Ethereum Classic, the fifth largest cryptocurrency, emerged as the strongest performer among the currencies with over $1 billion in market capitalization in the last 24- and 7-day periods, according to coinmarketcap.com. In the last seven days, it posted a 9.35-point gain when all the other billion dollar players lost ground.
The next cryptocurrency to post a gain in the last seven days was BitConnect, with $405.811 million in market capitalization, posting a 5.2-point gain.
Ethereum Classic’s performance in the last 24 hours was even stronger, posting a 30.69-point gain. All the billion dollar players posted gains in the same period, but the best performer after Ethereum Classic was Ethereum, posting a 7.2-point gain.
Ethereum Classic’s $19.48 price today gave it a market capitalization of $1.82 billion.
Today’s gain pushed Ethereum Classic closer to the $22.14 high it hit on June 18. The currency has steadily gained since late March, when its price began rising from $2.34, riding the overall crypto trend.
The price hovered under $1.00 from mid-September through March.
Bitcoin and Ethereum prices stabilized after yesterday’s plunge, slowing the widespread market decline and enabling some coins to experience moderate recoveries.
In May, Ethereum Classic displaced Litecoin for the number five spot. Litecoin has since surpassed Ethereum Classic, but Classic retains its number five position.
Some experts and ETC community members like Carlo Vicari have attributed its growth to expansion in community members. In mid-May, ETC China posted on Twitter that ETC trading volume on Bithumb dominated over 50% overall.
There have also been reports indicating Ethereum Classic is becoming more popular in South Korea. The Asian Markets have always been crucial to many digital currencies’ growth rate.
Ethereum Classic forked for the first time on Oct. 25 to address a number of dos attack vectors that affected ETC’s network for several weeks. The upgrade faced no technical problems, with most of the network and miners smoothly transitioning from the old client to the new Gas Price Hardfork client.
Ethereum Classic lost more than 10% of its value on Oct. 12, 2016 with its price standing just above $1 as the network came under sustained dos attack.
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Last modified: March 4, 2021 4:58 PM