Ethereum Classic has made significant progress in its market cap position in the last few months. The ETC coin saw its price increase by 13% in the past 7 days despite the uncertainty within the crypto markets. This follows the good fundamentals Ethereum Classic has been acquiring from getting listed on popular coin exchange platforms like Coinbase. In addition, ETC is also receiving attention from North America markets due to its good prospects.
Balance Custody to Integrate Ethereum Classic among others
Recently, Ethereum Classic made in-roads into the Canadian market via PARADISO VENTURES INC; the financial markets-oriented company announced that they will be scaling to digital assets. The company is using ‘Balance Custody’ as the vehicle subsidiary to meet its goals in the Canadian market.
Balance Custody will provide a platform that offers an offline storage alternative and management of digital assets/currencies. According to its plan, the company will target institutions investing in financial markets like Hedge funds, investment banks & other market players. Balance will be the pioneer company to operate within this potential space in the Canadian jurisdiction.
The project has been in testing since August 2017 with a sample of the expected target market. Since then the progress in development has been a top priority for ‘Balance’, the company’s focus on the platform was mainly in transparency and security. It is because of this progress that Ethereum Classic together with 7 other altcoins will be tradable on the Balance Custody platform. As it stands, the coins that made the list are all top 10 cryptocurrencies with Bitcoin and Ethereum proving their fundamental value again!
Ethereum Classic on Bitmain’s mining pool
The mining of crypto coins like Ethereum Classic remains critical for the project’s success. ETC community received good news that the altcoin will be mineable via Bitmain-backed mining pool last week. This comes as a big milestone for the project given the mining capabilities of BTC.com which claims mining 21% of the Bitcoin blocks in 2017.
BTC.com will now be offering an Ethereum block explorer to help in the mining of both ETH and ETC coins. Miners will have the option of choosing different hashing power for mining Bitcoin, Ethereum or Ethereum Classic. According to a press release by BTC.com, the initiative is meant to increase the adoption of both Ethereum & Ethereum Classic.
Zhong Zhuang, the project director for Bitmain further added that it is the company’s hope,
“to expand ethereum’s network by relaying … rewards through our [Full Pay Per Share] system,” which rewards miners for participating in the pool.
Also, miners will have the freedom to choose between GPU and CPU mining within the new pools to be added by Bitmain. However, the company had released an Ethereum oriented ASIC DApp at the beginning of 2018.
ETC Market Stats
Ethereum Classic is currently exchanging at $14.21 against the dollar while its BTC price stands at 0.00195870. The market capitalization today is at $1.4 billion placing ETC at 14th position according to coincheckup. Ethereum Classic’s market share is at 0.5944%, a significant figure in comparison to the larger market but a drop in the ocean compared to BTC’s 52% lion share.
In terms of volatility, Ethereum Classic has behaved quite similar to its class of assets recording a high of 39% in the past one month. Since its launch the coin has had a cumulative return of 1,607% while its monthly Return on Investment (ROI) stands at 7.9%, better than securities or bonds but remains high risk. The Ethereum Classic coin still uses the Proof of Work consensus method and Ethash algorithm which is ranked 1st with a 4.7/5 score.