Altcoins

Altcoin Report: Ethereum Classic Crashes From DOS Attack

Nick Marinoff | Oct 18, 2016 | 07:26

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Gulden passes the $10 million USD mark, Ripple sees unusual trading activity, and Ethereum Classic crashes. Welcome to our first altcoin report! Check out the stories below to get the scoop.

Also read: Minex Putting the Fate of its MineCoin Central Bank to a Vote

Altcoin Report

GULDEN

Gulden is a Dutch cryptocurrency headed straight for “top ten” territory. The coin surpassed the $10 million mark as of press time, and is on the verge of becoming one of the highest-ranking digital currencies in the world.

Gulden entered the altcoin world last year with little “fanfare,” as one source describes, but an adoption campaign among merchants in the Netherlands seems to have done the trick. The currency hit the $1 million mark last September and now stands at about $10.5 in what is arguably one of the fastest jumps recorded.

According to founder Rijk Plasman:

“We are on the right track with making our apps as user-friendly as possible. The team can’t wait to release the 1.6.0 version of our apps. We are currently testing it, and it looks like an October release is possible. It is very easy to use, but packed with a lot of new and innovative features.”

RIPPLE

Activity surrounding Ripple has confused analysts. Trading more than doubled in the span of one hour on Monday, going from volumes of $3.25 million to $8 million. What’s throwing them off is that last September Ripple accomplished even more, reaching the $22 million trading mark, while the value failed to increase to its present degree.

Presently, London is releasing information on a Ripple derivative project set to be launched Tuesday, October 18. As the majority of Ripple’s partners happen to be banking magnates, this could potentially explain the sudden bursts we’re witnessing. Banks heard about the project and wanted in on the action, yet in a recent update, CoinMarketCap is explaining that it may have issued a distorted view of the currency thanks to fluctuating USD gateways. The story is continuing to develop.

ETHEREUM CLASSIC

It’s not all good news for altcoins this week, as Ethereum Classic came crashing down thanks to a recent DOS attack involving the drainage of memory nodes. The price has fallen by over ten percent and now stands at just a little over one dollar.

The attack appears to be the second in a recent string, the first of which occurred last month. Some believe the hack may be motivated by greed and financial gain, but this is open to speculation. Right now, Bitcoin core developers are looking highly suspicious, but it’s unclear as to whether this attack was prompted by September’s culprit or a copycat.

Ethereum has commented that another hard fork may be necessary to deal with the problem.

Know of any altcoins that deserve to get covered in our regular altcoin reports? Post your comments below!

Image courtesy of Ethereum.org.