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It was a smooth start to the week to encrypt. Most of the scrambled started the day lower. Bitcoin is down about 3%, while most altcoins are down about 4-8%. However, during this period, Ethereum Classic (ETC) is going well. At the time of writing this book, Ethereum Classic (ETC) was up 4% and rose for over 72 hours. So what could be the possible engine of this momentum sustained in a weak market?
Well, one of the factors that could be behind this is the news of an attempt to acquire the ETCDEV. It is noteworthy that Ethereum Classic (ETC) gained momentum after Igor Artomonov wrote an article about the moving middle on the ETCDEV acquisition attempt. In one part of his article, he stated that there was an attempt by DFG and ETC Labs on ETCDEV. Here is part of what he wrote.
"They seem to have agreed that Darcy would bring ETCDEV under ETC Labs. He had all our short- and long-term plans, all contacts, and ETC Labs would have a lot more control over the protocol with him.
Unbeknownst to me, all ETCDEV engineers have received a call and are offered by ETC Labs with much better terms for what should be the same job. "
He concluded his speech by stating that,
"We are experiencing a social attack on ETC right now, but unfortunately this attack has been perpetrated by internal community members such as ETC Labs / DFG ETC is a valuable resource and currently a public blockchain without a single owner. perfect goal for an acquisition, even at the cost of destroying the main group of network development. "
So, why should this cause a peak at Ethereum Classic (ETC)? Should not this move the project more towards a centralized path, which is contrary to its fundamental ideals? Well, this may be true, but the crypt is at the point where most investors feel desperate. This is after a bearish market that has dragged altcoin prices by more than 90%.
This is particularly detrimental to truly decentralized projects like Ethereum Classic (ETC) that do not have central entities pumping them through aggressive marketing. Under such conditions, the market can move positively in response to a move towards centralization, only to help reduce the price through coordinated marketing. This is a probable reason why Ethereum Classic (ETC) is strengthening, compared to the rest of the market.
Whatever the reason for the recent price increase of Ethereum Classic (ETC), there is no doubt that it is very close to the fund. After falling from a maximum of $ 47 to a minimum of $ 4, Ethereum Classic (ETC) seems to have stabilized. This is an indicator that is below or very close to the bottom. As such, at this point, it is likely that it will start to change or start gaining positive news on the market. It is the same scenario for other altcoins, since most of them are in the lowest points of the year.
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