Not many people like crypto tokens that come from soft or hard fork. For example, Bitcoin Cash (BCH) and Bitcoin Gold (BTG). So is the hard fork Ethereum (ETH), Ethereum Classic (ETC).
Last night, unexpectedly the Ethereum Classic jumped to an all -time high (ATH) on a record, $ 100.03
The surge was apparently due to several factors, including:
Driven by consistent ETC price movements since the end of the first quarter of 2021.
Speculation or hype among retail investors when the token is listed on the Robinhood trading platform. Not to be outdone, the excitement also contributed to Ethereum's latest ATH which reached over $ 3,000 recently.
Social media sentiment suggests amateur investors prefer ETC because of its cheap value compared to ETH at current prices.
Interestingly, based on year-to-date (YTD) price movements, ETC has more than tripled ETH’s performance.
The surge in ETC prices has also indirectly eliminated the issue of securities that occurred in 2020. At that time, ETC faced a 51% attack that caused millions of dollars to disappear in the blink of an eye.
To the best of our knowledge, a 51% attack means a potential attack on a blockchain network where a single entity or organization is able to control the majority of the hash rate to the point of inviting network disruption.
More interestingly, as of writing ETC recorded a jump of over 166% in a week to a value of $ 92.58 while Dogecoin (DOGE) which is being the focus recorded a jump of almost 90% to $ 0.59.
