For the past two days, the Ethereum Classic Summit has been on. Today, the well known face of Fundstrat, Tom Lee started the summit by talking about how he discovered Bitcoin (BTC). He claimed that cryptocurrencies gave him a lot of opportunities. He talked about the similarities between the traditional financial markets and cryptocurrencies comparing cryptocurrencies to assets like bounds, stocks, etc.
According to him, people need time to understand cryptocurrencies just as they needed time to understand other traditional assets like stocks and bonds. Be said that cryptocurrencies need to be used instead of traditional commodities that are attached to fringes like receipts and so. The financial expert also talked about the price of cryptocurrencies. In his words:
“Unlike in other markets, cryptocurrency price variations are different. This is surprising to see because there isn’t any fundamental value that has to do with paying dividends. The price momentum for cryptocurrencies play a big role unlike in the traditional financial institutions.”
He was confident that products as well as services in the cryptocurrency industry will continue to undergo developments until they eventually reach the same standard as stocks and bonds in the traditional financial institutions.
Ethereum Classic (ETC) Price Today – ETC / USD
According to Lee, Cryptocurrencies give investors more ROI, up to 90 to 95%, than traditional financial institutions where institutional investors play a major role. Lee believes that cryptocurrencies will soon become part of the club of technological drivers, that is the Facebook, Amazon, Netflix And Google, the FANG club.
Ethereum Classic (ETC) Price Analysis Now
Main while, Ethereum Classic has been trading in green since morning. At the time of writing, the cryptocurrency was trading at $11.21. This indicates a 3.24% rise against the USD and a 0.79% rise against Bitcoin. The next few days of trading will determine if the price action will change. According to CoinMarketCap, the trading volume within a 24 hour period is $195,014,663 while the total market capitalization is $1,172,244,392.