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It has been a relatively quiet market day for the major cryptocurrencies, but a digital currency is still beating all viewers.
The Ethereum Classic tokens have seen their value increase by 13.7% more than on Monday, according to data from Coinmarketcap.com. The peak value has stopped again by 59% compared to the historical highs of January, but the move is still distinguished because nine of the 10 largest crypto-currencies have been traded down today. Ethereum Classic is knocking on the door of that group of elites, going from the thirteenth cryptocurrency by total capitalization to the twelfth place today.
The two-year spin-off of the best known Ethereum blockchain is rising news that the Robinhood Crypto trading platform has just added coin support.
Image source: Getty Images.
What does this mean?
Robinhood Crypto is the cryptocurrency trading arm of the online securities broker Robinhood Markets. This trading platform has only been in place since February 2018, expanding five to 19 US states in six months. Given Robinhood's position as a leading broker for more traditional trading objects such as stocks and options, market observers expect the company to quickly become a market leader in the cryptocurrency industry.
Ethereum Classic is the sixth cryptocurrency to set foot on the Robinhood Platform. The Robinhood website and trading apps also provide real-time market data for another 10 cryptographic names. The company aims to expand its trading and data options over time, while also extending its cryptographic services to other states. Regulatory forces are holding back some of these efforts and there are always technical problems to be untangled.
How does Ethereum Classic differ from the simple old Ethereum?
What we know as Ethereum Classic today was the main Ethereum system. In 2016, hackers stole 3.6 million Ether tokens from an Ethereum venture capital fund, forcing the community and technical staff of the platform to devise a way to deal with situations like these.
The solution was to shell out the Ethereum blockchain in two separate entities. The new chain would include new security measures and the ability to restore stolen funds to their original owner. Ethereum Classic remained on the oldest blockchain, supported by hard-liners who insisted that the blockchain should be immune to tampering, even when it is made for a good cause, like making people whole after a $ 50 hacker raid millions.
So Ethereum Classic continues to live, albeit as a much smaller slice of the community with a 4.6% market share of the size of Ethereum.
And today, the platform has made its way into another major trading service. In addition, Coinbase, the leading cryptocurrency trading platform, is giving a last spit to its pre-announced support for Ethereum Classic.
In short, it is becoming much easier to get your hands on Ethereum Classic if you prefer your old school loyalty to the original Ethereum blockchain and its key ideas. Since the entire universe of Ethereum is more about sending and storing data than trading tokens and creating wealth, some users and developers may prefer this approach than the less rigid attitude that the Ethereum platform is taking.
Ethereum Classic is right for you? This is for you to decide, but at least you're more likely to have this option today.
Anders Bylund owns some Ethereum tokens but has no other positions in any of the cryptocurrencies mentioned. Motley Fool has no position in any of the cryptocurrencies mentioned here. The Motley Fool has a disclosure policy.
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