What is Pushing ETC to Higher Highs?
While most of the cryptocurrency market is focused on Bitcoin's movements, one lesser-known cryptocurrency has been making some amazing gains. That cryptocurrency is Ethereum Classic (ETC) and it seems to be one of the best performing cryptocurrencies of 2020 so far.
Ethereum Classic (ETC) started the year trading at $4.50 and its current market price at the time of writing is $11.78. This is a price increase of more than 160% in roughly two and a half months.
This price movement has increased Ethereum Classic's marketcap greatly. ETC moved from #20 to #15 and left other cryptocurrencies such as NEO and LEO behind it.
Possible Reasons Behind Ethereum Classic's Rise
Ethereum Classic's recent rise might be explained by a few different factors. One of these factors might have been the announcement of Aztlan & Phoenix upgrades. These upgrades are currently in their testing period and will likely activate around June 10th, 2020. Aztlan & Phoenix will balance the gas pricings in ETC's Ethereum Virtual Machine.
Another factor might be Ethereum Classic's hash-rate which broke its all-time-high towards the end of January. ETC's hash-rate is still considered very high at 16.8787T which is higher than its performance throughout the majority of 2018.
Additionally, roughly a week ago Ethereum Classic was listed on the popular exchange eTorox. It has been trading there in an ETC/USDEX pairing.
Last but not least, it is possible that concerns regarding Ethereum (ETH) and Ethereum 2.0 has been might have had influence. Ethereum 2.0 will switch its mining algorithm from proof-of-work to proof-of-stake. Ethereum Classic will remain proof-of-work, widening the difference between the two cryptocurrencies.
Either way, with Ethereum 2.0 due to launch this year, we will likely hear a lot more news with its fork Ethereum Classic.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado