Ethereum Classic is the original Ethereum blockchain. In 2016, following a major hack, the Ethereum community controversially decided to perform a hard fork to reverse the fraudulent transactions, creating the chain now known as ETH.
A contingent of users who believed in the immutability of the blockchain, that “code is law”, rejected this change and continued to operate on the original, unaltered ledger, which was preserved as Ethereum Classic.
Historically, ETC’s price action is closely correlated with that of ETH. Positive news and strong upward momentum for Ethereum often trigger a “sympathy play” into Ethereum Classic. Investors, particularly those looking for a lower-priced entry point to capitalize on the broader Ethereum ecosystem’s hype, often turn to ETC.
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