Previously gaining an increased momentum in the market thanks to the announcement from Coinbase on listing Ethereum’s fork, Ethereum Classic, on one of the biggest exchange networks in the market, months later, ETC network became a victim of a 51% attack.
Coinbase is known to be taking a great care of the overall security and compliance of the assets they decide to list in accordance with their Digital Asset Framework, which is why many people have been hinting that Ethereum Classic is even looking at delisting, however, that is not the case by far.
Charlie Lee, for instance, the founder of another fork, Bitcoin’s little brother Litecoin, said that the vulnerability to 51% attacks is something that decentralized projects have in common.
The attack cost Ethereum Classic holders around half million dollars, while hackers are allegedly ready to return 100,000$ of the stolen funds.
How is Ethereum Classic doing in the market almost two weeks since the initial attack?
Ethereum Classic Following Bear Trends with the Rest of the Market
Ethereum Classic is touching new lows with the rest of the market, while even TRX is showing bearish signs, dipping by -9% for the past seven days with the latest change in the market despite the fact that TRON stood for one of the rare currencies rebounding during the last week.
On January 16th, almost two weeks since the attack, Ethereum Classic doesn’t appear to be suffering in the market due to this misfortunate event, but it is rather following the pattern of negative market trends with the rest of the market.
Bitcoin is still trading below the initial value of 4,000$ and Ethereum dropped below 130$, while Ethereum classic is currently set at the price of a bit over 4$ per one unit.
The current price is a product of frequent dips in 2018 which found their way to the beginning of 2019, having the cryptocurrency market still suffering from frequent dips.
Since reaching an all-time high of 44$ a year ago on January 14th, 2018, ETC lost -90% of its value, also dipping on its weekly chart by -13%.
Additionally, ETC is showing a decline of -17% in the last 14 days, while we can see some positive returns in the course of the last 30 days as ETC is showing 18% of returns for the last month.
Given the current state in the market, it appears that ETC is more affected by the generally negative market trends rather than sinking in value due to the latest 51% attack, although these types of attacks are widely known as notorious since attackers can double-spend coins given the fact they own more than 50% of the network at the time of the attack.
Moreover, ETC is showing signs of recovery at the end of January 16th as the market is attempting to take a rebound and recover from the latest cuts, rising by 1.14% in the last 24 hours and in the meanwhile, ETC team announced forming a new dev team for Ethereum Classic that would solve some major problems that the network is facing, called Ethereum Classic Labs.
Image Credit: TokenTops