The Ethereum Classic cryptocurrency has become an interesting and potentially valuable currency investment for people today. The Ethereum Classic currency has just grown in value as it is going to be listed on Coinbase in the near future. This has improved upon how well the currency is being offered and what people can get out of it for their investment demands.
The currency has risen to about $18 in value recently. This marks a breakout as the currency had been holding steady at the $15 value for much of the past few months but has not experienced any dramatic declines during that time period.
Meanwhile, the trading volume for the currency is at about $300 million. This is around twice as much as what the value had been earlier in the year. Part of this volume comes from the addition of many markets that currently list the currency for trade.Advertisement
While Coinbase is going to surely improve upon the trading activity for the currency, people can already find the currency through many popular spaces. These include such prominent trading spots as OKEx, BitForex, Binance, Bitfinex, and Huobi.
The market cap of ETC has gotten to nearly $2 billion thanks to its ongoing rise in value. The currency has already become one of the twenty most valuable cryptocurrencies in the market according to Coin Market Cap. The value is expected to keep on increasing as more spaces begin to take in and utilize the currency for many intentions.
But What Is the Currency?
Although the intrigue surrounding Ethereum Classic has been rising, there have been some questions as to why the currency exists to begin with. Part of this comes as the value of Ethereum Classic is significantly less than regular Ethereum, which is trading at a little under $500 as of the start of July.
Ethereum Classic is designed to focus on the smart contract aspect of managing decentralized programs and transactions. ETC will place a greater emphasis on managing smart contracts between multiple devices and programs at a time. The transactions handled through ETC will focus more on getting many machines to link to each other. The smaller crypto transactions that are handled within the ETC network are managed among many parties without having to access a bank account to make certain functions work.
Also, ETC has a hard cap over the number of coins that will be produced for future use. ETC is limited to 210 million tokens. Close to half of that total is currently available for use right now. The hard card is designed to ensure the tokens within the currency are easier to monitor. This is different from the traditional Ethereum currency in that ETH focuses more on offering no limit to how many tokens may be generated.
The people behind Ethereum Classic insist that while it shares a similar name, ETC is not intended to be a direct competitor to Ethereum. ETC is made to instead be a companion to ETH that helps with managing the transaction processes in an increasingly decentralized world.