Ethereum Classic (ETC) was arguably one of the most beneficial tokens in the recent rally. Given its proximity to Ethereum, the bullish sentiment triggered by the “Merge” also pointed to a bullish sentiment in the price of the digital asset. This seems to have positively affected other factors in the ETC network as well. Here are the details…
Ethereum Classic network activity jumps before Merge
Ethereum Classic (ETC) holders are carefully monitoring the mining activity on the Blockchain. The expected merge in Ethereum also drew more attention to ETC in terms of investment and mining activity. It caused the hashrate to spike to the highest point ever. The excitement around Ethereum Merge didn’t just end on the network. As a hard fork of Ethereum, it still has a strong community, some of which still believe that ETC is the original ETH. As such, ETC has managed to remain relevant despite being overshadowed by its larger counterpart, ETH.
However, the prospect of Merge has greatly benefited both cryptocurrencies as ETC posting even bigger gains. The growth has also translated into mining activity on the network as crypto miners move to take their share of the price increase. This caused the Ethereum Classic hash rate to climb to its highest point ever.
On the last day of last week, it was recorded that the Ethereum Classic hash rate reached an all-time high of 40 TH/s. It turns out that the network hash rate was 27.56 TH/s on Wednesday, August 17, and recorded a growth of 39.22 percent in four days. The hash rate has since been pulled back, but no big difference. At the time of this writing, the Ethereum Classic hash rate stands at 35.19 TH/s.
ETC price attracts attention
The crypto market has started to pull back, which has seen cryptos like Ethereum Classic lose some of their gains over the past few weeks. However, the decline was more pronounced in some than in others. One of the ones that managed to withstand the drop quite well was ETC. With the height of the rally, Ethereum Classic’s price rallied as high as $45 before correcting lower. However, all the attention towards the token has seen its price continue to hold above $30, which is a really good support level for the asset.
Currently, Ethereum Classic has also raised its position in the list of cryptocurrencies by market cap. cryptocoin.com As we have also reported, the coin is currently the 20th largest cryptocurrency with a market cap of $4.6 billion. This puts it ahead of powerhouses like Litecoin, FTX and Monero.
