Ethereum Classic Pumped To Record Highs
Ethereum Classic had several weeks of pretty weak pricing tanking out at just under 10 dollars at one point but the latest results have seen the crypto currency reach unheard of levels, occasionally touching the 20 dollar mark. It bodes well for this rather slow moving currency which is seen as having great potential by experienced investors.
In fact, Ethereum classic rose to an eight-week high on November 6th - its highest price since September.
At press time, the fork of the etheruem blockchain is trading at around $15.00. As per CoinMarketCap, the ninth largest cryptocurrency by market capitalization has gained 16.90 percent in the last 24 hours. Week-on-week, ETC is up 38.88 percent, while on a monthly basis, it is carrying 21.68 percent gains. Certainly these are figures that will galvanize those who wish to invest in something different.
Volume figures show the rally has been in part fueled by Korean exchanges offering trading in ethereum classic to South Korean won (ETC/KRW) pairs. As per CoinMarketCap, trading volumes on Bithumb, one of the largest cryptocurrency exchanges in South Korea, have jumped by 53.52 percent over the last 24 hours.
Elsewhere, the investor community is associating the price rally with the listing of ETC and ETH futures on OKEX, a digital asset trading platform launched by China-based exchange OKCoin.
Whatever the reason for the recent gains, the rally looks solid on the technical charts. Price action analysis indicates that the cryptocurrency could rally to $17.88 levels.
A suggestion was made to Ethereum Classic that the project should remain with proof-of-work mining, thus again branching out from Ethereum, which intends to do away with mining in less than 18 months, if no further delays are made. But mining remains a sought-after activity and Ethereum Classic may offer the required rewards and price increases to miners. Earlier, for a brief time, a dubious fork was suggested, Ethereum Vega. That fork had the task to provide a minable version of Ethereum, but for now, Ethereum Classic fills the void.
At the Ethereum Classic summit, the news of the digital asset's development were contrasted with the path that Ethereum has chosen. At the moment, Ethereum Classic is becoming much more of a coin and a store of value than a platform, the way Ethereum wants to evolve. Charles Hoskinson, former Ethereum developer and ETC leader, believes the coin has the ability to be used as "digital gold", a store of value.
Ethereum Classic has also suggested a move to Proof-of-Stake in the recent past, and a version for ETC was created as a test, but for now the community prefers the current arrangement.
In addition, ETC offers a unique opportunity for mainstream investments, through the investment vehicle of Grayscale Capital. The shares of the fund would soon be listed on the OTC markets, allowing easier access to US-based buyers.