A hard fork of the Ethereum network now cruises in a three-week all-time high after Digital Currency Group invests $50 million. The recovery of the digital asset trails the gradual rise in the cryptocurrency market. A major indicator points to more bullish runs for the crypto that has peaked twice its initial value.
ETC is the 17th largest cryptocurrency by market value and its circulating supply has crossed $7.53 billion. On June 22, ETC traded under $31.91 but after the injection, it rose to $63.
The cryptocurrency did suffer from the market capitulation of May. Just after Digital Currency Group under the umbrella of Grayscale Ethereum Classic Trust announced the intention to stake on the asset with $50 million, ETC lost half its value the next day. This development was triggered by the uncertainty in the cryptocurrency market emanating from China’s crackdown and the Bitcoin energy FUD.
Bitcoin slipped below the $30k mark which left investors uncertain, even institutional entities were unsure of taking advantage of the current market trend. However, following BTC’s gradual increase, altcoins followed as the greens appeared again.
What to Know About ETC
As a hard fork of the Ethereum network, ETC was born out of an internal feud that appeared to make the network centralized. This occurred after its $150 million hack as Vitalik Buterin’s team suggested the history of the hack be cleared, a notion which caused disagreement. The aftermath of the disagreement led to the split that birthed Ethereum Classic.
ETC’s hard fork will go live in July this year. It proposes a scalable blockchain that would easily host decentralized applications. Also, in a bid to overtake Ethereum the network offers the capability to handle blockchain transactions with lower fees.
Presently, indicators are pointing to a further bullish run on ETC as it might likely hit the $83 mark. However, this prediction depends on the overall volatility of the crypto market.