Ethereum Classic Kicks off the Year 2018 With 30% Spike Due to Tech Update

01. Jan 2018 Posted by Akolkar B on News

The cryptocurrency market which had a historic run in 2017 has been on a major correction since past two weeks and hence the start of 2018 has not been as glorious as investors would have expected.

One the very first day of 2018, the cryptocurrency markets are seen in a minor correction mode. However, one cryptocurrency that has speaker off a huge interest amongst investors is Ethereum Classic. Majority of the trading volumes and buying interest comes again from South Korea as its local exchange “Bithumb” has contributed 40% of ETC’s 24-hour volume of 727 million.

The price of this cryptocurrency has surged by 30% from an intraday low of $25 to a high of $32.5. During the cryptocurrency market correction taking place since past two weeks, the price of Ethereum Classic tanked from its all-time high of $40 to dip till $25.

The latest surge in the price of Ethereum Classic is attributed to its tech update and further progress in the Emerald Development project. The latest blog post published yesterday on Dec. 31 2017, shows complete details of the Emerald’s three-layer features suite for several ETC use-cases, like the in-house consumer wallet and DAPP development opportunities.

Drawing attention to the embattled wallet project by Ethereum co-founder Gavin Wood, the post reads “This helps ETC lay down a solid foundation free from weaknesses that can be exploited, such as the first and second Parity vulnerabilities, and large token losses with ERC20 Token Standard vulnerabilities.”

In addition to this, it also reads: “Ethereum Classic offers a set of libraries, and tools for third-party application developers, which will become the standard in blockchain technology.”

This update seems to have made a significant effect on ETC markets thereby pulling up the price of this cryptocurrency within hours of trade. It seems that major cryptocurrencies are just correcting ETC has given its investors all the reasons to smile today which could be least expected.

The overall cryptocurrency market seems to be in a correction mode as regulators continue to issue warnings and signs of caution. 2018 is predicted to be more of the year where the markets will correct and consolidate with strong player emerging out of the challenging times.