Ethereum Classic (CCC:ETC-USD) fans have plenty to celebrate today after the announced release of a new upgrade. The blockchain underlying the ETC crypto is getting an upgrade, as per a recent improvement proposal. ETC plans on releasing the upgrade, dubbed the Mystique hard fork, on Feb. 13.
What do you need to know about ETC’s latest announcement?
Well, investors should know that these improvements stem from Ethereum’s (CCC:ETH-USD) London hard fork. In order to sure compatibility, Mystique will update ETC. The specific improvements include transaction speed and scalability, and will change several aspects of the Ethereum Classic structure such as its gas fees.
What else do you need to know about Ethereum Classic lately?
ETC Crypto Fails to Re-Gain Momentum
After hitting its all-time high of $176.16 in May, Ethereum Classic has generally been on a downward spiral. As such, despite the modest gain ETC saw today, the cryptocurrency is still down nearly 90% from its highs. In fact, ETC saw a less-than-1% net increase today, despite its volume of trade ramping up more than 50%. It seems despite obvious anticipation for the Mystique hard fork, bulls were still unable to overcome the bears.
If you recall, Ethereum Classic was formed in 2016 after the original Ethereum blockchain was split in two after the network was hacked. This first split came about due to some in the Ethereum community supporting a fork of the initial project. As a result, the ETC crypto emerged and has continued to trade largely in sympathy with ETH since.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.