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Ethereum Classic Leaps Litecoin to Become 5th Largest Cryptocurrency

Last Updated March 4, 2021 4:56 PM
Frisco d'Anconia
Last Updated March 4, 2021 4:56 PM

Ether’s fallout as a result of differences in handling investors’ funds, Ethereum Classic, is simply unbeatable this week. The decentralized smart contract platform’s new found strength is shaking the top 10 on CoinMarketCap like never before.

It just displaced Segwit pioneer, Litecoin from the number five spot early morning on Thursday to become the world’s 5th most estimable digital currency. It currently holds a market cap of almost $1.9 Billion. Last week the exchanges were listing its market price around $7 but it has jumped to an admirable $20.20.

ETC has indeed enjoyed a good week. Somewhere along the line yesterday, it appreciated more than a 100 percent. Even about six hours ago it was at number four with a $2 billion market capitalization but couldn’t maintain the tempo, and NEM fought back to gain the position again.

It appears there is set to be a battle on the number four rank between the two fast-growing Cryptos of NEM and ETC. That, indeed, will be very enjoyable to observe.

If the trend is maintained, there will be some major shake-ups at the top five. Nevertheless, it is very titanic since all five are well positioned.

Surge Factors

Some experts and ETC community members like Carlo Vicari have attributed the growth to expansion in community members. Last Friday, ETC China posted on twitter that ETC trading volume on Bithumb dominates over 50% overall.

There are reports that also indicates that Ethereum classic is becoming more popular in the Asian nation of South Korea. The Asian Markets have always been crucial to many digital currencies and tokens growth rate.

Meanwhile, there are also speculations about how the just ended Consensus event aiding Ethereum Classic’s jump. In fact, the convenor, Barry Silbert, is a well known prominent member of the ETC community who actually initiated the ETC Investment Trust Fund. It is believed the digital token was well promoted during the event.

There was even a New York City ETC Lunch. More importantly, a lot of things like the ETC Trust Fund are all coming together to make it thick.

Barry Silbert yesterday posted on twitter his outfit will donate $390,000 per year to development, marketing & community support for Ethereum Classic for the next 3 years at the current $ETC price. All points to how the community and its leadership are dedicated to the project.

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