Note from the CEO: As we referenced a few weeks ago, there is a battle between Bitcoin (BTC) and Ethereum (ETC) for cryptocurrency supremacy. With that, the ETC followers are now finding out what bitcoin found out a long while ago; VOLATILITY. The one digital currency with more acceptance (deeper market) will be the survivor.
“The past 24 hours have been rather turbulent for Ethereum Classic supporters, but things seem to be turning around once again. A lot of coins were sold across the exchanges yesterday, pushing the prices down by as much at 70% in a few hours. Ever since that time, however, the ETC price started to rise again and seems to be stabilizing for now.
It was to be expected the Ethereum Classic price would take a significant hit across exchanges at some point. A lot of Ethereum users discovered they could import their wallet backup to check if they were eligible for ETC. The majority of those coins were sold yesterday, pushing the price down to 0.00066868 Bitcoin.
As is always the case with cryptocurrency, however, there are only so many coins to be sold at any given time. It appears as if the negative pressure has run out of steam, allowing the ETC price to rise again gradually. At the date of publication, one ETC was worth 0.0012525 Bitcoin once again.”