Ethereum News: Ethereum Classic (ETC) has recently seen a surge in price, over the past few days as a 1:1 airdrop approaches.
The airdrop is also going to give all Ethereum Classic coin holders equivalent amounts of the new coin that is being introduced into the market that is being called Callisto (CLO).
Some of them are referring to this as a hard fork, even though Callisto is likely to be a brand new blockchain.
According to the company, “Callisto is a different blockchain which is based upon Ethereum method with its very own cryptocurrency (CLO)…Callisto also presents a Cold betting method which awards coin owners for being network individuals.” When they are referring to cold betting, they are also talking about a means to incentivize Callisto coin holders for participating on the network.
The airdrop is planned to happen on the 5th of March at the ETC blockchain block 5500000. This causes some increase in the price of the Ethereum Classic (ETC) which leads up to the airdrop.
Currently, the Ethereum Classic has a market cap of about $3,964,336,266, which will also give it the first largest market cap of any cryptocurrency. At the time that this article has been written, ETC had a price per coin of $39.75 which is an increase of about $10 per coin from its price just seven days ago. Its currently all-time high price is $47.77 a price which a lot of analysis predicts may be surprised in the coming days/weeks.
It should also be noted that Ethereum classic also increases in price, as a result of a positive Bitcoin market which has been giving a majority of alt coins a price boost over the past week. Ethereum Classic has also seen a huge increase in volume, as the inventors load up on ETC ahead of the airdrop.
If you are unfamiliar with airdrops, they are going to provide a system for distributing new cryptocurrency coins, early and give the company a way to build community support for a new project.
New coins also provided through airdrops, like Callisto, come with the uncertainty of not knowing exactly how much the new coin is going to be worth once it hits the coinmarket. Some airdrop coins also quickly appreciate, and others can lose a majority of their value, as soon as it has been listed on exchanges.