Bitcoin’s popularity and brand recognition have often taken the limelight away from lesser known cryptos, most of which are slowly making major progress in terms of technology and functionality.
Ethereum Classic [ETC], one of the more recent altcoins and fork coin to Ethereum [ETH], recently announced that the intermediate Ethereum Classic Atlantis Fork upgrade was scheduled for 19th Jun 2019, on the Kotti Classic PoA testnet.
According to the corresponding statement, the scheduling of the upgrade was discussed with members of the ETC community which included core developers, exchanges and other important stakeholders in the community.
The procedure of the upgrade was discussed in detail and a timeline was released for the ECIP1054 upgrade.
The statement added that the ETC Kotti testnet and the ETC Morden test net will be activated at a block height of #716,617 and #4,729,274. The official ETC mainnet will introduce the hardfork at the block height of #8,500,000.
Some of the major improvements the Atlantis upgrade is supposed to establish on the Ethereum Classic Blockchain is related to the stability and functionality of ETC. The upgrade will consist of 10 Ethereum Improvement Proposals [EIPs], which include the likes of improvement to stability [EIP 100], Op-code upgrades [EIP 140, 211, and 214] and performance related improvements [EIP 161 and 170].
The post stated,
“The upgrade also ensures compatibility with Ethereum to promote greater collaboration between the sibling blockchains.”
Previously this year, Ethereum Classic was hit by a 51% attack, causing chaos in the community. Hence, the present development is expected to be completed 2 weeks before the deadline. The community is hopeful that the current upgrade would bring forward more investors towards the ETC market as the price predicted for the token ranged between $18 and 20$, by the end of the year.
At press time, the token was valued at $8.14 and had a market cap of under $1 billion.
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Top Losers: Ethereum, XRP, and EOS bleed as crypto-market follows Bitcoin’s lead
The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.
Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.
At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.
A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.
The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.
EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.
The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.
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