Bobby Lee, the co-founder & CEO of cryptocurrency exchange BTCC held a vote in the past few days to decide which crypto the company would list next. The winner ended up being Ethereum Classic (ETC). The ETC cryptocurrency has gotten some favor is recent months, getting listed on various Asian exchanges from China, Korea, to Japan. It is still not understood whether ETC will be listed on both or just one between the company’s Chinese only exchange and international Hong Kong exchange.
The final vote tally showed the following results:
47% ETC – Ethereum Classic
40% STEEM – Steem
11% DOGE – Dogecoin
02% XMR – Monero
— Bobby Lee (@bobbyclee) May 27, 2017
Further positive news for ETC saw back in April Grayscale Investments go live with its Ethereum Classic Investment Trust, a private investment fund modeled on their first investment trust based on Bitcoin.
In their thesis, Grayscale stated, Ethereum Classic is a next generation blockchain platform for a new internet infrastructure – one that can dramatically enhance the ways that information and value are shared in the digital economy, unlocking trillions of dollars in untapped economic surplus in the process. Featuring a flexible and intuitive smart contract programming platform that is powered by ETC, we believe Ethereum Classic may one day be the substrate for a global, secure, and decentralized Internet of Things (IoT).
Also noting the money supply, Ethereum does not currently include a cap on the ETH supply. While there is no guarantee that the ETH supply model will remain as is, it is quite possible that there will be considerably more ETH in circulation than ETC in the future. As a result, ETH would need to generate a substantially higher rate of return to justify a valuation at parity with, or greater than ETC.
ETC is currently trading at around $15 USD at the time of writing, hitting as high as $22 on May 22nd. Considering ETC spent most of the first half of 2017 between $1-$3, many long term holders were happy to see it break out.