Ethereum Classic (ETC) is one of the worst performing digital assets in the top 20.
The coin, ETC, is down by double digits in the last trading week, shedding 21% against the resurgent USD, and posting losses of similar magnitudes against Ethereum (ETH) and Bitcoin (BTC).
Even so, ETC has been on a tear. Before the cool off, prices surged 286% from November 2019 lows before peaking in early February 2020.
Ethereum Classic ETC 3X Rally | Chart by Tradingview
Ethereum Classic has Solid Fundamentals
Despite the drop in performance, or an inevitable correction in some quarters, is a bulk of supportive fundamentals.
Notably, Ethereum Classic top brass is always assertive and angling to maintain the project’s core of being decentralized, useful, and above all, being guided by code.
As code becomes law, the likes of Charles Hoskinson, one of the top co-founders of Ethereum before the fork and his path of creating competing DLT projects, is to stick with a Proof of Work consensus algorithm and improve interoperability.
Ethereum Classic, despite their insistence, suffered a hack where elements succeeded in executing what Coinbase team said was a Deep chain re-org, or simply, a reputational damaging 51% attack.
“Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain. In order to protect customer funds, we immediately paused interactions with the ETC blockchain. At time of writing, we have identified a total of 15 reorganizations, 12 of which contained double spends, totaling 219,500 ETC (~$1.1M).”
Agharta and Atlantis Hard Forks, Multiple Block Explorers
There have been two hard forks, necessary software upgrades that highlight their ambition of coupling with the dominant fork—Ethereum,