Why Ethereum Classic Rally Is Continuing Unabated

Ethereum Classic ETC/USD, a cryptocurrency that inherited Ethereum’s original blockchain, continues to soar in the new trading week. In the early hours of Monday, it traded 5.2% higher at $48.83. 

See Also: Ethereum V Ethereum Classic

Why Is It Moving? ETC rose with other major coins, including Ethereum, at press time as the global cryptocurrency market cap rose 4.9% to $2.1 trillion.

ETC's rise came on a day when major cryptocurrencies such as Ethereum and Dogecoin DOGE/USD were seen trending among retail traders on Stocktwits. 

The coin has risen higher in the past due to being perceived as a cheaper Ethereum play by investors. Ethereum was trending on price tracking websites CoinMarketCap and CoinGecko at press time.

On Twitter, Ethereum attracted 4,076 tweets at press time, according to Cointrendz data and was the third-most mentioned coin behind XRP and Bitcoin.

ETC has been spiking lately as excitement around mining builds up in wake of an upcoming move of Ethereum to its version 2.0. 

The Ethereum Foundation’s planned migration of the Ethereum Virtual Machine (EVM) to a proof-of-stake consensus in the second quarter would “disenfranchise” the largest proof-of-work ecosystem on EVM.  

Taking note of that development, the project linked with Ethereum Classic said recently that it was “well positioned” to absorb much of the abandoned Ethash rate.

Additionally, the Ethereum Classic project is also seeing some activity related to Decentralized Finance or DeFi.

On Sunday, HebeSwap, a decentralized exchange on Ethereum Classic, said that the third phase of its roadmap — which involves a liquidity pool exceeding 6,000 ETC — is now 89.4% complete as the pool now stands at 5,364 ETC. 

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Photo: Courtesy of ETC via Flickr