Ethereum Classic (ETC) has surged 300% in price over a single week as investors flock to buy the ‘wrong ethereum’.
This week has been an interesting one in the crypto market. Altcoins have been rising to their record high prices one after the other. Some currencies have gained legitimate gains due to their use case or institutional adoption, while others surged as a result of the hype around them.
Ethereum Classic, aka ‘original’ ethereum, is a hard fork of Ethereum (the one with the value of 3,500 at the moment). It enables smart contracts. Nevertheless, it is nothing like ETH. But the confusing names have made investors buy ETC in huge sums. As a result, ETC’s price reached an all-time high value of $160 on May 6th with a whopping rise of 300%.
At the moment ETC is trading at $116 with a 233% increase in value over the past 7 days.
Ethereum Classic is ranked 16th according to market capitalization. At the start of 2021, it was ranked at 38thposition. This improvement is a spillover of increased interest in ethereum (ETH).
Investment in ETC is seen as dangerous by many crypto analysts. Ethereum Classic blockchain withstood multiple 51% attacks in its 4 years of existence. There is a lack of security on this ledger. Therefore, investing in ETC is risky.