Ethereum Classic (ETC) Accelerates Action Ahead of Hard Fork
ETC was among the few altcoins rising while Bitcoin (BTC) still dominates the market.
Ethereum Classic (ETC) recovered quickly from the latest shakedown, giving hopes of a continued rally ahead of a planned hard fork in September. The asset rose to $7.19, adding nearly 6% overnight, and is up more than 14% in the past week, while other altcoins are either stagnant or sinking.
ETC is still volatile, and the gains above $7 may not be long-lasting. ETC is currently an anomaly, and the gains may reverse after the hard fork.
What is attractive about the Ethereum Classic network is the possibility for continued rewarding mining. The ETC hashrate rose by about 30% in the past month, to above 11 TH/s, though still below the absolute peak above 18 TH/s. But as a network that will aim to encourage mining, Ethereum Classic may invite more significant activity.
The network carries about 35,000 transactions per day, close to other well-established altcoins. The project, however, lags in terms of distributed apps, hence the planned hard fork that would make it more compatible with Ethereum projects. Some projects are still attracted to the Ethereum Classic platform, promising to build an ecosystem:
ETC is widely traded on innovative exchanges, making use of the interest of Asian traders. But its chief appeal may be the potential for growth while other assets seem stagnant. ETC also receives the equivalent of $73.3 million in daily inflows from Tether (USDT). More than 53% of all trades are in the pairing with USDT.
Perhaps the riskiest development for ETC would be the change in the mining algorithm itself. A draft proposal has been made to move to another type of hashing, thus avoiding another 51% attack. The ETC price suffered when the network was attacked by hired hashing power from the Ethereum network, and exchanges lost on double-spent coins.