Crypto Market Update: Focus on Ethereum Classic (ETC) and Its Atlantis Hard Fork

Siamak Masnavi

The price of Ethereum Classic (ETC) seems to have surged over 12% due to excitement surrounding the upcoming Atlantis hard fork event.

According to data from CryptoCompare, Ethereum Classic started its impressive surge around 06:00 UTC on Tuesday (August 20) when ETC was trading at $5.499. By 02:00 UTC on Wednesday (August 21), the ETC price had reached $6.272, for an increase of just over 14%.

At press time (06:17 UTC on August 21), Ethereum Classic is trading at 6.176, up over 12.19% in the past 24-hour period:

ETC-USD 24 Hour Chart - 21 August 2019.png   

The most likely explanation for Ethereum Classic's price action seems to be excitement over Atlantis, the planned hard fork (at block 8,772,000), which is expected to take place on Friday, September 13.

According to the Medium blog post by Stevan Lohja, Technology Coordinator at Ethereum Classic Labs, Atlantis "implements Ethereum’s Byzantium and Spurious Dragon upgrades to the Ethereum Classic network and has been adopted as an accepted Ethereum Classic Improvement specification which can be found at ECIP-1054."

Lohja also reminds us that the "Kotti test network underwent a hard fork on June 19 at block 716,617 and Morden test network on Jul 29 at block 4,729,274."

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Ripple XRP Sales Fell 74% in Q3 Amidst Mounting 'FUD'

Michael LaVere
  • Ripple XRP sales fell 74 percent in Q3 2019 according to their most recent report.
  • Blockchain startup says increasing FUD and misinformation about XRP contributed to the decline in sales. 

San Francisco-based blockchain startup Ripple saw a decline in XRP sales of 74% for Q3 2019, with the company citing increased fear, uncertainty and doubt (FUD) during that timespan. 

According to Ripple’s XRP Markets Report released Oct. 18, the sale of XRP dropped from $251.5 million in Q2 to $66.2 million in Q3, constituting a decrease of 74%. Ripple’s sale of XRP constitutes a portion of the coin’s 100 billion max supply that the company controls, primarily in distribution to institutional clients.

The report states, 

As readers may recall from the previous quarterly report, Ripple publicly announced our intention to shift to a more conservative volume benchmark for our XRP sales, away from CoinMarketCap and to CryptoCompare Top Tier. In the third quarter, we significantly reduced our XRP sales, consistent with the messaging we shared in the Q2 report. For Q3 19, our total XRP sales were $66.24 million vs. $251.51 million in the previous quarter.

While the dollar-amount of XRP sold fell precipitously from Q2 to Q3, the price of XRP also dropped 35% during that time, contributing to the depression in sales. Total XRP volume also declined between the second and third quarter of 2019, falling 53%. 

Ripple claims to have shifted away from “programmatic sales” during Q3 to focus on a “few strategic partners” who are focused on building XRP utility. The report also cites an uptick in “FUD” and the “spread of misinformation” about XRP as contributing to the decline in sales. 

Featured Image Credit: Photo via Pixabay.com