The price of Ethereum Classic (ETC), which was born after the Ethereum (ETH) fork in 2016, is trading at around $23 per unit, showing an increase of 11,1% in the last week.
ETC, the native cryptocurrency of the Ethereum Classic network, which was born after the Ethereum fork in 2016, following the hack of The DAO, is the cryptocurrency with the highest performance in the last week.
Currently valued at $23,1 per unit, Ethereum Classic is showing a recovery of more than 11% in its price, driven by increased trading interest among crypto investors. According to data from price monitoring platform CoinMarketCap, the trading volume of this cryptocurrency exceeded $650 million on average this week.
Source: CoinMarketCap
The price of ETC reached a weekly high of $25,5 last Tuesday, showing a bullish spike of almost 24%. This value was last seen at the beginning of this month, days before the sharp drop caused in the crypto market by the debacle of the UST and LUNA cryptoassets, from the Terra blockchain ecosystem.
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Ethereum 2.0 drives up the price of Ethereum Classic
Mining platform HashLists attributes part of Ethereum Classic's bullish rally to the block reorganization that Ethereum 2.0's Beacon Chain recently underwent.
According to the platform, the current ETC rally is fueled by the instability seen on the Beacon Chain, which has led some investors and users to question the security of the new blockchain and the stability of Ethereum's transition from the Proof of Work algorithm.PoW) to the proof of stake algorithm or Proof of Stake (PoS).
Analysts also believe that while the imminence of Ethereum 2.0 may not be having an immediate positive effect on the price of ETH, it is having an effect on the price of ETC. The change in Ethereum's consensus protocol and the second chance that Ethereum Classic represents for miners on this blockchain will make it the largest smart contract platform based on the proof-of-work algorithm in the industry, commented ETC enthusiast @ILGIRASOLE4 on Twitter.
Ethereum Classic has adopted a deflationary monetary policy, which makes it even more distinct from Ethereum. According to the data, ETC will have a maximum supply of 210.700.000 tokens.
Currently, 64% of the total ETC supply is in circulation on the market.
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