Ethereum Classic price (ETC/USD) outpaces mostly upbeat market
Ethereum Classic price (ETC) has been the best performing digital coin in the top 20 over the past 24 hours.
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The token has gained more than 20% over that period, according to data from cryptocurrency tracker Coinmarketcap. The only other top 20 cryptocurrency to have posted double-digit percentage gains in the same timeframe is VeChain, whose price has increased by just over 10%.
ETC achieved the majority of its gains in a steady increase during today’s trading. The cryptocurrency notched up a close of $34.88, after overcoming a drop to $31.52 earlier in the session. At the time of writing the Ethrereum Classic price was hovering around $39.90, its highest level since January 16. At current price levels Ethereum Classic is more than 100% up from its February 6 low of $19.42.
Ethereum Classic came into existence in July, 2016, following a split of the Ethereum blockchain. Seeking to recover funds stolen during the initial coin offering of Decentralized Autonomous Organization (DAO), the Ethereum Foundation and the Ethereum development team executed a hard fork that erased the effect of the incident. However, the move was opposed by some within the Ethereum community, who continued to use the old blockchain, rebranding it as Ethereum Classic.
In today’s trading, the Ethereum Classic price stood at $39.78, as of 16:33 GMT. The digital currency has gained nearly 21% in the past 24 hours. Its market cap currently stands at $3.98 billion, which makes it the 14th-largest cryptocurrency on the market.