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Ethereum Classic jumps more than eight percent following dismal weekend

Nicholas Marinoff


Ethereum Classic (ETC)—one of the industry’s leading cryptocurrencies—has had a crazy week consisting of heavy gains, and massive losses

Things got off to a positive start Friday. The currency surge roughly 30 percent and jumped to just shy of $10. A month ago, ETC was stuck in the doldrums at roughly $3.50.

Friday’s good news didn’t last long— the coin nearly 20 percent over the weekend, and lost most of the gains it had posted. The currency was trading at around $8 on Saturday.

Now, however, Ethereum Classic is showing some newfound resilience and has gained an additional eight percent and trading at just under $9.

The bad news for ETC is that it’s still a focal point for scammers. Last week, the currency underwent its Agharta hard fork. The event did not result in the creation of new coins according to FXStreet, though malicious actors were still looking to scam traders out of their funds by claiming new “Agharta Coins” were available and designed to be compatible with ETC’s revamped network.

The ETC Cooperative responded on Twitter that the coins were a scam. That news arrived nearly one year after a crippling 51 percent attack on the ETH Classic blockchain, suggesting many believe ETC to be an easy target.

The rest of the crypto space’s top tokens are enjoying modest (and healthy) jumps alongside ETC. Bitcoin SV (BSV) for example, shot up by nearly 16 percent Monday morning, while Stellar (XLM) and Tezos (XTZ) saw 6.5 and nine percent rises, respectively.