As the Ethereum Classic community celebrates its first anniversary since the unfortunate 51% attack, there is a feeling around the market that the 250% peak since December 23 is just the beginning of the “Original Ethereum”.
The Ethereum Classic (ETC) – the original Ethereum – has been in the spotlight again for a long time, away from mainstream cryptographic features, after rising to a nine-month high of $ 12.00 on January 17, 2020, an increase of 250% by the end. since December. It’s an impressive feat for a cryptography that was once considered “dead and gone” after the blockchain struggled with a 51% attack for more than a year.
In this article, we focus on how the blockchain has survived what many in the industry consider a “catastrophic hack” to become the second highest crypt among key altcoins since early 2020. Nonetheless, ETC won 61% of the dollar pair over the weeks to trade $ 8.94 on the major exchanges, which rose sharply from $ 4.32 when the 51% attack took place.
Destructive 51% attack?
A 51% attack is seen by many cryptocurrency experts and analysts alike as the end of Bitcoin, should it ever happen. Such an attack allows the hacker to reorganize the blockchain and double their coins, surpassing the invariability feature. This is the idea most people in the cryptov world have heard of the 51% attack on the Ethereum Classic in the days from January 5th to January 7th, 2019.
It all started on January 5, when a couple of developers spotted unusual activity on the ETC blockchain. As soon as an attack was revealed, several major stock exchanges suspended trading in coins that had once been in the top 10. Some suggested falling below $ 1, the attack lasted two days.
However, none of the extreme predictions came true as chain indicators, including cleavage force and daily transactions, remained fairly stable as the community dealt with the attack quickly.
How Ethereum Classic survived the 51% attack
Price and market capitalization have suffered greatly as the market responds to the possible “death” of the work certificate (PoW) blockchain. Since the start of the attack, until the end of January, the price of the ETC has fallen above 30%, dropping further to below $ 1 for coin speculation. However, the decline was in line with the buoyant momentum in the overall cryptographic market, and the revival of the market in mid-February brought with it ETC.
How did ETC survive the attack? He has a brilliant talent team around him, destroying the FUD surrounding 51% attacks and ETC’s overall resilience.
Chain reorganization is a client-local phenomenon; the entire Ethereum network is not “reorganized” at the same time. It is more likely that someone discovered all the coin-based etc. Node and “surrounded” them
– dontpanic ?? (@DontPanicBurns)
One of ETC’s leading analysts the blockchain saying,
“The 51% attack is not the network itself, but rather an attack on‘ naive ’network participants. Whenever we execute a transaction, we can decide the number of blocks we are willing to wait to “convince ourselves” that the transaction is set in stone.
Through the ordeal, one thing became clear for most PoW blockchains, 51% of the attacks were not a cryptography killer but a sign that the blockchain was operating normally as instructed. Furthermore, Ethereum Classic (ETC) remains one of the most flexible blockchains, despite losing its credibility after DAO hacking and 51% hacking.
Can ETC reach $ 10 in the coming weeks?
The market seems ripe to continue the bullish momentum as the ETC community celebrates its first anniversary since the unfortunate attack. ETC changes hands at $ 8,809 at the time of writing, a slight 3% change from the $ 8,500 lower intraday. The crossing of the most important psychological resistance at $ 9,000 indicates that double-digit prices for Bitcoin will be halved.
However, the price drop during the top 20-day extensive Bollinger Band offers no hope for the bulls as the mid-band provides short-term support for ETC / USD.
During most of its testing periods, ETC kept its nerve in traders and investors that it was “a resistant coin with key funds” and that a 1000X raise is not impossible at all.