Ethereum Classic, a seemingly forgotten cryptocurrency, reached the eye of the many in the week when its price skyrocketed out of the blue, but there could be some reasons behind it. Also, Bitcoin Cash and other Bitcoin-based forks enjoyed a healthy week within the green, alongside Dogecoin, whose price boosted on the news of Elon Musk appearing on SNL, the famous comedy sitcom, on May 8th.
Ethereum Classic Soared in the week
Ethereum Classic, the sibling fork of Ethereum, enjoyed a price revival in the week when its price soared quite 200% to become the cryptocurrency that led the way of the market. Ethereum Classic (ETC) started the week with a price of $36, and slowly crawled its high to $160 on Thursday, to then experience a correction that took it to $118 at the time of scripting this article. But what were the explanations that led to it?
Ethereum Classic has not been the trustiest cryptocurrency out there. Just during the last year, it suffered several 51% attacks that compromised its reliability, rolling back the chain thousands of blocks thanks to its falling hash rate at that point. This affected the status of the currency, and now exchanges are posing for thousands of confirmations to only acknowledge a deposit. for instance, Kraken users must wait almost every week (40k confirmations) for a deposit to be effective.
So it might seem contradictory it's now enjoying this resurgence. However, this could be the consequence of the actions of its big brother Ethereum. Ethereum has been getting to change its consensus algorithm to proof of stake a few times, and therefore the change seems to be even closer now. However, the large mass of miners that are now securing the Ethereum network must migrate to other chains to survive, and therefore the market could be anticipating this move depending on Ethereum Classic for the longer term.
Dogecoin and Bitcoin Cash Also Rose
Dogecoin also continued its push to at least one dollar in the week, impulse by its defacto forefather, Elon Musk, who has been one among the good promoters of the meme coin. Dogecoin rose by 124% in the week, reaching $0.71 per unit, and experiencing an enormous pump thanks to the expectative of Musk hosting an episode of Saturday Night Live. Fans of the cryptocurrency, that has reached mainstream recognition from influencers and other people not normally related to the cryptocurrency world, expect it to pump after it gets referred by Musk on the comedy show to many viewers.
Bitcoin Cash was one of the highlights of the week also, increasing its price by quite 50%. Bitcoin Cash’s price needs to over $1,500 and corrected to end the week with around $1,350. Bitcoin cash is simply every week far away from an upgrade which will bring some improvements to the blockchain. The upgrade introduces a replacement update schedule designed to bring back trust and predictability after two contentious hard forks that have affected the image of the currency. Other Bitcoin network forks like bitcoin gold (BTG) and bitcoin diamond (BCD), and bitcoins (BSV) also got important gains.