The star of the crypto money market in August is undoubtedly the Ethereum Classic (ETC). Thanks to its performance in the last week, ETC has risen from 20th to 16th in terms of total market value in four days. Ethereum Classic up 40%. ETC traded around $ 5.5 a day 7 days ago, while $ 7.21 was traded at the time of writing according to CoinMarketCap data. In the chart below, we see a 1-week change in Ethereum Classic prices.
What are the factors behind the 40 percent increase in ETC?
1- Antlantis Hard Fork
Ethereum Classic is preparing to update the hard fork on the blockchain network next month. Up to 9 million blocks will be updated. In the first months of 2019, the ETC was attacked by 51%, which had negative consequences around the Ethereum Clasic. With the new hardfork, the ETC will make the blockchain secure and faster. Ethereum Classic is experiencing an appreciation of 40 percent with the effect of the update.
Please see Bitcoin SV may experience 51 percent attack
2- North Block Capital
UK-based token investment company North Block Capital joins ETC Labs. This development was officially announced on August 22nd and North Block Capital will sell token through the ETC network. Today, the 7 percent appreciation of the ETC is behind the impact of this partnership. Ethereum Classic’s CEO said development teams will support North Block Capital’s project.
3- Asian market
ETC’s expansions to the Asian market accelerate the investment in Ethereum Classic from this region.
4- Ethereum Classic Summit
This year’s Ethereum Classic summit will take place in Vancouver, Canada on October 3-4. In previous years, ETC prices reacted positively to the summit meetings. This year is expected to have a similar effect. The summit will host many educational organizations about blockchain technology and Ethereum Classic.
Please see things we don’t know about Ethereum 2.0
All the above-mentioned developments explain the 40 percent increase in ETC.
“The contents are informative and should not be considered as investment advice. Investment is a serious and risky business that requires expertise.