Ethereum Classic (ETC), the open-source and 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 jumped over 25% to $17.98 and a $1.89 billion market cap. This latest run was enough to push Ethereum Classic past the market cap of NEO, which currently stands at $1.72 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 head start with more than seventy apps 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 cryptocurrency investors, including Barry Silbert of Grayscale Investments who recently published a tweet commemorating ETC’s new market cap ranking. Grayscale holds over $70 million in ETC.
Nonetheless, the coming year will be very telling as to which project will emerge victorious in securing the largest market share against Ethereum (ETH).