Ethereum Classic (ETC) ranks as the second largest blockchain in number of active addresses, only behind Bitcoin (BTC). Currently at 479,000 active addresses, ETC boasts of a larger user base than Ethereum (ETH), Tron (TRX), and Dash (DASH) with 200k, 67k and 93k daily active addresses respectively. The recent spike in daily active addresses may be a factor of the increasing developer activity on the blockchain and recent launch of futures contracts on ETC.
ETC Ranks Top Amongst Altcoins in Daily Active Addresses
As explained above, the number of daily active addresses on ETC soared to 479, 030 daily active addresses on December 8th from 433, 880 active addresses the previous day. This set it as the top altcoin across the industry and the second highest daily active addresses behind Bitcoin with 587,010 active addresses.
Even through this considerable bear-ish market @eth_classic continues to produce more daily, active accounts / addresses than any other #altcoin or #shitcoins. ETC is second only to the king, #Bitcoin ?
No spoofing. No spamming. No bs "stress-testing." https://t.co/efeGKzY9nx pic.twitter.com/xXxOPfciI8
— Classic is Coming –oppose-dao-fork (@ClassicIsComing) December 9, 2019
The Magnificent Rise in ETC Addresses
ETC has been on the back foot of its higher fork, Ethereum, since the two chains forked with a contingent choosing to stay on the original chain, now ETC. Since then Ethereum has had the upper hand in both price and active users on the chain but the latter changed in late September as the ETC users spiked above Ethereum for the first time since the fork.
ETC users soared to 1.02 million daily active users on 29th September, ETH had 231,660 daily active users the same day, before a short reversal saw the number plummet to about 11,000 daily users in a week. While Ethereum’s daily active users remained rather constant during the week, ETC shot up to 4 million daily active users on 10th October before crashing to 16,000 active users in the next 48 hours.
Since the start of November, ETC users have been on a climb securing the second position with over 400,000 daily active users since the end of October.
What Could Have Caused the Spiking Active Addresses?
The hike in number of daily active addresses signals a possible hike in developer activity on the platform, Ethereum Classic. The surge in popularity of the blockchain further explains users coming on to the platform due to increased decentralized applications built on ETC. According to Dapp Direct, an independent analysis firm, Saturn Protocol remains the top dApp on the Ethereum classic platform with over 40 users on the platform in the past 72 hours.
Notwithstanding, OKEx introduced the ETC/USDT futures contracts, enticing traders to trade and bet on the future price of ETC. The price of ETC has remained relatively constant at $3.96 USD over the past few days since the announcement by OKEx on Saturday. Since the announcement, the daily active addresses on ETC saw a massive 10% increase in number.
— Ethereum Classic (@eth_classic) December 7, 2019
The soaring nature of ETC in other aspects of the blockchain signals a bullish stance for the coin in the near future and a $5 USD price looks set on the horizon.