It’s been two days since the crypto market showed positive movement with Ethereum Classic (ETC) and Internet Computer (ICP) recording the highest percentage jumps compared to other crypto assets.
Based on the data, ETC has shown an increase of over 34% in 24 hours to its current value of writing, $ 60.07 and within a week, this asset managed to increase over 64%.
The ETC price development is linked to the latest announcement of the network update, Magneto which is expected to take place around the end of July. The Magneto update involves improvements to the Ethereum Improvement Proposal (EIP) being worked on on the standard network, Ethereum.
However, the ETC price is still well below the all -time high (ATH) in May, $ 167.09.
At the same time, the ICP posted its latest high, $ 58.71 around 3 a.m. local time from Sunday’s lowest level, $ 28, making a record jump of nearly 30%.
This positive movement is apparently due to the statement in the Goldman Sachs report "Digital Assets: Beauty Is Not in the Eye of the Beholder", which mentions some of the latest blockchains and among them the Internet Computer.
Goldman called it "an innovative but untested network, in its early stages, and complex".
ICP has also recently been linked to scams and rug pulls following a 95% drop in prices since its launch on May 10 with a value at the time recorded at $ 630.
As Bitcoin Capital and Heisenberg Capital founder Max Keizer puts it: “It’s an exit rug pull scam. The end. ” Keizer also labeled Ethereum and Cardano as exit scams.
It’s an exit scam rug pull. The End. https://t.co/sSzqYeffTK
- Max Keizer (@maxkeiser) June 27, 2021
ICP may or may not be a scam and a rug pull but the project managed to raise over $ 120 million in investment proceeds from Andreessen Horowitz (a16z), Polychain Capital, Scalar Capital, CoinFund, Multicoin Capital and Greycroft Partners. Coinbase is also one of the exchanges involved as an ICP investor.
Probably also because it is still in the initial phase causing still ambiguous direction of this project. Anyway if you have not yet invested and are interested in ICP, it is advisable to be careful and do your own research first.
