Why Ethereum Classic (ETC) Is Up Nearly 170% This Month

Francisco Memoria

Ethereum Classic (ETC) just saw the hashrate on its network hit a new all-time high above 20 TH/s amid an ongoing rally that has seen the cryptocurrency’s price more than double since the beginning of the year.

According to CryptoCompare data, the price of ETC has surged from around $4.5 at the beginning of the year to roughly $12.14 at press time. In the last 24-hour period the cryptocurrency is up by 9.95%, and in the last 30 days it’s up by a whopping 170%.

The number of users subscribed to its r/EthereumClassic subreddit has also been on the rise, as the ongoing rally has seemingly captured investors’ interest.

ETC's price performanceSource: CryptoCompare

There are several potential causes for the rally. ETC Labs, a research division of Ethereum Classic, has pledged $1 million to the UNICEF to fund blockchain startups that could tackle some of the world’s social issues. On the other hand, Grayscale Investments has committed to funding the development of Ethereum Classic for two more years via the non-profit ETC Cooperative.

Another factor could be the Agartha hard fork Ethereum Classic successfully complete earlier this month. It included a set of upgrades that make it more interoperable with the Ethereum (ETH) blockchain. The hard fork included, via the Ethereum Classic Improvement Proposal (ECIP) 1056, Ethereum’s Constantinople and St. Petersburg upgrades.

Finally Bob Summerwill, executive director of the ETC Cooperative, has said he believes ETC will attract decentralized finance (DeFi) products to its blockchain this year. During an AMA, he said:

DeFi projects could target ETC very easily. I expect to be talking to many DeFi projects in the coming months

The price rise hasn’t just attracted investors and cryptocurrency enthusiasts to ETC. Data from BitInfoCharts shows its hashrate has hit a new all-time high of 20.65 TH/s, surpassing its September 2018 hashrate of 17.25 TH/s.

Featured image via ETC on Flickr

Cardano (ADA) on Fire: Surges Above $0.10 to Get Into Top 6, Up 206% in 2020

At 16:00 UTC on Friday (July 3), shortly after IOHK, the company developing the Cardano (ADA) protocol, announced a custody agreement with Coinbase, the price of the ADA token went over $0.10 for the first time since October 2018, thereby making ADA the sixth most valuable cryptoasset by market cap.

Yesterday, on day two of the two-day "Cardano Virtual Summit: Shelley Edition", IOHK Co-Founder and CEO Charles Hoskinson announced that from Q4 of this year, Cardano blockchain users would be able to store their ADA holdings at Coinbase Custody "without losing the ability to delegate their stake."

On Tuesday (June 30), IOHK announced that the Shelley codebase had been released to Cardano’s mainnet (but note that the actual hard fork is not expected until around July 29):

Hoskinson had this to say about his company's agreement with Coinbase Custody, which "operates as a standalone, independently-capitalized business to Coinbase, Inc.":

"With Cardano, we believe we can create a revolutionary solution which will be able to offer access to finance and investment to swathes of the population who have previously been shut out of the system.

"This custody agreement allows us to offer the same secure storage solutions that can be found in traditional finance to ada holders, without sacrificing what makes Proof of Stake blockchains special - being able to participate in the network.

"We look forward to this partnership with Coinbase, and to continuing to bring cryptocurrencies closer and closer to mainstream adoption."

As for Sam McIngvale, Head of Product at Coinbase Custody, he said:

"We have been following the success of the Cardano incentivized testnet, with over a thousand registered stakepools during the testing period.

"We are pleased to have been selected as the custodian and we’re proud to be a full-service, regulated, comprehensively-insured, and 100% offline staking provider in crypto.

"The ability to successfully operate within a regulatory framework is essential for the long-term survival of cryptocurrencies.

"We are overseen by the same regulators, and held to similar capital requirements and audit requirements as a traditional financial custodian, which removes many of the perceived barriers to global acceptance of crypto."

IOHK's announcement was made just before 14:00 UTC on Friday (July 3). By 16:00 UTC, the ADA price had broken through the $0.10 resistance level for the first time since October 2018.

Currently (as of 07:34 UTC on July 4), Cardano's token is trading at $0.1003 (up 6.94% in the past 24-hour period), which makes it the sixth most valuable cryptoasset by market cap:

24 Hour CC Chart for ADA-USD on 4 July 2020.png

So far in 2020, Cardano's ADA has gone up over 206% vs. the dollar.