Ethereum Classic Beats All But Bitcoin Cash As Price Tops $18

Wilma Woo · November 13, 2017 · 10:45 am

Ethereum Classic (ETC) is the second best-performing cryptocurrency Saturday as 15% price increases precede the Ethereum Classic Summit.


ETC Summit Draws Jihan Wu, Silbert To Break Silence

Ahead of the event, which takes place November 13-14 in Hong Kong, ETC reached multiweek highs of over $18 and is currently circling $16.90, cross-exchange data from Coinmarketcap shows.

The uptick puts the altcoin behind only Bitcoin Cash in terms of daily growth, as the top 50 cryptocurrencies all see losses.

Ethereum Classic

Bitcoin itself has dropped over $1300 since SegWit2x proponents abandoned plans for a hard fork next week. Additional advocacy and investment in Bitcoin Cash have seen the rival chain reach its highest values ever, currently trading close to $1050.

ETC’s conference, hotly awaited by the Ethereum chain’s community, will meanwhile draw in major Bitcoin Cash advocate Jihan Wu as a speaker, along with additional high-profile cryptocurrency industry figures.

Ethereum co-founder Charles Hoskinson and BitMEX co-founder Arthur Hayes will join ETC’s main proponent, Digital Currency Group CEO Barry Silbert.

Silbert had vocally plugged the coin on social media until recent months, when his decision to withdraw from Twitter debating in particular shifted consumer focus away from ETC and appeared to coincide with a decline in price. Now, it seems, he is once again singing the coin’s praises.

Investors Return To ETC Prospects

In conference month, however, change is in the air. OkEx, the international sister of Chinese exchange Okcoin, announced it would launch both ETC and ETH to Bitcoin Cash futures last week.

Momentum is tipped to continue in the short term, with buzz on social media focusing on mid-term price gains as ETH remains dogged by Parity wallet’s second funds loss.

ETC confirmed that none of its wallets had been compromised as a result of Parity’s coding vulnerability, which saw ETH worth around $300 million accidentally get locked out of reach of investors.

“Neither the July 19th hack nor the November 7th hack affects the Ethereum Classic blockchain,” developers wrote in a post on November 7.

What do you think is causing Ethereum Classic’s price rise? Let us know in the comments below!


Images courtesy of Ethereum Classic, CoinMarketCap

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Source: Bitcoinist