The cryptocurrency is always filled with surprises, and a rather shocking turn of events took place earlier today. Ethereum Classic, the original non-DAO bailout fork of the Ethereum ecosystem, has overtaken Ethereum regarding trading volume. This came as quite a surprise, considering Ethereum had a very healthy lead just a few hours ago.
The shift from ETH trading to ETC being the top-traded cryptocurrency, all of a sudden, took many people by surprise. The majority of the Ethereum community keeps turning a blind eye to the repercussions of the hard fork, which turn Ethereum into a “developer dictatorship” ecosystem all of a sudden.
For those who are showing support for Ethereum Classic, the day has been quite a good one. With the Poloniex trading volume skyrocketing all of a sudden, things are looking very different compared to 16 hours ago. At that time, ETC was trading on the brink of 70,000 Satoshi, after seeing a long day of constant coin dumping and negative sell pressure.
That being said, Ethereum Classic shows it is far more resilient than people are willing to give it credit for. Prices and trading volume picked up once again, resulting in a +120% price change over the past 24 hours. Do not be mistaken in thinking there is no resistance across the exchanges, though, as day traders and Ethereum holders will liquidate these coins faster than you can say “aloha”.
Despite the opposition ETC may be facing right now, it remains the top-traded cryptocurrency on the Poloniex exchange. With over 38,600 Bitcoin in 24-hour trading volume, ETC opened a 3,000 Bitcoin lead over Ethereum. As a result, the Ethereum price has shown signs of decline, as is currently trading below .02 for the first time in days.
At this stage, it is impossible to tell how the situation will evolve. There are rumors regarding ETC being added to the Yunbi exchange in the next 24 hours, giving it a direct CNY gateway. Whether or not that will have a big effect on either Ethereum or Ethereum Classic, remains anybody’s guess. One thing’s for sure, though: these are very exciting times to be involved in cryptocurrency.
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