At the beginning of this week, all the 20 largest cryptocurrency experienced a fall. The only exception was Ethereum Classic, the price of which on the background of a General decline in the market soared almost 18%.
Even more impressive is the fact that in relation to BTC rate ETC in this period increased by 19.54%. Simply put, Ethereum Classic has appreciated in value relative to Bitcoin. What was the reason for such a jump in price? We were able to detect at least two factors that could have such an effect.
First of all, the jump rate can be associated with the upcoming event giveaway of tokens (airdrop) Ethereum Classic at the addresses registered in the network of wallets.
It is reported that a team of developers ETC working on another project called Callisto. Callisto is separate from the Classic Ethereum blockchain project, however with a promote in the period of 5-6 March the developers will distribute to all holders of coin ETC Callisto (CLO) in the ratio 1:1. This is the beginning of next month!
Simply put, the ETC holders will receive a free one koinu CLO for each belonging to them ETC. Who would not have relished the ringing free coins? This can be an explanation for the price rally.
We believe that speculators rush to buy before the distribution is more ETC to get as many free coins, which they hope they will be able to sell profitably.
Another factor that could accelerate the growth of prices ETC is a optimistic comments influential figure cryptosphere.
Barry Silbert (Barry Silbert), CEO Digital Currency Group (DCG), are an active supporter of Ethereum classic, last week spoke at the summit Yahoo! Finance All Markets Summit, where he paid particular attention ETC. and once again publicly expressed support for this project.
Silbert said that, with the exception of a few coins, the vast majority of cryptocurrencies will eventually collapse and their value will fall to zero. He specifically mentioned three koina, which, in his opinion, can survive. One of them, you guessed it, Ethereum is a Classic.
“I think in the long term there will be only one digital gold, only one anonymous token and only one main platform for smart contracts.”(Source, eng.)
As a digital gold, he chose Bitcoin. As the anonymous token he chose zcash for. And as a platform for smart contracts, he preferred Ethereum Classic, and not his more powerful counterpart, Ethereum.
Barry Silbert – insider of kryptonyte. His firm, DCG, manages the world’s largest Bitcoin Fund, Bitcoin Investment Trust (GBTC). He also invested in 19 major cryptocurrency exchanges around the world, and founded the Coindesk influential news Agency in the field of kryptonyte. As far as we know, in his hands are concentrated enough tools so that he could have a direct impact on prices.
However, despite the optimism of Zilbert, we share the concern of the whole community the way in which Ethereum Classic is going to beat Ethereum to his field and in his own game.
Ethereum is developing rapidly. Last year alone, he has achieved impressive results by signing in Ethereum Enterprise Alliance (EEA) more than 500 new members, including giants such as Microsoft Corporation, Samsung and JP Morgan Chase & Co.
At the same time, Ethereum plans to convert its network to an algorithm Proof-of-Stake which will allow to process transactions much faster than is possible in the older Proof-of-Work networks like Bitcoin or Ethereum Classic. Still, it remains unclear whether ETC, good game plan against his powerful opponent.
This is a reasonable fear, under which our price forecast Ethereum Classic for 2018 remains quite conservative. ETC, from our point of view are unlikely to be able to update their price highs, unless there is strong bullish momentum and another powerful wave of influx of money that will lift all boats. New investors we recommend you to do your research and be careful.