Ethereum Classic (ETC) is finally showing signs of resurgence after a major slump since September this year. For the past few weeks, the price hovered around $10, but an uptrend can be observed now, as ETC exceeded $15 today, while the 24-hour trading volume stood at just over 73,000 BTC, considerably more than ETH’s volume, at 60,073 BTC.
While Ethereum Classic doesn’t enjoy the same success as its sibling, Ethereum (ETH), it has a strong community which has been supportive since the 2016 fork. Like most other cryptocurrencies, July was great for ETC, marking an all-time-high of just under $23. However, the decline started early September, and ETC was trading under $10 on the 15th.
Now, it appears ETC is gaining ground on account of several updates and the upcoming Ethereum Classic Summit in Hong Kong, scheduled for November 13, and 14, 2017.
It is expected that positive announcements regarding ETC’s future will be made at the summit, which will be attended by ETC developers, partners and various stakeholders.
Another positive update, announced on November 2, 2017, was about the Emerald Wallet development being on track – as v0.60 Beta 3 was released.
The Emerald Wallet is a major project, being worked on by the ETCDEV team. Not only will it become a trustless wallet for ETC users, it is also a platform that enables developers to build decentralized apps (dapps) on the ETC blockchain, without having to re-invent the entire architecture.
Additionally, a November 3, 2017 update from the ETCDEV team welcomed three new developers to the team – Alexey, Tomasz and Shane.
Today, OKEx, one of the more popular Chinese exchanges also announced the launch of ETH and ETC Futures, which may affect the price as well.
With these updates and the upcoming summit, it appears there is speculative buying, driving the price up. But the one thing to note is that majority of the trading volume is from Korea – with Bithump, Coinone and Korbit leading 24-hour trading volume charts for ETC.
While there are legitimate updates on the horizon and potential for organic growth, it may well be that Koreans are pumping ETC on purpose. Regardless, it is encouraging to see positive action and we look forward to announcements from the Ethereum Classic Summit.