What is Ethereum Classic (ETC) crypto and why is it rising?

4 min read | March 22, 2022 04:52 AM AEDT | By Rupam Roy

What is Ethereum Classic (ETC) crypto?

It was created by Vitalik Buterin and Gavin Wood as a legacy chain of Ethereum in July 2016. Both Buterin and Wood are the original developers of Ethereum.

ETC, the native token of Ethereum Classic, is considered a hard fork of Ethereum (ETH).

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Ethereum Classic operates as a smart contract network. It can host and offer support to decentralized applications (DApps). Since its inception, it has differentiated itself from Ethereum. Over time, the two networks’ technical roadmap separated more and more from each other.

It was first set out to protect and maintain the integrity of the Ethereum blockchain following a major hacking incident that robbed of around 3.6 million Ethereum tokens. The ETC token is available in major crypto exchanges like Binance, OKEx, Huobi Global, etc.

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Why is it rising?

The possible reason for the price surge could be the shift of the crypto miners to Ethereum Classic, given Ethereum's transition to a proof-of-stake protocol. The change is expected to occur by the end of the second quarter this year.

The transition to proof-of-stake marks an important milestone in advancing the crypto sector, fueling gains for the native token, ETH. Ethereum developers had successfully tested a merger on the Kiln testnet on March 16 before blockchain passed the final public test ahead of its expected transition from proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS).

Meanwhile, Ethereum Classic intends to remain as a proof-of-work crypto, stressing that the protocol provides maximum decentralization and higher security.

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Source: *Data provided by CoinMarketCap.com

Bottom line:

The ETC token was priced at US$39.23 at 12:02 pm ET on March 21, up 7.30%, while its one-day volume rose 10.40% to US$3.16 billion. It has a market cap of US$5.24 billion, and its fully-diluted market cap is US$8.26 billion.

The maximum and total supply of the token are 210.70 million, and its current circulating supply is 133.71 million. The token returned 234.89% gains over the past 12 months.

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