Ethereum Classic Grow 40% Over Night, Set Record

Just one week after reaching an all-time high of $ 44.80, Ethereum Classic's value has more than tripled. At 7 p.m. yesterday, the coin set an ATH of $ 157.30. Ethereum Classic entered the top 20 cryptocurrencies by market cap, though its price has since dropped to $ 142.18. At the beginning of the year, the ETC was worth between $ 5 and $ 6. The value of the coin has steadily increased since then, but most of the explosive price action occurred last week. Today, the coin has a market value of $ 17.88 billion. In just the last 24 hours, $ 5 billion has been added to this. What is Ethereum? Although it has a very famous name and logo, Ethereum Classic should not be seen as an Ethereum impersonation. It has a long history shared with Ethereum. You could even say it's the original Ethereum. In April 2016, the DAO was released on the Ethereum blockchain. At the time, the DAO was the first of its kind: a decentralized autonomous organization, an asset on Ethereum that essentially mimicked the management of a company managed by its shareholders. DAO did this using smart contracts or self-executing financial contracts, a concept that was reintroduced to the world through Ethereum. However, in June 2016, attackers exploited a flaw in the DAO smart contract that allowed them to hide with $ 55 million of ETH. After the raid, the Ethereum network held a vote. Ethereum creator Vitalik Buterin led a group that suggested removing these illegal transactions from the blockchain. The group created a new version of the blockchain that suppresses these transactions. They went on with the name Ethereum. Supporters of keeping disturbing transactions on the blockchain continued under the name Ethereum Classic. Although Ethereum Classic is technically the original Ethereum blockchain, it is far from adoption. The crypto world has mostly taken a step forward with Buterin and its collaboration to support Ethereum, which is currently the second largest.

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