Altcoin while the global market capitalization of cryptocurrencies took a 0.22% blow today, Ethereum Classic (ETC) rose 12.23% to reach its all-time high price of $ 44.80 and reached its new peak.
Ethereum also breaks record after record
Ethereum (ETH) is also weathering the storm. Trading at $ 2,877 per token, ETH rose 1.5% and is after its all-time high of $ 3,000.
Ethereum Classic is the original version of Ethereum. The more popular blockchain Ethereum was forked from Ethereum Classic in 2016. It all started with something called the DAO.
DAO stands for “Decentralized Autonomous Organization”. A DAO essentially mimics the management of a company run by shareholders on the Ethereum blockchain. DAOs work with smart contracts (self-implementing digital financial contracts), and most cryptocurrency holders make decisions.
There are tons of DAOs right now, they are a pillar of decentralized governance, but the original one was launched on Ethereum in April 2016.
The DAO hacking incident was a seminal moment in blockchain history for two reasons. First, such a massive hack posed an existential threat to Ethereum because at that time $ 55 million was almost the entire market cap of Ethereum. The second resulted in the hard fork that spawned the hugely successful Ethereum blockchain.
The network we know today as Ethereum voted to delete illegal transactions from the blockchain. Another group of people wanted illegal transactions to remain on the blockchain.
Since then, blockchains have been in constant competition. But Ethereum, currently with a market value of $ 336 billion, took the lead. Ethereum Classic with a market value of $ 5.66 billion is left behind.