Ethereum Classic, a seemingly forgotten cryptocurrency, reached the attention of many this week when its price skyrocketed out of the blue, but there might be some reasons behind it.
Ethereum Classic, the sibling fork of Ethereum, enjoyed a price revival this week when its price soared more than 200% to become the cryptocurrency that led the way of the bull market.
Just during the last year, it suffered several 51% attacks that compromised its reliability, rolling back the chain thousands of blocks due to its falling hash rate at that time.
However, the huge mass of miners that are now securing the Ethereum network needs to migrate to other chains to survive, and the market might be anticipating this move betting on Ethereum Classic for the future.
Fans of the cryptocurrency, that has reached mainstream recognition from influencers and people not normally associated with the cryptocurrency world, expect it to pump after it gets referred by Musk on the comedy show to millions of viewers.
The upgrade introduces a new update schedule designed to bring back trust and predictability after two contentious hard forks that have affected the image of the currency.
The firm’s analysts cited various issues with the cryptocurrency, such as environmental problems, “lack of real use,” and competition from other …