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Who hasn’t noticed this week? The crypto market finally showed what dynamics, but also what madness is in it. Not only that the number 1 Bitcoin has regained strength since the beginning of the year, but also almost all altcoins have attracted attention again. Above all, of course, there is the meteoric rise of BSV and the fight for 4th place with BCH. But apart from the Bitcoin offshoots, there was another winner this week who is otherwise in the dark shadow of his big brother: Ethereum Classic. The price of the coin doubled at times and is still 50% higher than it was 7 days ago. At times, ETC was finally able to get a place in the top 10.
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The struggle of the two Ethereum brothers
Many newcomers to the crypto space find it difficult to tell the many coins apart, especially when they all appear to have the same name, as is the case with BTC and its little brothers BSV and BCH. The same applies to Ethereum Classic (ETC) and Ethereum (ETH).
As is well known, the distinction between ETC and ETH is necessary today because of a hard fork from 2016. Back then, the notorious “DAO Hack” came about, in which money was stolen from a smart contract. As a result, some miners decided to “change the records on the blockchain”. Ethereum Classic is today the coin on whose blockchain the hack is still stored as truth. This was reversed on the Ethereum (ETH) blockchain.
Over time it turned out that ETH found much more approval, which is why more participants took part in the network. This dominance of Ethereum in direct comparison to Ethereum Classic is of course also reflected in the course today. While the ETH price is currently just under $ 169, the ETC price is $ 9.26.
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Ethereum Classic one of the winners of the Altcoin Rally
Despite this balance of power, Ethereum Classic was one of the winners of the Altcoin Rally this week. By Tuesday lunchtime, the price was around USD 6. When the momentum on the crypto market really started, ETC’s price skyrocketed within a few days until it peaked at nearly $ 12 on Friday night.
This doubled the price of Ethereum Classic within 3-4 days, which allowed the coin to temporarily regain a place in the top 10. In the meantime, the price has dropped a good deal and is currently at $ 9.26, which puts ETC in 14th place. But that’s still a huge weekly profit of over 50% in the books!
Is the big brother in danger?
For comparison: Ethereum was also able to grow this week, but not nearly as strong as ETC. The price of ETH was still at $ 144 on Tuesday and has now risen to $ 169. Of course, this 18% increase is also remarkable, but Ethereum Classic clearly dominated this week. What does this mean for ETH?
Anyone who now wishes to see ETC rise again until it replaces ETH and reverses the current balance of power, has to take a little hope at this point. As is well known, the value and price of an asset are not always 1: 1 related. Despite long-term price fluctuations, the fundamental value of the network is crucial.
And in the crypto area, this is strongly related to network effects and development work. These two points cannot be reversed so quickly, since there are far more developers involved in Ethereum than in ETC. So despite the price explosion this week, it seems unlikely that ETC will overtake ETH in the future.
[Bildquelle: Shutterstock]
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