As the crypto market embarks on another round of capitulation, an era of touching newer price lows appeared to have been ushered in for most altcoins. Yesterday, the Crypto market capitalization for the global cryptocurrency market dropped to value of $1.19 trillion, from an all-time high of $3.08 trillion in November, 2021. In the last 24 hours, an 8% value decline was registered.

Ethereum Classic have been caught by the whirlwind

As the turmoil continues to mount, the Ethereum Classic price appears to have been caught by the whirlwind as it registered a 16% price decline in the last 24 hours.

Following the ephemeral gains recorded by the Ethereum Classic after the Magneto Upgrade to the network, the ETC token has since taken on a steady decline.

The Magneto Upgrade was implemented on the Ethereum Classic Network with the view to increasing security on the network, ETC gas fees reduction and to provide storage for wallet addresses and keys in a single location for ease of access by users while executing ETC transactions on the network.

Since the Magneto upgrade, the Ethereum Classic has suffered a 65% decline in price. With no prospects of price recovery in view, let us take a look at performance in the last 24 hours.

Registering a 15.73% in the last 24 hours, the ETC price token exchanged hands at $17.12 at the time of press. Touching the price levels it marked last April, the ETC token was down  by 90% from an ATH of $176.16 which it recorded last May.

With a price decline in price, the 24% spike in the Trading Volume of the Ethereum Classic pointed to increased distribution at the time of press. Within the period under review, the market capitalization also saw a 15% drop.

Movements on the ETC price charts lent credence to this position. At press time, the Relative Strength Index and the Money Flow Index of the ETC price were spotted in oversold territory. The RSI was pegged at 30 while the Money Flow Index MFI maintained a spot at 24 at the time of writing.

With over 450% ETC volatility rate recorded in the last 24 hours, the Bearish Sentiment grew by 62% with the Bullish price Sentiment registering a 31% growth.

As a respite, the Ethereum Classic recorded some growth yesterday on a social front, the token saw some growth yesterday. The Social Dominance for the ETC price saw a 33% spike and the Social Dominance  also rallied up by 35%.

Terra's LUNA 2.0 struggles to recover from price drop

Ethereum can be considered to be in a consolidation