As Ethereum blockchain closes in on to its fork anniversary later this year, the smaller of the two chains is in celebratory mode while the other is facing a huge drop a year later. The two cryptocurrencies in question definitely pins to Ethereum (ETH) and Ethereum Classic (ETC), the latter enjoying a blissful month so far.
ETC has been on the radar for the past few weeks since it gained listing on one of the largest cryptocurrency exchange, Coinbase. The listing led to massive bullish momentum on ETC with the price rising from $13.50 USD to over $25 USD per coin in two weeks. However, it’s the recent 10% price spike in a bearish market that is causing all the headlines. During the last 24 hours, every coin in the top 20 chart according to market capitalization saw a drop in price albeit ETC, as it continues to outshine its younger sibling, ETH. However, will ETC be able to compete with ETH in the long term? We definitely think so, here’s why.
1. Listing on Coinbase cryptocurrency exchange
Coinbase has long been taunted as the epitome of exchanges and ETC gaining listing on the exchange may well prove the notion. Trading only a handful of coins, Coinbase offers an elite type of status to the coins traded on the site and ETC is now among the elite.
Placing the ETC coin on virtually every major exchange offers a level playing field to both these coins. This opens up a new marketplace to obtain ETC directly using fiat currencies. With ETC trading 20 times cheaper then ETH at the moment, the potential for growth is high with similar products on offer.
2. The original Ethereum comeback with better smart contracts
Most have no idea that Ethereum Classic is the original blockchain and Ethereum is the fork. How did it come to be? During the hard fork, a consensus was reached to adopt the new chain as the original coin and dump the old chain. Ethereum had faced a couple of bugs in the smart contracts and slow transaction times which initiated the calls for a fork. However, some of the community members had a different view and stuck to the original chain to solve the problems associated and that’s how the name Ethereum Classic originated.
After failing way off in the running after the fork, the original Ethereum, offers its community member a faster, cheaper and more secure platform.
Stability and scalability of Ethereum still makes the coin the Big Brother but with ETC continuing to break resistance levels we may soon see a reversal in fortune for ETC. The coin currently trades at $19.32 USD, representing a 10.78% in the last 24 hours with a total volume of $560,478,817 USD worth of ETC traded across global exchanges. The coin is ranked 11th on Coinmarketcap with a total market capitalization of $2,001,400,902 USD, the highest the coin has ranked since the fork. Is this a sign of better things to come? Watch out ETH, we may have a new smart contract king soon.