Ethereum Classic (ETC) has been in a tight spot after hopes were high that the coin would break even after the controversial Coinbase listing. Many anticipated that the digital asset and network will hit big and sustain the 2billion market cap only for the market forces to dash the hopes. However, all is not lost as the coin is repositioning itself to recover the past lost glory.
The hype that came with the controversial Coinbase listing seems to have blown E TC the wrong way. The modern investor appears to be interested in real world solutions rather than short term value propositions and Ethereum has not yet exploited its technological potential to woo the already crypto verse aware investor.
Billed the store of value, the ecosystem has been repositioning itself to break even in powering the internet of things (IoT) a market that several other altcoins are targeting and already making big strides with functional use cases. IOTA with its Tangle technology and VeChain has been in the headlines in their quest to dominating the IoT verse.
Ethereum Classic Stands a better Chance than Upcoming IoT Chains
ETC has been in the market for some time now and given its breakout history from the parent Ethereum it is easy to understand its current and future stability. It presents an easy to use technology that is designed for the masses while new coins are still in the experimental phase and are just trying different routes to market and see the one popular one.
IoT competing outfits might have the state-of-the-art technologies to toy around with but Ethereum Classic offers a universal platform backed by stability and user friendliness that IOTA and VeChain are yet to achieve. Visibility is also another factor that ETC is riding on in terms of global appeal and penetration.
Ethereum Classic support for IoT applications has always been undervalued and once the whole potential is unleashed into the market, the competitor might coil or venture into less competitive niches that are dying for the blockchain support. The last few days have seen Ethereum Classic hit the headlines with the recent mining client being the climax.
ETC and ETH Mining Client Release
BTC.com has released a mining client for ETC and ETH in their effort to grow their mining client base. The news made public on August 30 means miners will have the ability to switch their hash power between the two platform is response to market demands and powers. The rewards will be based on “full pay per share” that will be “calculated within a set period of time.”
The addition of the client will improve the platforms mining ecosystem according to the BTC.com mining pool director, Zhuang Zhong adding that,
“mining operations to grow to 12% of ETH total hashrate in the next 12 months.”
Ethereum Classic (ETC) Market performance
Ethereum Classic route to market has not been very easy and the listing on Coinbase has not helped a lot. The last 24 hour has seen only 1.43% of the total volumes come through the high rated exchange with OKEx and ABCC pushing the bulk of the volumes with OKEx’s 21.01% and ABCC 13.23%.
With the market recovery being experienced in unison across the market, ETC has been trading on the green zone for the last 3 and the last 24 hour trading session has pushed the price to $13.22 after marginally gaining against the green buck with 1.46%. The market charts are showing a coin that is headed towards stability and this could usher in an upward momentum.