Going by the figures the market is churning out, newly-split Ethereum Classic is likely to be third on the list of the world’s top cryptocurrencies just behind Bitcoin and Ethereum by tomorrow.
According to Coinmarketcap who do cryptocurrency market capitalizations, ETC is on the fourth spot as at the time of this publication. It has a market cap of over $ 213 million and a 24-hour trading volume of $90 million. That is about a $6 million shy of the market cap of the third spot holder Steem which currently has $219 million. A downside to Steem’s current status is its 24-hour trading volume which stands at around $651,520.
24-hour percentage change
Another factor which could work in ETC’s favour in the next day or so is its 24-hour percentage change. At the time of writing, ETC is the only cryptocurrency among the top ten list with a positive +19.13% % Change (24h). Others, including Steem which has a negative -5.54%, are in the red.
ETC started being traded on Poloniex, one of the biggest Altcoin exchanges, almost immediately after its split from ETH following a hard fork on the platform. Afterwards, it was actively traded on a number of other exchanges. About a day ago, a major Chinese ETH exchange started listing ETC.
On its website, China Bitcoin or CHBTC announced it had started listing the new digital currency after its continued observation of the stability of the newly-split ETC. CHBTC is mostly known for Bitcoin trading in China. It is ranked right after Huobi and OKcoin, on par with BTCC.
CHBTC touts itself as having ETH transactions which account for about 50% of the total global transaction volumes and daily trading volumes of up to 480 million yuan.
ETC creators claim they split because they believe in decentralized, censorship-resistant, permissionless Blockchains and the original vision of Ethereum as a world computer which can't shut down but runs irreversible smart contracts.