How Could Ethereum Classic Perform Next Month? Here’s On-Chain Data

By surging massively in the last 24 hours, Ethereum Classic (ETC) is topping the list of trending cryptocurrencies on CoinMarketCap. In the last 24 hours, ETC went up 23.26%, taking the price to the range of $41. Not just the price increase, it appears that everything about ETC has been on the rise in the last one month. The asset’s hashrate numbers since the beginning of July paints a clear picture of investor anticipation.

Ethereum Classic Activity Peaks Yearly Figures

In what appears to signal that the traders are anticipating a price rise in near future, on-chain activity of ETC is increasing consistently. In fact, the number of active addresses just reached the highest for the year. Also, the number of daily transactions with ETC have increased significantly this month. According to data from 2miners, the ETC hashrate peaked on Friday at 32.66 Terahashes per second currently. Colin Wu, the crypto reporter, said,

“On July 28, the hashrate of ETC was 26.773 TH/s, an increase of 23.90% from the beginning of this month. The number of active addresses reached 66,200, the highest for the year. The number of daily transactions was about 97,400, an increase of 62.60% this month.”

ETC In Bullish Momentum

Meanwhile, the price of ETC is also peaking by the day. In the last two days, ETC price went from $25 to $41.68 as of writing. Earlier on Friday, Ethereum Classic price went to a high of over $44. Also, the increasing price trend is leading to speculation of a possible $50 in the short term. The Ethereum Classic community could likely breach the $50 mark if the current momentum continues.

In the context of the upcoming Ethereum Merge, many believe that the surge in ETC could likely continue further. There is also the possibility of mining companies shifting to Ethereum Classic thanks to the proof-of-work mechanism. The fact that Ethereum Classic jumped by as much as 60.57% also supports this view.

Anvesh reports major developments around crypto adoption and price analysis. Having been associated with the industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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