Ethereum Classic Hits Market Cap of $5.05 Billion (ETC)

   2022-09-14 11:09

Ethereum Classic (ETC) traded 3.9% lower against the U.S. dollar during the one day period ending at 7:00 AM ET on September 14th. Ethereum Classic has a market cap of $5.05 billion and approximately $1.53 billion worth of Ethereum Classic was traded on exchanges in the last 24 hours. During the last seven days, Ethereum Classic has traded up 8.6% against the U.S. dollar. One Ethereum Classic coin can now be purchased for approximately $36.89 or 0.00181138 BTC on major exchanges.

Here’s how similar cryptocurrencies have performed during the last 24 hours:

  • Bitcoin (BTC) traded 9.6% lower against the dollar and now trades at $20,367.58 or 1.00000000 BTC.
  • Ethereum (ETH) traded 7.8% lower against the dollar and now trades at $1,599.63 or 0.07853811 BTC.
  • Dogecoin (DOGE) traded down 4.5% against the dollar and now trades at $0.0608 or 0.00000298 BTC.
  • UNUS SED LEO (LEO) traded down 3.1% against the dollar and now trades at $4.81 or 0.00023599 BTC.
  • Litecoin (LTC) traded down 6.3% against the dollar and now trades at $59.44 or 0.00291846 BTC.
  • Monero (XMR) traded 7.4% lower against the dollar and now trades at $148.46 or 0.00728912 BTC.
  • Bitcoin Cash (BCH) traded 7.8% lower against the dollar and now trades at $119.57 or 0.00587078 BTC.
  • COUTION LIVE (CTL) traded down 4.7% against the dollar and now trades at $0.20 or 0.00000981 BTC.
  • DEI (DEI) traded 2.4% lower against the dollar and now trades at $0.20 or 0.00000995 BTC.
  • Bitcoin SV (BSV) traded down 4.4% against the dollar and now trades at $52.10 or 0.00255813 BTC.

About Ethereum Classic

Ethereum Classic (ETC) is a proof-of-work (PoW) coin that uses the EtcHash hashing algorithm. It was first traded on July 23rd, 2016. Ethereum Classic’s total supply is 210,700,000 coins and its circulating supply is 136,866,686 coins. The official website for Ethereum Classic is Ethereum Classic’s official message board is Ethereum Classic’s official Twitter account is @eth_classic and its Facebook page is accessible here. The Reddit community for Ethereum Classic is /r/EthereumClassic and the currency’s Github account can be viewed here.

According to CryptoCompare, “Ethereum Classic is an attempt at keeping the Ethereum blockchain unaltered by the part of the community that opposed the hard fork and the return of The DAO funds. It started trading on Poloniex and is getting more and more traction.The Ethereum Classic mission statement is:”We believe in decentralized, censorship-resistant, permissionless blockchains. We believe in the original vision of Ethereum as a world computer you can’t shut down, running irreversible smart contracts. We believe in a strong separation of concerns, where system forks are only possible in order to correct actual platform bugs, not to bail out failed contracts and special interests. We believe in censorship-resistant platform that can be actually trusted – by anyone.”Our block explorer data: total coins supply, total network hash rate, last block number and total difficulty are freely provided by 2017, the Die Hard fork was implemented in ETC, removing the Ethereum difficulty bomb. Currently, there are no plans to move to Proof of Stake like Ethereum, although developers at the IOHK institute are developing a new PoS protocol for Ethereum Classic.Ethereum Classic has undergone a network upgrade code-named Magneto. Magneto is inclusive of the Ethereum Berlin upgrade which contains a series of EIPs optimizing gas and transactions which have implied security enhancements important for the network.After a series of 51% attacks on the Ethereum Classic network in 2020, a change to the underlying Ethash mining algorithm was considered by the community to prevent being a minority proof-of-work chain in the Ethash mining algorithm where Ethereum is dominating the hashrate. This modified Ethash is also referred to as EtcHash or Thanos upgrade.Etchash is a heavyweight PoW algorithm used by Ethereum Classic. It uses the DAG file that is loaded into GPU memory at the moment of miner launch. An epoch change takes place every 60000 blocks and leads to an increase in size of the DAG file by 8 MB.”

Buying and Selling Ethereum Classic

It is usually not presently possible to buy alternative cryptocurrencies such as Ethereum Classic directly using US dollars. Investors seeking to acquire Ethereum Classic should first buy Bitcoin or Ethereum using an exchange that deals in US dollars such as Changelly, Coinbase or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Ethereum Classic using one of the aforementioned exchanges.

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