Ethereum Classic gains 300% in one week as traders rush to buy the 'wrong Ethereum'

The “original” yet ironically "wrong" Ethereum and Telcoin are leading a fresh altcoin surge this week with Ethereum Classic (ETC), which is up 300% in a week.

Ethereum Classic gains 300% in one week as traders rush to buy the 'wrong Ethereum'

This year has seen a remarkable shift towards several altcoins in the market as from the focus on token’s use cases as well as the culture around it. The first in the list is Dogecoin (DOGE), the high flyer of 2021 gained over 7,000% since January.

Memes and popularity from social triggers likewise seem to be driving progress in this week’s round of breakouts, with ETC exploding in value without any noticeable changes. Besides, TEL has benefited from a successful layer-2 migration.

Some have noted that investment in ETC may not only be short-sighted but dangerous as in its four-year existence, its blockchain has suffered multiple 51% attacks, pointing to a lack of security and resilience which is absent from Bitcoin and Ethereum.

ETC is now the list at 13th place in largest cryptocurrencies by market cap, notably, having begun the year in 38th position.

Meanwhile, Bitcoin is moving in another way, less favorable kind as the week draws to a close. Having once again failed to tackle resistance at near $60,000, BTC/USD was back at $56,000 on Friday, having dropped to lows of $55,400.

Several altcoins on the market longest of all have apparently returned in form during recent weeks.