Ethereum Classic Back in Top 20 After 60% Rally

According to CoinMarketCap data, Ethereum Classic has reentered the top 20 after a blistering rally in recent weeks. Ethereum Classic (ETC) presently ranks as the 18th largest cryptocurrency with a market capitalization of $5.77 billion. At the time of publication, Ethereum Classic was changing hands at $42.85, up 27.59% in the last 24 hours and 60% since the past week.

Analysts say that ETC is partly being driven by speculation that ETH miners might switch to ETC in the event of the ”Merge.” Ethereum Classic (ETC) was created in 2016 as the result of a spinoff, or “hard fork,” of the original Ethereum network.

As U.Today previously reported, Ethereum Classic penned a letter in March, welcoming “disenfranchised” ETH miners who may lose out on their source of revenue if the ”Merge” takes place.

According to Ethereum Classic, it is in a good position to take on the majority of this abandoned Ethash hashrate as it is supposedly the only chain compatible with ETH miners’ equipment.

Ads

Antpool invests in Ethereum Classic

Thank you @AntPoolofficial for your support of #ethereumclassic. It is hugely appreciated.

I had the pleasure of spending the day with @leonlv2028, Lucien, Rory and Lily today talking though ways to put the pledged funds to good use. Stay tuned! ?#WDMS2022 pic.twitter.com/czeMrMFMbU

— Bob Summerwill (@BobSummerwill) July 27, 2022

AntPool, the Bitmain-linked mining pool, has made a disclosed investment to support the Ethereum Classic ecosystem.

After the Merge, which is tentatively scheduled for Sept. 19, Ethereum would start functioning as a PoS chain. Proof-of-work cryptos are highly dependent on mining, while proof-of-stake cryptos are not. This might present an opportunity for ETC, which is a proof-of-work consensus operating a modified version of Ethash called ETChash.

As reported by U.Today, Ethereum developers announced the dates for Goerli and its accompanying Beacon Chain, Prater, which are the last testnets to undergo the “Merge” between Aug. 6 and 12. This marks a major step closer to the “Merge” update.