Ethereum Classic (ETC) has gained 300% over the past week as unsuspecting traders mistake it for Ethereum (ETH). ETC, which saw an increase in trading volume, is now down nearly 25% to $118.56.
Altcoins have recently been pulling their weight. The number one altcoin, ETH, and Telcoin (TEL) have been pumping since the week began. Currently trading at $3,521, Ether has jumped as high as $3,807 in the last 7 days.
Also, Dogecoin has been surging and also hit a new record high. Among all altcoins, DOGE has spiked the most in 2021, climbing more than 7,000%.
The crypto sphere has discussed the recent altcoin growth. Many believe the continuous pumps into ETC may be dangerous, especially considering the multiple attacks the ETC blockchain has faced. Within its four years of existence, ETC has seen multiple 51% attacks tied to insecurity.
Although ETC has reduced in value over the past hours, holders of the token seem willing to hold on to the digital asset.
In a separate , the founder of Digital Currency Group, Barry Silbert, commended ETC’s growth. Silbert praised ETC at $150, a long way from the $0.50 it was when Silbert first acquired it.