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Ethereum Classic (ETC) is recovering after a 51% attack that significantly damaged its reputation. However, its price has not been affected by the way it would have been expected due to the backlash on popular social media forums. Perhaps, this is because most of those people who projected the attack as the end of Ethereum Classic (ETC) were not invested in the cryptocurrency in the first place. So, when things normalized, many people took this opportunity to accumulate more and this is why we saw that Ethereum Classic (ETC) remained standing even though most other cryptocurrencies collapsed in the coming weeks. . Even today, ETC / USD is doing much better than Ethereum (ETH) and is well positioned for a rally in the near future.
The 51% attack was a blessing in disguise not only because it warned development teams to be more cautious in the future, but also because it exposed the will and prejudice against Ethereum Classic (ETC). First we saw ETC Dev leave the blockchain citing funding problems. Then, just when ETC Labs was acquiring new Dapp developers, the 51% attack came about. More interesting, just when Slow Mist was approaching to find the culprits behind the attack, someone encouraged the hacker to return the compromised funds. So, what does all this mean? It means that it has never been for the money as we said on the day the attack took place. There is a method to understand how and why these things happen that are difficult to identify at the moment but put them in perspective; it's easy to see through everything.
Chart for ETC / BTC (1W)
Obviously the first question to ask after an accident is "Cui Bono?" Or "Who benefits?" Who would want to malign the reputation of Ethereum Classic (ETC) or a Proof of Work (PoW) model without any financial benefit? If the hacker had not returned the money, we might have thought it was money. However, the fact that those funds were returned entirely to the exchange, Gate.io proves that there were other reasons behind this attack. Some analysts believe that if Slow Mist publishes information about the identity of the hacker, this whole fiasco could end up helping the Ethereum Classic (ETC).
Ethereum Classic (ETC) is largely undervalued compared to Ethereum (ETH). The two blockchains do not have many differences apart from the adoption. If anything, Ethereum Classic (ETC) can be considered a superior blockchain in terms of immutability and decentralization. However, it can not be denied that Ethereum (ETH) has many more developers working on it and has also achieved a higher level of adoption. With that said, Ethereum Classic (ETC) has just started and has a lot of space to go before it reaches the level of adoption that Ethereum (ETH) has. Since Ethereum Classic (ETC) has much more room to grow than Ethereum (ETH), we believe that the uptrend we see on the weekly ETC / ETH chart will probably continue for the rest of 2019 and the possibility for the next year or two.
