RATE Group | Ethereum Classic Price Analysis – On the on ramp » Brave New Coin
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Ethereum Classic Price Analysis – On the on ramp » Brave New Coin

10 Aug Ethereum Classic Price Analysis – On the on ramp » Brave New Coin

Posted at 13:13h in Ethereum News by

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Ethereum Classic (ETC) has remained relatively stable over the past year in relation to other cryptocurrencies. ETC is down a mere 68% from the all time high set in January. The market cap stands at US$1.56 billion, with US$341 million traded in the past 24 hours putting the cryptocurrency at number 14 in the BraveNewCoin market cap table.

ETC was born out of a contentious hard fork following the Decentralized Autonomous Organization (DAO) hack in June 2016, which lead to ~US$50 million being drained from the DAO through recursive call attacks. The DAO was originally established as a venture capital fund built on Ethereum, and launched with a crowdsale in April 2016. As of May 2016, the fund held ~14% of all the Ethereum total supply, roughly ~US$150 million, from 11,000 investors.

A hard fork of the original Ethereum chain quickly followed to recoup the hacked funds, and the original chain survived as Ethereum Classic. ETC proponents questioned the immutability of the ETH ledger…

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