By CCN Markets While the bitcoin worth languishes this week, ethereum traditional is having fun with a spectacular spike forward of its scheduled September 17 arduous fork. And the ethereum price (ETH) is rising too.
As of this writing, the price of ethereum classic (ETC) rocketed 20% to high $7.38 per coin. ETC has been on a scorching rally for the previous week.
Ethereum traditional rockets 20%
In reality, ETC is the best-performing cryptocurrency at present among the many high 100 most beneficial cryptocurrencies by market cap. With at present’s surge, ethereum traditional is well outpacing the bitcoin price, which is transferring sideways after plunging earlier within the week.
The worth of ethereum traditional rocketed almost 25% to $7.82 earlier at present — ETC’s highest worth since mid-July, as CCN’s sister publication Hacked observed.
Atlantis, Istanbul Hard Forks Loom
It’s unclear what precisely is triggering ethereum traditional’s abrupt surge. However, such sudden worth actions usually happen forward of arduous forks – even after they’re not contentious. ETC’s Atlantis hard fork is now lower than one month away.
An upcoming fork may also clarify the ethereum worth’s Thursday rally.
While way more modest than ETC, ethereum’s 3% climb to $192.70 outpaces bitcoin’s restoration by a major margin. ETH was up as excessive as $195.11 this afternoon.
The ETH community’s upcoming arduous fork improve, Istanbul, is ready to happen in October. It will contain six codebase modifications (additionally recognized as Ethereum Improvement Proposals, or EIP).
The Istanbul Hard Fork might be rolled out in two totally different phases. Phase 1 is tentatively scheduled for October, whereas Phase 2 will happen someday within the first quarter of 2020.
Buterin: ‘Scalability is a bottleneck’
As CCN reported, Vitalik Buterin — co-founder of the ETH platform — just lately warned that the “scalability is a big bottleneck because the ethereum blockchain is almost full.”
Accordingly, Buterin sounded the alarm on the necessity to improve scalability, saying doing so might bolster mass crypto adoption.
Ethereum Whiz Teases 100x Scaling, Says Crypto Is ‘Bigger Than Bitcoin’ https://t.co/jvQRv2kp7n
— CCN Markets (@CCNMarkets) August 19, 2019
The 25-year-old tech entrepreneur additionally remarked that whereas bitcoin hogs up all of the media consideration, he says the disruptive potential of blockchain transcends bitcoin.
“Five years ago, the blockchain was just about bitcoin, but now it’s much bigger than just bitcoin,” Buterin mentioned. “It’s split off into separate spaces that have a lot of different visions.”
Click here for a real-time ethereum worth chart.