As the most successful week of 2019 for the cryptocurrency market comes to a close, Ethereum Classic [ETC] tops the chart as the highest gainer in the top-coins market. On the back of an imminent network upgrade titled Atlantis, ETC pumped by a whopping 21 percent against the dollar on April 7.
In an April 7 tweet, Ethereum Classic stated that a “community-wide meeting” was held among their network participants discussing the ECIP-1054 upgrade. The attached blog post spelled out the key points put forth by the community. The blog post was divided between the proposed changes to the network and the pertinent topics discussed.
According to the post, the proposed hard fork would be performed on block number 8,750,000 on the ETC mainnet. The post concluded by stating that all the proposed rules have been agreed upon by the parties concerned, which included core devs, miners, node operators, and other ETC ecosystem participants.
Further discussions regarding the Atlantis upgrade would carry on in the following days and months, ended the post. However, the ETC community responded positively to this encouraging meeting, with a massive bullish wave ensconcing the market.
Owing to Bitcoin’s [BTC] $5,000 surge, Ethereum Classic bumped up to $6.12 on April 4 and was then bogged down to under $5.45 by market correction forces a day later. The coin traded under $6 till April 6, prior to the Atlantis-induced pump.
Following the meeting, the coin’s price began to surge at around 0030 UTC on April 7, when the coin’s price skyrocketed from $6 by 17.83 percent to reach $7.07, the coin’s highest price since the November 2018. At press time, ETC took a slight hit, with the price dropping down to $6.83, but was still looking bullish.
The market cap of the coin has seen a $250 million top-up over the past few days, as the collective market enjoyed a bullish wave. Post the Bitcoin bulls, Ethereum Classic’s market cap stood at $610.71 million and increased by a whopping 26.8 percent to reach $773.88 million in a matter of 12 hours since the Atlantis hint was dropped.
In the midst of the fervor surrounding the imminent network upgrade, Ethereum Classic jumped over Zcash [ZEC], NEM [XEM] and Tezos [XTZ], to take the 19th spot on the ladder. At press time, the coin’s valuation of $749.64 million was behind the 18th placed Maker [MKR] by less than $30 million.
OKEx holds the highest ETC trade volume, accounting for 8.7 percent of the global trade, via the trading pair ETC/USDT. Trade dominance was fairly spread out, with other exchanges on the list including LBank, BitForex, Coineal, and DigiFinex.
Subscribe to AMBCrypto’s Newsletter