The crypto market rose 2.37% to US$1.27 trillion at 11:07 am ET on Wednesday morning. However, the 24-hour trading volume fell 4.81% to US$75.65 billion.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, was up 2.79% to US$29,802.39. Various altcoins also have registered gains on Wednesday.
Altcoin Ethereum Classic (ETC) gained 11%, with trading volume up over 62% in the last 24 hours.
What is Ethereum Classic (ETC) crypto?
Ethereum Classic, an Ethereum (ETH) hard fork, is a smart contract network to host decentralized applications (DApps). But ETC differentiates itself from Ethereum because the tech roadmaps of the two networks are separate. Ethereum Classic launched in July 2016.
However, ETC seeks to strengthen the Ethereum blockchain, especially after a hacking attack that led to a theft of around 3.6 million ETH. Ethereum Classic, dubbed a legacy chain of Ethereum, was created by Ethereum developers Vitalik Buterin and Gavin Wood.
Ethereum Classic’s native token ETC can be traded on Binance, OKEx, Huobi Global, etc.
Also Read: Why is LCX (LCX) crypto gaining attention?
Why is it rising?
Gains in the broader crypto market may have helped the ETC rally.
Also, developers may be choosing Ethereum Classic over Ethereum. Unlike Ethereum, which has some degree of centralization, Ethereum Classic is a fully decentralized proof-of-work (PoW) protocol. Some developers consider PoW more reliable than the proof-of-stake (PoS) mechanism.
ETC is built by using the Bitcoin (BTC) and Ethereum (ETH) technologies, and since its inception, it has sought to achieve the original goals of Ethereum developers.
Data Source: CoinMarketCap.com
The ETC coin was priced at US$24.02 at 11:38 am ET on May 25, up 11.87%, while its volume for the trailing 24 hours rose 62.82% to US$1.01 billion. It has a market cap of US$3.24 billion, and its fully-diluted market cap is over US$5.06 billion.
The crypto has a maximum and total supply of 210.70 million, and its current circulating supply is around 134.94 million. It returned gains of 19.44% in the last seven days.
The token saw the highest price of US$33.99 and the lowest price of US$16.41 in the last 30 days.
Also Read: Why is IoTeX (IOTX) crypto rising?
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