It seems as though the latest Ethereum Classic hard fork Agharta, which ensures computability with Etehreum (ETH), was cause enough to spark an ETC bull run.
Ethereum Classic is an open-source blockchain-based distributed computing platform with a native cryptocurrency token that trades under the symbol ETC.
Ethereum Classic is, as the name suggests, the original version of Ethereum from which the current Ethereum forked.
Both networks are focused on smart contracts and distributed computing at their core, being that they are essentially different versions of the same software.
It a bit like how Bitcoin and Bitcoin Cash don’t exactly love each other because they split for ideological differences… but none-the-less both essentially use same software, despite having different tokens, different developers, and different valuations. Learn more about the Ethereum backstory.
With that said, Ethereum Classic is not endorsed by the Ethereum foundation.
Atlantis is an upcoming hard fork for Ethereum Classic. The fork is currently planned for block height #8,500,000 (subject to change).
ETCG currently has a rather large premium. Right now ETCG is trading at $34.25 while ETC is valued at $7.50. In short, the trust is trading at over 4x its Native Asset Value.
When GBTC and ETCG trade at a premium to the underlying assets, it is generally a sign that crypto is bullish.
When a coin does a hard fork, two identical blockchains exist until changes to one of the chains is made. To avoid transaction replays (transactions made on one chain being broadcast on the other), at least one chain must implement replay protection (developers of one chain must change the format of transactions to make them unique).
Ethereum Classic was potentially hit by a double spend attack, but the exact details are still unclear. Here is what is known.
Coinbase Wallet (an Ethereum wallet / DApp browser) now supports Ethereum Classic.
A bit of milestone today, ETCG traded below the cost of ETC. For an asset that used to trade at over 2x of ETC’s value, that is a little mind blowing.
The premiums on GBTC and ETCG just keep getting lower and lower as the crypto bear market drags on. If crypto recovers, finding the bottom of these could be epic.
The ETCG premium is at its lowest point ever, meanwhile the GBTC premium is near its 2018 low (it was lower in February for a day).