The current list of most-traded cryptocurrencies looks as follows – Bitcoin, Ethereum and newcomer Ethereum-classic. Cointelegraph predicts that Ethereum Classic can overtake Steem, Ripple and Litecoin and become the third largest cryptocurrency in the market sooner than could be imagined.
The official website of Ethereum Classic reflects the ideology underlying the cryptocurrency: “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.”
Ethereum Classic now yields only to Bitcoin, Ethereum, Steem, Ripple and Litecoin in the list of cryptocurrencies with the largest market cap. It sells at $0.926285 per unit with total value of $76m. Ethereum Classic is followed by Dash that has moved from the eighth to the seventh position recently.
“Fun fact. Everyone who had legacy ETH in your wallet pre-fork, now has an extra ‘bonus’: you have the same amount of classic ethers (ETC) on the same address. If you install Ethereum Classic client (better on a separate computer), you can use your coins on both chains! Just follow this advice to separate your legacy funds cleanly and avoid replay attack. If you held ETH balances with major exchanges: Bitfinex, Poloniex, Kraken, you have good news: they are going to assign you an equal amount ETC post-fork!” says Ethereum Classic website.
The creators of Ethereum Classic claim that the cryptocurrency will have the market price. It is viewed as “an Ethereum ‘spinoff coin’ with a wide user base of all current ETH users.”
All the major exchanges admitted that they will assign their users both ETH and ETC after the fork. The exchanges now must add ETH/ETC trading that will no doubt be demanded by users. Decentralized exchange Bitsquare has already started trading Ethereum Classic. Others are likely to join as it is a strong business case.
— Poloniex Exchange (@Poloniex) July 24, 2016
Ethereum is definitely gaining momentum as Coinbase has just enabled its customers to trade the cryptocurrency in their Coinbase accounts. The fact that Coinbase has added support for Ethereum proves how much activity the platform has had recently – the largest crowdfunding in history (The DAO) was followed by an attack on The DAO, a massive theft in the world of cryptocurrencies, and a resulting hard fork. The fork can provide tens of millions returned to the original owners but at the same time harm the reputation of the platform on which that currency was created.