Ethereum Classic, the original chain of the Ethereum blockchain, has managed to make some impressive gains in this current positive market situation. The cryptocurrency jumped as much as 34 percent over the weekend, rocketing the cryptocurrency to a four-month high above $7.50.
Unlike Bitcoin’s recent rally, it is probably a lot easier to pinpoint why Ethereum Classic is rising as the blockchain will be implementing a new upgrade. Much like Ethereum is in the process of working towards its Casper update, Ethereum Classic is about to implement ECIP-1054, otherwise known as Atlantis.
While upgrades to blockchains come and go, it is interesting to note how the news of an intended upgrade has had a strong impact on the price. It is testament to a change in market sentiment across the whole of the cryptocurrency and blockchain ecosystem.
Ethereum Classic managed to reach as high as $7.79, its best mark since November 16, 2018, over the weekend. It is now sitting closer to $7.46 having come back down slightly, but it is still up over eight percent in the last 24 hours, making it one of the top performing coins on Monday.
The bullish Sunday saw exchanges posting around $1.238 billion worth of volume for the 24-hour period of ETC. Most trades were concentrated in Tether, Bitcoin, and Ethereum markets. Hong Kong-based OKEx hosted almost 17-percent of ETC-enabled trades.
The next stage
Atlantis, as stated on GitHub, will be a protocol upgrade that will “enable the outstanding Ethereum Foundation Spurious Dragon and Byzantium network protocol upgrades on the Ethereum Classic network.” In other words, the blockchain will hard fork to create an upgraded chain.
A community-wide meeting was held among network participants to kickstart discussions about the proposed network upgrade ECIP-1054 nicknamed Atlantis.— Ethereum Classic (@eth_classic) 7 April 2019
ECIP-1054 Atlantis Network Upgrade Call — Recap by @MyEtherPlan #ClassicIsComing #EthereumClassic https://t.co/5EL68LtRGY
Whenever it comes to a fork in a coin, though, it is important to note that the rally might not be sustainable, rather it could be that investors are buying up ETC in order to receive equal amounts of the forked cryptocurrency that comes from it.
The Bitcoin Cash price surged by $250 a week before its hard fork last year – only to crash soon after.