Ethereum Classic (ETC) outperformed ETH with a 160% YTD return in 2020
Ethereum Classic (ETC) is up 160 percent YTD. Ethereum Classic has had a fantastic year so far, with metrics such as active addresses and transaction volume going up.
Ethereum classic is up 160 percent since the beginning of the year
The new year seems to have brought new strength into the crypto industry, as the entire market has seen decent growth in the past two months.
And while a strong start to 2020 was something many analysts predicted, the biggest growth was expected to come from Bitcoin and other large-cap altcoins such as Ethereum and Bitcoin Cash. Almost all of the top-ranking cryptocurrencies experienced significant growth since Jan. 1 but were dwarfed by the price spikes some of the smaller cryptocurrencies have seen.
Ethereum Classic, an Ethereum fork and continuation of its original blockchain, saw a huge rise this year, beating Ethereum with its year-to-date (YTD) return.
If you had invested in Ethereum (ETH) instead, you would only be up around 100 percent YTD.
ETC sees major growth in active users and transaction volume
However, price isn’t the only Ethereum Classic metric that has been on the rise. Data from IntoTheBlock showed that the entire ETC network has been thriving.
According to the company’s tweet, there are currently 2.17 million addresses holding a balance in Ethereum Classic. While the number is significantly smaller than the 48.3 million addresses holding a balance in Ethereum, ETC recorded a higher active addresses ratio.
IntoTheBlock data showed that Ethereum Classic had a 30-day average active address ratio of 2.76 percent. That means that 2.76 percent of the addresses on the network have made at least one transaction in the past month. Ethereum, on the other hand, has an average active ratio of 0.57.
Ethereum Classic’s 7-day average transaction volume was around 3.03 million ETC while the 7-day average transaction volume on Ethereum was 2.33 million ETH.
According to the company’s in/out of the money analysis, 47.49 percent of all addresses holding an ETC balance is currently in the money. That means that 873,890 addresses would make a profit if they were to sell their Ethereum Classic position today.
Around 74.6 million ETC, which is 64 percent of its total circulating supply, is held in all of those addresses, the company said, giving them a total value of over $877 million at current prices.
Posted In: Ethereum, Altcoins, Analysis, Trading
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Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.
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