Ethereum Classic (ETC) Trading 4.9% Lower Over Last Week

Ethereum Classic (ETC) traded down 1.4% against the US dollar during the 1 day period ending at 9:00 AM Eastern on August 16th. One Ethereum Classic coin can currently be purchased for about $6.18 or 0.00009816 BTC on major cryptocurrency exchanges. Ethereum Classic has a total market capitalization of $975.33 million and $19.30 million worth of Ethereum Classic was traded on exchanges in the last day. Over the last week, Ethereum Classic has traded 4.9% lower against the US dollar.

Here is how other cryptocurrencies have performed over the last day:

• Arweave (AR) traded 0.2% higher against the dollar and now trades at $1.80 or 0.00002858 BTC.
• Bitcoin (BTC) traded 0% higher against the dollar and now trades at $62,944.10 or 1.00000000 BTC.
• Dogecoin (DOGE) traded down 0.1% against the dollar and now trades at $0.0698 or 0.00000111 BTC.
• UNUS SED LEO (LEO) traded up 4.8% against the dollar and now trades at $9.33 or 0.00014815 BTC.
• Zcash (ZEC) traded down 0.9% against the dollar and now trades at $484.54 or 0.00769794 BTC.
• Monero (XMR) traded up 1.6% against the dollar and now trades at $409.63 or 0.00650785 BTC.
• Bitcoin Cash (BCH) traded down 0.2% against the dollar and now trades at $204.02 or 0.00324134 BTC.
• Litecoin (LTC) traded 0.5% higher against the dollar and now trades at $44.27 or 0.00070334 BTC.
• NyanCoin (NYAN) traded 2.2% lower against the dollar and now trades at $2.40 or 0.00008809 BTC.
• Bitcoin SV (BSV) traded down 1% against the dollar and now trades at $15.24 or 0.00024205 BTC.

About Ethereum Classic

Ethereum Classic is a proof-of-work (PoW) coin that uses the EtcHash hashing algorithm. It launched on July 30th, 2015. Ethereum Classic’s total supply is 210,700,000 coins and its circulating supply is 157,861,046 coins. The official website for Ethereum Classic is ethereumclassic.org. Ethereum Classic’s official message board is ethereumclassic.org/news. The Reddit community for Ethereum Classic is https://reddit.com/r/ethereumclassic and the currency’s Github account can be viewed here. Ethereum Classic’s official Twitter account is @eth_classic and its Facebook page is accessible here.

According to CryptoCompare, “Ethereum Classic is an attempt at keeping the Ethereum blockchain unaltered by the part of the community that opposed the hard fork and the return of The DAO funds. It started trading on Poloniex and is getting more and more traction. The Ethereum Classic mission statement is:”We believe in decentralized, censorship-resistant, permissionless blockchains. We believe in the original vision of Ethereum as a world computer you can’t shut down, running irreversible smart contracts. We believe in a strong separation of concerns, where system forks are only possible in order to correct actual platform bugs, not to bail out failed contracts and special interests. We believe in censorship-resistant platform that can be actually trusted – by anyone.”Our block explorer data: total coins supply, total network hash rate, last block number and total difficulty are freely provided by https://gastracker.io/In 2017, the Die Hard fork was implemented in ETC, removing the Ethereum difficulty bomb. Currently, there are no plans to move to Proof of Stake like Ethereum, although developers at the IOHK institute are developing a new PoS protocol for Ethereum Classic. Ethereum Classic has undergone a network upgrade code-named Magneto. Magneto is inclusive of the Ethereum Berlin upgrade which contains a series of EIPs optimizing gas and transactions which have implied security enhancements important for the network. After a series of 51% attacks on the Ethereum Classic network in 2020, a change to the underlying Ethash mining algorithm was considered by the community to prevent being a minority proof-of-work chain in the Ethash mining algorithm where Ethereum is dominating the hashrate. This modified Ethash is also referred to as EtcHash or Thanos upgrade. Etchash is a heavyweight PoW algorithm used by Ethereum Classic. It uses the DAG file that is loaded into GPU memory at the moment of miner launch. An epoch change takes place every 60000 blocks and leads to an increase in size of the DAG file by 8 MB. Telegram, Discord”

Buying and Selling Ethereum Classic

It is usually not possible to purchase alternative cryptocurrencies such as Ethereum Classic directly using US dollars. Investors seeking to acquire Ethereum Classic should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Coinbase, Changelly or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Ethereum Classic using one of the aforementioned exchanges.

ETC/USD price chart by TradingView