Cryptocurrency News

Ethereum Classic Continues To Defy Crypto-Crisis: Hits $17.61 Recent High

The Ethereum Classic feel-good story keeps on rolling; By Thursday evening it had climbed another 7% for the day to $17. Since June 10 and a recent low of $12.56 it’s been an almost continuous climb for ETC.

Ethereum Classic continued its recent rise on Thursday, enjoying a single-day increase of 7%, and reaching an end-of-day price of $17.61, according to no.1 crypto exchange site Binance. Apart from a couple of micro-dips, it’s been almost two weeks of continuous success for ETC, ever since hitting $12.56 on June 10, Ethereum Classic’s lowest price since last November.

Ironically, while most cryptocurrencies have suffered abominably in 2018, ETC have had a far better year than they did in 2017 – an anomaly in itself. It hit its all-time high price of $42.55 in January, and has stayed above the $20 mark for most of the year, a figure it looks destined to reach once again.

The Origins Of Ethereum Classic

Ethereum Classic is an open-sourced, blockchain-based computing platform launched in July 2016. It features smart contract functionality, and its cryptocurrency coins are known as “Classic Ether.” Ethereum Classic was born when some members of the Ethereum community rejected a proposed hard fork of the Ethereum blockchain on the grounds of “immutability”, i.e., the principle that states that “once implemented, a blockchain cannot be changed.” These loyalists chose to maintain the unforked version of Ethereum, hence Ethereum Classic, or ETC.

The original Ethereum was formulated by  Vitalik Buterin in 2013, and was officially launched in 2015. In July 2016, following a series of hacks and thefts, a vote was taken and the outcome was the implementation of a hard fork in the Ethereum blockchain code. The outcome saw Ethereum split into two separate blockchains. The new version became Ethereum (ETH), and the original continued as Ethereum Classic. In 2017, Ethereum experienced a 13,000% increase in value, turning it into the no.2 ranked crypto in the world, where it remains today.

Why Has 2018 Been Good For ETC?

Ethereum Classic is technically the original Ethereum protocol, and the current Ethereum is  the result of that aforementioned 2016 hardfork, so is in essence a forked version of itself. Ethereum Classic sounds cool and sophisticated to buyers and investors, and even though it’s technically the “old version” of Ethereum, its support team have made plenty of updates and improvements on what was already a highly advanced cryptocurrency, and the brainchild of the god-like genius that is Vitalik Buterin.

Ethereum Classic is currently the 16th ranked cryptocurrency, but in reality it is a far higher quality crypto than the majority of those ranked above it. Its price of around $17.50 is cheaper than almost all of its rivals, which makes it outstanding value.

Consider this; Ethereum is the number-two ranked cryptocurrency in the world today, and its coin value is $525.8, many times more expensive than ETC. So, for a fraction of the price you can get 90% of the technology behind Ethereum. No wonder ETC remains so popular!

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