Ethereum Classic (ETC), the open-source, public, blockchain-based distributed computing platform that features smart contract functionality, has officially surpassed the market valuation of NEO (NEO), a blockchain platform for smart contracts often referred to as the Ethereum of China.
Following a recent Coinbase announcement that revealed the company’s intention to list Ethereum Classic across its various trading products on August 7, the price of ETC has surged over 20% to $17.78 and a $1.84 billion market cap. This latest run was enough to push ETC past the market cap of NEO, which currently stands at $1.73 billion.
This flipping in position is significant, as both projects are competing smart contracts platforms aimed at bringing decentralized applications to the masses. In this regard, NEO has a fairly sizable headstart with more than 70 applications running on its platform and an upcoming network update to address key technical areas and boost the platform’s transactions per second (TPS).
However, it seems that the combination of rapid social growth, a good amount of available capital to fund key developments, and the impending Coinbase listing has been enough to catch the eyes of prominent crypto investors, including Barry Silbert of Grayscale Investments who recently published a tweet commemorating ETC’s new market cap ranking. Grayscale holds more than $80 million in ETC.
— Barry Silbert (@barrysilbert) August 5, 2018
Nonetheless, the coming year will be very telling as to which project will emerge victorious in securing the largest market share against Ethereum (ETH).
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.