Ethereum Classic (ETC) Has Surprisingly Outperformed Ethereum Since Suffering 51% Attack
Last week, Coinbase announced that it had suspended Ethereum Classic (ETC) following the discovery of what it claimed was a double-spend 51% attack. As part of its suspension, Coinbase halted all Ethereum Classic transactions, withdrawals and deposits.
Despite the attack, Ethereum Classic has astoundedly outperformed its big brother, Ethereum (ETH), over the last 10 days.
Since January 5, Ethereum Classic has dropped 18% from $5.25 to $4.30. Interestingly, Ethereum Classic’s price was not overly impacted by the Coinbase announcement and only fell around 7% following the news. This indicates that investors were not overly phased by the attack that resulted in around $460,000 in double spend reorganizations.
Over the same period, Ethereum has fallen 20.4% from over $155 to $123.40. This sell-off recently intensified after the main development team announced that it would be delaying the Constantinople hard fork due to security concerns.
Ethereum currently holds a $12.9 billion market cap while Ethereum Classic is at $468 million, which ranks the coins 3rd and 17th, respectively, in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.
Photo: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.