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Ethereum Classic [ETC] on a roll – surpasses Tron [TRX] and Monero [XMR]

Shahrain KM

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Ethereum Classic [ETC] on a roll - surpasses Tron [TRX] and Monero [XMR]
Source: Unsplash

Ethereum Classic [ETC] has turned out to be one of the major coins that has been on a continuous growth in the market. At press time, the coin surpassed Tron [TRX] and Monero [XMR] in terms of rank on CoinMarketCap. Ethereum Classic [ETC] is reigning on the 11th position with a market cap of $2 billion.

The “Original Ethereum” has been brimming with positive announcement since the beginning of this month. The market speculates that the reason for the momentous rise of the coin can be correlated to all the recent announcements. Ethereum Classic [ETC] was recently listed on Robinhood and became the sixth coin to be listed on the platform. Moreover, Coinbase, one of the biggest exchange platform, is all set to accept inbound transfers of ETC on 7th August.

At press time, Ethereum Classic [ETC] was trading at $19.39 and has seen a significant hike of more than 11% in the past 24 hours.

Ethereum Classic [ETC]’s trading position | Source: CoinMarketCap

In addition, since the past week, the price of ETC has been steadily pumping with the price around $16.90 on 1st August and today it has hiked up to $19.39. There has been an increase of more than $3 and speculation suggests that it would hike to $20 in a short while.

Ethereum Classic [ETC]'s chart in the past week | Source: CoinMarketCap

Ethereum Classic [ETC]’s chart in the past week | Source: CoinMarketCap

Currency365, a Twitterati commented:

“Can we break $20 already ready for the party to begin.”

ETC first took over Monero [XMR]’s position as it was earlier trading on the 12th position. XMR is trading at the 13th position with a price of $113 and a market cap of $1.8 billion.

Tron [TRX] which has been fluctuating between the 11th and 10th position for a long time has a new competitor in the market at present.  At the time of writing, TRX was trading at $0.02 with a market capitalization of $1.9 billion. The currency has seen a drop of 3.97% in the last 24 hours.

Twitter user, Ogre_blind said:

 “The uncrowned king of crypto!”

The market is also speculating a further rise in ETC’s market capitalization such that it overtakes IOTA [MIOTA] which is currently trading in the 10th position in the market. At press time, MIOTA was trading at $0.77 with a market cap of $2.1 billion. The currency has seen a fall of 14.97% in the last 24 hours.



Twitterati, Stevanlohj commented:

“EthereumClassic soon to take IOTA marketcap position. ETC has better node software anyways.”

Ethereum Classic has also made several other announcements such as software updates as well as community developments. The Ethereum Classic development team has welcomed three new members to their core team. The ETC development team has also released updates for their ongoing projects, Emerald-Js and the Classic Geth project.





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Shahrain KM is a writer at AMB Crypto. Her curiosity in Blockchain technology and Cryptocurrencies has led her to be a part of the news reporting team of AMB Crypto. She does not hold value in any cryptocurrencies currently.

Bitcoin

Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator

Priya

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Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
Source: Unsplash

Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.



“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.





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