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Trading volume of Ethereum Classic Drops 99% since peak

Trading volume of Ethereum Classic Drops 99% since peak

Ethereum Classic, the fork of Ethereum which occurred when the Ethereum community hard-forked to prevent loss of funds in a smart contract for the DAO, some people kept mining the pre-forked version on their own chain.

There was high hopes for this original blockchain of Ethereum, which had the view that the blockchain should be censored no matter what, as there was nothing wrong with the Ethereum network at the time of the theft, but a flaw in the code of the DAO contract.

Ethereum is a smart contract platform which uses blockchain technology, ether is the token used as ‘fuel’ to execute smart contracts, which carry a performance penalty on nodes and thus processing power on the network must be paid for using the token.

The Ethereum Classic trading volume fell 99% from $155 million to $600,000 USD a day. It is unsure if this trend would continue, many are divided on the fork, many thinking the DAO rescue was the right thing to do, others feeling that the immutable nature of the blockchain should not have been tampered with.

The Ethereum classic price is $0.8, compared to Ethereum which stands at $8.56 USD. The ethics of the Ethereum Classic group was positive, but it is unsure where it will go due to the current price range. We will update as soon as ore information becomes available.

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