Ethereum Classic has been stuck in a lateral / slowed down trend for quite some time now. Aftear with a peak in early August with the price of $ 20.58 / 295822 satoshi has hit the bottom of the 14 falling to the values of $ 10.81 / 178609 satoshi. A slight rebound saw ETC swing around the $ 13/190000 satoshi before September 5 th started another short-term downtrend.
Ethereum Classic is currently valued at $ 10.60 USD (2.72% increase in the last 24 hours) / 166942 satoshi (1.29% increase in the last 24 hours). The daily trading volume has certainly been boosted by the Coinbase listing and currently stands at 26,082 BTC. With a market capitalization of $ 1,109,227,538, Ethereum Classic is the 14th most valuable cryptocurrency on the market at the moment.
InvestingScope analyzed the technical data of the currency:
"After breaking the ascending triangle 1D (oversold STOCH = 19.801, STOCHRSI = 0.000 Williams = -95.573), ETCUSD suffered a sharp decline forming an aggressive 4H Channel Down (RSI = 32.215, Highs / Lows = -0.5934) The price is now close to our TP = 9.5050 and also the support of the 1W Falling Wedge, which is the long-term trend-oriented supplier. a psychological barrier that will put the bar for ETCs much lower (7,000). "
The project recently held the second annual Ethereum Classic Summit in which" the brightest and most influential minds in the patrimonial and digital space "gathered for discuss various topics concerning cryptocurrency and ETC. A wide range of issues affecting general development, the development of the ETC-based Mantis client, IoT, transversal interoperability, market dynamics, ASICs, legal perspectives on smart contracts, social issues surrounding blockchain and much more have been touched and the Seoul based on a base event was considered successful. The entire speaking part of the summit was archived on YouTube.
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Charles Hoskinson, head of the IOHK and ETC development, talked about the summit and compared the current status of ETC with the early days of BTC in this short YouTube video. Hoskinson notes that the parallel Ethereum Classic-to-Bitcoin can be designed primarily because ETC is currently managed by a small number of people, which was initially also a feature of BTC. Unlike other cryptographic projects that rely on a community of developers and engineers, Ethereum Classic is managed by a close-knit team, in the way Bitcoin was born. While Bitcoin is currently a huge colossus that is a little more difficult to maneuver than before, the compact structure of Ethereum Classic makes it easier to steer the project and direct it along the path of growth.
"The great value for the Ethereum Classic community for the road ahead is that we now have to pursue a completely different roadmap from the one in which Ethereum will eventually come in. It will certainly be a fight in sight, but we have to be the our guide. "
Project development efforts have been enhanced with the recent version of Ethereum Classic SDK for the creation of dApps. The so-called "Emerald Software Development Kit" will allow developers and enablers to build their own dApps on the Ethereum Classic platform, similar to its most popular intelligent counterpart, Ethereum. This version will probably help to attract more developers and investors who will contribute to the growth of the network. The project also signed a MoU with UTRUST with the goal of integrating ETC into the UTRUST platform. UTRUST is a sort of escrow service that acts as a third party broker and holds the funds of users until the delivery of a purchased product / service. It is an important protective layer for both the trader and the customer and will help develop an operating economy of Ethereum Classic.
Overall, the project is moving and is moving forward to become a fully developed smart contract platform. Will this be enough to overthrow Ethereum and other distinctive elements of the market? It remains to be seen.
CapitanAltcoin writers and authors may or may not have a personal interest in any of the projects and activities mentioned. None of the contents on CaptainAltcoin is an investment advice nor a substitute for advice from a certified financial planner.