Interesting things are taking place within the Ethereum ecosystem. Most people tend to forget there are two currencies out there: ETH and ETC. For the longest time, people expected Ethereum Classic to die a slow death. However, it looks like the currency is slowly making a name for itself. In fact, the ratio between ETH and ETC broke under 10:1 this week. An intriguing development, or just a fluke?
ETH and ETC Ratio is Fluctuating In Favor of Ethereum Classic
It is quite interesting to see how Ethereum Classic has been doing these past few days. It seems this currency is finally finding its position on the market. Ethereum Classic and Ethereum are both different coins, although they share nearly all of the same technology. This means anyone can build Dapps and smart contract son top of Ethereum Classic’s blockchain if they wanted to do so.
That being said, the ratio between ETH and ETC has undergone some drastic changes. Considering some Ethereum users feel Classic has no value whatsoever, this shift in momentum is even more noteworthy. As of last night, the ratio between the two currencies was under 10:1. That means one ETC is worth roughly 10% the Ether value. Although this may seem like a minor change, it is still a sign Ethereum Classic will not go away anytime soon.
A lot of progress has been made for Classic as well. Attending this week’s Consensus event will help put ETC on the map. Moreover, the Emerald Wallet and SDK will be released soon, which a lot of community members are very excited about. Plus, there is the Metamask project, which can now be used with the Ethereum Classic blockchain. Last but not least, it is very likely BTCC will enable ETC trading in China soon. This latter part is not officially confirmed at this stage, though.
While this does not mean ETC will hit parity with ETH anytime soon, the ratio development is still pretty interesting. .The bigger question is whether or not this ratio can be maintained in the long run. There is still a lot of resistance on the markets for sure. The overall cryptocurrency market is very volatile right now, which allows for fluke fluctuations. However, if ETC can maintain this ratio trend, things could get very interesting in the coming months.
powered by JP Buntix
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.