Ethereum Classic Soared 30 times — What's Going on?
Cryptocurrency Ethereum Classic (ETC) set a new historical high of around $167 on Thursday.
Since April 26, when the ETC rally began, the cryptocurrency has risen in price almost 6 times, and since the beginning of the year — 30 times.
Cryptocurrency Ethereum Classic shows the best daily and weekly dynamics in the top twenty of CoinGecko. The growth of ETC occurs against the background of the general rise of the crypto market. So, cryptocurrency Ethereum yesterday updated the historical maximum just below $3.6 thousand. Dogecoin rose to a new high of $0.69 on Wednesday.
Ethereum Classic appeared on July 20, 2016 as a result of the Ethereum network hard fork. This happened after the infamous attack on The DAO project, when 3.6 million ETH worth $50 million at the exchange rate at that time was stolen.
Most developers and other ecosystem participants supported the option of changing the transaction history to eliminate the consequences of hacking. However, this approach was not shared by everyone – opponents of the proposal preferred to stay in the "classic" version of the Ethereum blockchain.
"Mining Ethereum and Ethereum Classic now has about the same profitability," said Will Foxley of the mining company Compass. — This is remarkable considering where Ethereum Classic was a year ago: trying to recover from multiple 51% attacks, low practical value, and a split among key developers."
Ethereum Classic is also becoming more interesting for miners in the light of the upcoming Ethereum changes. In the summer, the blockchain of the second largest cryptocurrency will activate the EIP-1559 proposal, which provides for burning most of the commissions paid by users, and in the longer term, it will switch to the Proof-of-Stake consensus mechanism.
The Ethereum Classic community decided not to support the latest changes to Ethereum, although they used to use the results of the work of the developers of the related blockchain, which is superior in resources.