Ethereum Classic Is With Solid Fundamentals Despite Recent Losses

One of the coins which is in focus of our altcoin news and rumors now is Ethereum Classic (ETC). Despite being down by double digits up to 21% last week of trading, Ethereum Classic is with strong fundamentals now as the charts show and is full of support from many sides.

The top brass behind the coin is always assertive and trying to maintain the project’s core of being decentralized, useful and above all, being guided by code. And as code becomes law, the likes of Charles Hoskinson who is one of the top co-founders of Ethereum before the fork and his path of creating DLT projects – is to stick with a Proof-of-Work consensus algorithm and improve the interoperability.

Despite the insistence, Ethereum Classic suffered a hack where elements succeeded in executing what the Coinbase team said was a Deep chain re-organization or simply, a reputational damaging 51% attack.

“Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain. In order to protect customer funds, we immediately paused interactions with the ETC blockchain. At time of writing, we have identified a total of 15 reorganizations, 12 of which contained double spends, totaling 219,500 ETC (~$1.1M).”

There have been two hard forks and necessary software upgrades which highlight their ambition of coupling with the dominant fork of Ethereum (ETH) as well as strengthening their bases and building a solid foundation.

Named Atlantis and Agharta, the two hard forks show that Ethereum Classic is with solid fundamentals and the network is now more interoperable with Ethereum. The ETC chain also has multiple block explorers and within the next few months, the team plans to introduce state channels which could scale the network.

What is also hot in the Ethereum Classic news is the increased social activity on the network. On average, there are around 41 ETC related posts an hour which means that there is a strong buzz with this coin in the crypto community.

Since the start of 2020, we've seen $etc social activity pick up along with price gains. Even with a bit of a retrace over the past week, activity remains strong with 659 posts today (up to 41 posts/hour) and it's now stabilizing. https://t.co/XWhFFw26Nd @eth_classic #ethclassic pic.twitter.com/mRiYNkhsRK

— LunarCRUSH Social Listening for Crypto (@LunarCRUSH) February 17, 2020

Ethereum Classic is ranked on the 17th position now and ETC is trading at $8.84 with 8% losses on the day in the recent market breakdown which saw Bitcoin (BTC) lose $800 in two hours and again fall in the $9,000 region.