Ethereum War: ETC hits a new high against the trend, ETH causes large-scale network congestion due to ICO for the third time

While the entire cryptocurrency ecosystem, including Bitcoin, is experiencing an overall price decline, Ethereum Classic (ETC) has bucked the trend and risen nearly 15% in the past 24 hours.

ETC hits all-time high, BTCC launches new exchange

ETC, which was born from the Ethereum hard fork, has been gaining more and more attention in recent months. ETC is the only one among the top ten cryptocurrencies that can still rise when Bitcoin falls. According to CoinMarketCap data, as of press time, ETC is trading at around $23.

While people are confused as to why ETC is suddenly no longer following in Bitcoin’s footsteps, Chinese Bitcoin exchange BTCC announced that they will be launching BTC/ETC trading pairs on a new trading platform in the short term.

“We are launching a new cryptocurrency exchange BTCC DAX. Register and deposit on June 26th. ETC/BTC trading will be officially opened on June 27th.” — BTCC (@YourBTCC) June 25, 2017

According to the results of an early poll conducted by BTCC, BTCC promised that they would add ETC trading to their exchange, but BTCC did not announce specific ETC introduction plans or any details at the time.

Now, BTCC DAX will satisfy Chinese investors’ desire for a piece of the ETC pie after its launch on June 27.

The move was warmly welcomed by ETC enthusiast Barry Silbert, whose dedicated ETC private fund has received huge demand since its launch this year.

Ethereum suffers third network congestion due to ICO activity

Meanwhile, ETC’s famous sister network ETH continues to face criticism, with an ICO project recently causing severe congestion in ETH network transactions.

According to TenX’s ongoing updates on Twitter, the project’s ICO was oversubscribed, and when its tokens were sold out there were still about 10,000 transactions waiting to be confirmed on the Ethereum network.

With the token sale now over, the number of transactions clogging the Ethereum network is now down to around 2,000.

ETH has also received negative feedback from network commentators, such as WhalePanda, who described the performance of the ETH network as "stagnant" at the time.

This is the second time in a week that the ETH network has experienced serious network congestion due to ICO-related activities. Previously, Civic and Status’ ICOs put tremendous pressure on ETH nodes, and a large number of ETH sell orders on the GDAX exchange caused ETH prices to fluctuate sharply in the short term.

According to the inspection results released by GDAX for this ETH flash crash, approximately $30 million in ETH sell orders were affected, and it was confirmed that some users bought ETH at a cost price of $0.1 ETH - while the market price of ETH was approximately $330.

However, the exchange said they will compensate investors who suffered losses this time.