Ethereum Classic (ETC), a known altcoin from the Ethereum family, recently saw a major price surge after two major events took place. The first of the two was a significant technical upgrade, while the second one included the listing of its futures product on one of the world’s largest crypto exchanges, Binance.
As a result, the coin’s price surged by around 100% within a single week. The coin’s price prior to the surge sat at around $5.07. This week, however, the price climbed to $10.11 on Thursday evening. By Friday evening, the price reached $11.82, but the resistance at $12 stopped its progress. The coin attempted to breach this level once again, albeit unsuccessfully.
At the time of writing, however, the coin’s price is seeing a 6.59% drop, which brought its price down to $9.32. The initial surge allowed the coin to reach the top 10 largest cryptocurrencies by market cap, although the following price drop brought it to its current position at 14th spot.
Two reasons for ETC price surge
While Ethereum Classic’s update is undoubtedly a very significant event for the project, it was the listing on Binance that had provoked a price surge. ETC futures are currently available on the exchange with up to 75x leverage, and traders were quick to enter long positions immediately after the listing.
But, as mentioned, the project’s Agharta software update is also not to be ignored. The software arrived through a non-contentious hard fork, which made ETC more interoperable with ETH blockchain.
The new development regarding the project also brought increased scammer activity into play. According to an announcement published by Ethereum Classic Cooperative, scammers attempted to trick people into thinking that the hard fork created a new cryptocurrency. Online criminals were offering ‘new Agharta coins.’
ETC is far from the only one to see a major price surge in the first half of January 2020. Bitcoin and Ethereum saw their own prices go sky high, and so did many other altcoins, most of which are forks of Bitcoin and Ethereum themselves.