The virtual currencies that have replaced Bitcoin are emerging stronger than ever. When the virtual currency market capitalization has hit a new peak of $ 2,400 billion, Bitcoin is still there in the price zone below $ 60,000.
This result leaves Bitcoin less than 45% of the total market share while seeing other virtual currencies turn around. Among these, Ethereum is bouncing above the likes of Binance Coin or Dogecoin thanks to a series of good news lately.
The funny thing is that not only Ethereum hit the top, another virtual coin, Ethereum Classic, also suddenly soared in value. With a cash flow of more than $ 40 billion continuously pouring in after 24 hours, Ethereum Classic has risen from $ 30 to a new peak of $ 133 to the surprise of many.
In essence, Ethereum Classic is a virtual currency that arose from the Ethereum network in 2016. An attack on this network caused the loss that hackers captured 4% of the total Ethereum in circulation at that time, equivalent to 3.6 million dong.
In an attempt to resolve this issue, the Ethereum community decided to update a new version (hard fork) to separate the stolen virtual money into a private chain called Ethereum Classic, in order to isolate its value. so that hackers cannot achieve economic goals.
Since then, Ethereum Classic has been developed separately, although it has the same origin with the genuine product. It is also limited to the amount of Ethereum Classic to 210 million, using a proof of work (PoW) algorithm rather than a proof of stake (PoS) like the native Ethereum.
Of course, the ecosystem of Ethereum Classic is far behind the mainstream and that is why the coin has quite flat value. But in the middle of Bitcoin's decline, this coin is a lucrative prey for sharks to pump and discharge. Therefore, investors should be cautious before pouring money into the majority because of fear of losing opportunities (FOMO).
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