The last couple of days for crypto values has not been overly optimistic, but it is fully expected to happen time to time in the this ever changing space.
As, I obsessively watched my portfolio tank all around there was one asset that kept surging and stayed resilient to the latest downturn, and it was my favourite dark horse...Ethereum Classic (ETC)!
The next two charts highlight the down market with ETC as an outlier that increased in value over the same time.
I have been challenged many times on my support for Ethereum Classic, but I never waivered, and honestly I don’t understand the hate. ETC definitely holds a special place in my heart because there is something very admirable about it’s immutability and idealistic ways.
I started investigating what was going on with ETC today, and I came across a few interesting findings such as the majority of the trading volume or excitement was coming from the asian markets.
What could the asian investors/markets be so excited about?
In case you have never heard of BTCC, it is a widely used Shanghai-based long-standing bitcoin exchange. ETC was selected to be part of the opening trading pair on the exchange by a twitter contest put on by the CEO of BTCC (Bobby Lee) who happens to be the brother of Litecoin founder Charlie Lee (also of Coinbase fame).
I absolutely love Ethereum, in all flavours, but after the recent Ethereum network woes brought on the mega ICOs, it seems reasonable to me that the interest of investors and developers alike may have been piqued for equivalent or alternative smart contract platforms. I believe there is a market for both versions to co-exist, and they probably should.
It will be interesting to see how this unfolds tomorrow, and which other cryptocurrencies will be added in the near future.
Thanks for reading!
