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Following Dogecoin’s lead, Ethereum Classic surged to a fresh all-time peak, and Bitcoin Cash more than doubled, as altcoin forks gained momentum.
It is undeniable that Bitcoin (BTC) and Ether (ETH) are the two most powerful cryptocurrencies at the moment, and as a result, they attract the majority of the coverage from the mass media, institutional investors, and individual investors, but this doesn’t mean that the industry leaders aren’t sometimes threatened by rival networks.
Bitcoin Cash (BCH) and Ethereum Classic (ETC) are two forked ventures that once tried to challenge Bitcoin and Ethereum for the top spot (ETC). Both coins have shown in the last week that they are still capable of creating interest and making large returns.
According to TradingView data, the price of BCH has risen 125 percent in the last two weeks, from a low of $523 on April 4 to a high of $1,175 on April 16. During the same time frame, ETC soared from $13.30 to a new all-time high of $46.53 on April 16.
Bitcoin Cash emerged through a disagreement in the Bitcoin ecosystem over the scalability of the Bitcoin network and the urge to raise block size.
As a consequence of the dispute, a portion of the group separated and “forked” Bitcoin to form Bitcoin Cash in order to enforce the desired code changes.
The protocol now aspires to be a peer-to-peer electronic cash infrastructure capable of facilitating global transfers with low costs, consumer anonymity, and a high transaction power.
Bitcoin Cash’s momentum started to pick up in early April, when the blockchain industry as a whole gained expanded exposure from the mass media and capital markets. According to one hypothesis, potential buyers can seek out older coins with lower valuations as a starting point rather than running after Ether and Bitcoin, which could seem costly to new crypto traders.
With Bitcoin back above $61,000 and its hash rate reaching a record high of 200 exahashes per second, the top cryptocurrency could be out of reach for many smaller investors and miners, who may be turning to BCH as a more viable choice.
Ethererum Classic was created in 2016 as a part of a hard fork within the Ethereum ecosystem in response to the hack of a common website known as The DAO. The DAO began as an early decentralised independent company designed to function as an investor-directed venture capital business.
Ethereum Classic is the original legacy chain of the Ethereum network that did not take disciplinary steps to restore funds lost in the hack, as a means of upholding the ethos of finality.
Though Ethereum has gone on to become the network’s most broadly used variant, Ethereum has moved on its own course and is once again attracting interest from the crypto world as high transaction costs and Ethereum’s move to a proof-of-stake consensus have elevated ETC to new peaks as users seek compatible solutions.
The Ethereum Classic network’s hash rate has slowly increased over the last six months in tandem with the rising price of ETC, making the network more appealing to interested miners and the overall security.
With a higher price comes greater block rewards, which then creates a larger incentive for miners join network. This both increases network security and keeps honest miners happy to do so. pic.twitter.com/Kkob0nvqht
— ETC Cooperative (@ETCCooperative) April 16, 2021
As more participants enter the crypto market in search of good deals on established projects, legacy coins like BCH and ETC could possibly see further price growth.