What's Going On With Ethereum Classic (ETC) Today?

Ethereum Classic ETC/USD traded almost 0.6% higher over 24 hours in the early hours of Monday.

What’s Moving? ETC traded 0.58% higher at $68.33 over 24 hours and fel l 7.14% over a seven-day trailing period.

Against Ethereum ETH/USD, ETC fell 2.22%, while it lost 1.57% against the apex cryptocurrency Bitcoin BTC/USD.

ETH traded 3.06% higher at $3,329.63 over 24 hours and was up 1% for the week.

ETC has shot up 1,098.4% since the year began, while ETH’s year-to-date gains stand at 355.34%.

See Also: Ethereum Vs Ethereum Classic

Why Is It Moving? Ethereum Classic inherited the original Ethereum blockchain after a contentious 2016 hard fork.

Over the weekend, Ethereum Classic’s Twitter handle shared a YouTube video by Etherplan that claimed that ETC was on course to become the largest Proof of Work (PoW) blockchain in the world.

How #EtherumClassic will become the largest PoW smart contracts #blockchain in the world. https://t.co/LpZRHaTQLA

— Ethereum Classic (@eth_classic) August 20, 2021

Etherplan’s video discussed how when Ethereum shifts to a Proof of Stake (PoS) network then ETC would rise to the top programmable PoW blockchain.

See Also: Is Now The Time To Buy Into Ethereum Classic (ETC)?

“This positioning is incredibly valuable, however, it is an inexorable reality that when ethereum 1.0 migrates to ETH 2.0 then ETC will become the largest proof of work fixed monetary policy programmable blockchain in the world.”

On Saturday, Benzinga’s Melanie Schaffer noted that ETC tested the eight-day support and held above it and that it was also trading above its 200-day simple moving average, which indicates overall sentiment is bullish.

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Photo: Courtesy of ETC via Flickr