Ethereum Classic is currently the 5th largest cryptocurrency by market capitalization, with a total market cap of over $1.6 billion.
The price of Ethereum Classic has been on a roller coaster ride over the past year, and is currently trading at around $16.50.
Ethereum Classic was created in 2016 after a hard fork of the Ethereum blockchain. The hard fork was the result of a disagreement among the Ethereum community over how to handle the DAO hack.
The DAO was a decentralized autonomous organization built on the Ethereum blockchain that was hacked in June 2016, resulting in the loss of over $50 million worth of ether.
The hard fork resulted in two different versions of Ethereum: Ethereum (ETH) and Ethereum Classic (ETC). ETH is the version of Ethereum that adopted a new governance model and made changes to the code to refund the victims of the DAO hack.
ETC is the original version of Ethereum that did not make these changes.
Since its creation, Ethereum Classic has been gaining popularity and traction within the cryptocurrency community. Supporters of ETC argue that it is true to the original vision of Satoshi Nakamoto, who created Bitcoin as a decentralized and censorship-resistant platform.
They also argue that ETH’s changes to the code are tantamount to a bailout, and go against the principles of immutability and decentralization that are central to blockchain technology.
As Ethereum Classic continues to gain popularity, its price is also on the rise. ETC reached an all-time high of over $45 in January 2018, before falling back down to around $16 today.
With its strong community support and increasing recognition within the cryptocurrency industry, it is likely that Ethereum Classic’s price will continue to rise in the future.