Bitcoin rises slightly, Ether and Ethereum Classic gain amid price race for network alternatives

Bitcoin edged higher in Tuesday morning trading in Asia after falling below the key resistance line of US$20,000 on Monday morning. Ether saw the largest gains in the top 10 cryptos by market capitalization, with the rest of this list rising or falling by less than 1%.

See related article: Markets: Bitcoin, Ether up; Cardano and Solana lead gains in top 10 cryptos

Fast facts

  • Bitcoin fell 0.9% in the past 24 hours to US$19,817 as of 8 a.m. in Hong Kong while Ether added 2.5% to US$1,617, according to data from CoinMarketCap.
  • Ethereum Classic (ETC), the original chain from which the current Ethereum (ETH) network was derived, gained 22.1% to change hands to a two-week high of US$39.63 following a the announcement that the first mining pool BTC.com will add support for Ethereum Classic after the merger.
  • The merger is part of Ethereum’s much-anticipated transition to a proof-of-stake consensus mechanism and has helped ETC and ETH to post significant price gains in recent months.
  • Bitcoin Cash, a fork of Bitcoin, also outperformed the main blockchain, gaining 6.3% to US$125.63. Terra Mainnet (LUNA) is up 10% at $1.99, while Terra Classic (LUC), from which it was derived, was up 60% at $0.0003995.
  • LUNC was the token used to keep the UST algorithmic stablecoin pegged before its spectacular crash in May. LUNA was derived from this network to prevent the project from losing even more value. Bitcoin Cash was derived from Bitcoin to create a faster and cheaper alternative.
  • U.S. markets were closed on Monday due to the Labor Day holiday.

See related article: Where will DeFi be after the end of the crypto winter?