Ethereum Classic (ETC) suddenly doubled in size in just 1 week, determined to get back in the race

While Bitcoin’s rebound from the $ 30,000 support has been nondescript and most of the market is in a sluggish phase, some names are still seeing significant growth. And Ethereum Classic (ETC) is one of them.

Ethereum Classic (ETC) hit a nearly three-week high on June 30, boosted by a $ 50 million investment from the Digital Currency Group, backed by Barry Silbert, and a slight rebound in the crypto market while Bitcoin (BTC) passes the $ 35,000 mark.

Specifically, the Digital Currency Group (DCG) announced on June 21 that it had approved the purchase of shares in the Grayscale Ethereum Classic Trust (OTCQX: ETCG) for a total of $ 50 million. Grayscale is a New York-based investment firm that provides accredited investors with access to cryptocurrency products in the form of traditional securities.

Digital Currency Group Announces Plan to Buy Shares in Grayscale Ethereum Classic Trust (OTCQX: $ ETCG) https://t.co/5tuKNTU2wu

– Barry Silbert (@BarrySilbert) June 21, 2021

The 16th largest cryptocurrency by market cap traded at $ 63.19 on June 30, up nearly 98% from its June 22 low of $ 31.91. Meanwhile, the total market capitalization of all ETC tokens in circulation has exceeded $ 7.2 billion.

Another major driver of ETC’s growth was the massive Ethereum Classic blockchain upgrade hard fork in July. Unlike Ethereum (ETH), Ethereum Classic includes several development teams, including IOHK, ETC Cooperative, ETC Labs etc. In general, most of these groups focus on scalable solutions.

At the same time, their priority remains to improve development tools and promote cross-chain transactions so that other projects can also build on Ethereum Classic. Ethereum Classic’s suggestions for improvement tend to improve the network security of the blockchain while lowering gas charges.

The Ethereum Classic Hard Fork will hit the market in July, at the same time as the Ethereum upgrade in London. This “chance” encounter and the strange stories of rivals with ETH in the past are likely to help ETC gain more ground in the near future.

Synthetic

You may be interested in: