accessibility, traders are once more switching over to ether classic, an activity that could continue ahead of Coinbase's expected listing tomorrow.

The daily chart for ether classic is in favor of the bulls with a widening of the MACD lines and the histogram ticking up, confirming the strength of its most recent move.

Further, a spike in bullish volume seen on August 3 and 6 provided substantial backing to nudge it over the $19 resistance line, which had acted as a stiff psychological barrier since May 13.

Growing total volume is already at the same levels as the previous week of July 23, with the bulls setting their sights on doubling the current total volume to match the previous week of July 30 at 4.42 million.

Changes were made to the story, originally the title stated "Ethereum Classic Tops $2 Billion to Set New 2018 Price High", this was factually incorrect as the title was meant to say "Ethereum Classic Tops $2 Billion to Set 3-Month High".

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