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Ethereum Classic Rallies Ahead of Agharta More Than Before Atlantis

Ethereum Classic

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Sead Fadilpašić

Journalist

Sead Fadilpašić

About Author

Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated:

June 26, 2023

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As the 20th coin by total market capitalization, Ethereum Classic (ETC), is set to go through another upgrade, Agharta, in three days, its price is up by more than 30% in the past month, which is 4 times more than in a month leading to its previous upgrade, Atlantis, on September 12, 2019.

In comparison, bitcoin (BTC) went up c. 7% in the past month, while in September (the same period when ETC neared Atlantis) it fell 11%. In the first month after the Atlantis upgrade, ETC was moving similarly to BTC – both were trading sideways before crashing at the end of September.

As reported, crypto exchange operator SFOX claims that the correlation between BTC and ETC has decreased.

At the time of writing (11:44 UTC), ETC trades at USD 4.97. It’s up by 1% in the past 24 hours and by 12% in a week.

ETC price chart:

Ethereum Classic’s network upgrade Agharta is set for January 12, at block 9,573,000. With it, ETC will add Ethereum’s Constantinople opcodes to the ETC mainnet. The update includes three EIPs (Ethereum Improvement Proposals), says a blog post, these being: Bitwise shifting operations, EXTHASHCODE opcode, as well as CREATE2 that will enable the use of state channels implementation.

The foundation has asked all the node operators to update before then in order for their nodes to stay in consensus with the rest of the ETC network. So far, Etcnodes shows 46% of clients ready and 54% still not ready. None of the clients are 100% ready. Explorers BlockScout and Expedition are ready, while among the exchanges only four are reportedly ready at the moment: Bitflyer, Bittrex, Coinbase and KuCoin. Majority of wallets and mining pools are said to be not ready either.