Why is Bitcoin about to hit 100k, while Ethereum Classic is still at 3000?
I think it's because many people are shorting Bitcoin right now, as the position is too high. Every time Bitcoin rises, it squeezes some short sellers, and when it reaches a certain point, the doge traders will quickly push it down. Currently, pulling it down is too costly as most people are shorting Bitcoin.
As for Ethereum Classic, I think it follows Bitcoin's lead. When Bitcoin rises, it also rises. However, most of the positions in Ethereum Classic are long. Currently, most buyers are (shorting Bitcoin and going long on Ethereum Classic).
So I feel that Bitcoin's rise is to force the short sellers to exit, while Ethereum Classic is reluctant to rise because there are too many long positions! $BTC
