Ethereum Classic Price Rallies Than Ethereum

Arthur Hayes Predicts Ethereum To Hit $5000 by End of Q1 2023
  • ETC price has increased by 128.8% in just two weeks.
  • Ethereum Classic hashrate also increased around 21%.

Over the past two weeks, the price of Ethereum Classic (ETC) has rapidly increased by 128.8% compared with the US dollar, and the network’s hashrate also increased significantly.

In the past 14 days, Ethereum Classic has made some gains, ETC value has risen together with Ethereum (ETH). ETC has increased by 128.8%, while ETH recorded a double-digit gain of 46.3%.

At the time of writing, Ethereum Classic traded at $33.79 with a trading volume of $4,657,591,987. ETC price is up 25.2% in the last 24 hours and had a market cap of $4,610,328,147 as per the CoinGecko data.

(Ethereum Classic (ETC) price chart Source: CoinGecko)

Alternative For ETH Miners

The Ethereum capital pledge made a sign of support for the blockchain system, which will continue to validate transactions using the Proof-of-Work (PoW) consensus mechanism. As of now ETC and ETH both utilize the PoW consensus mechanism. Once The Merge process is completed in September 2022, Ethereum Classic will be the alternative for ETH miners. 

Some PoW miners who previously mined ETH started to switch to mining on the ETC chain. As a result of this, ETC’s current hashrate is 22.03 TH/s, an increase of over 21%. Also, the network is getting close to an all-time high hashrate. ETC reached its highest ever hashrate on May 7, 2021, with a block height of 12,695,074.

AntPool, the mining pool associated with mining rig company Bitmain, has contributed $10 million to assist the  layer-1 blockchain protocol Ethereum Classic ecosystem, said Lv Lei, the pool’s CEO at Bitmain’s World Digital Mining Summit on Tuesday.

ETC is still down by 32.1% from last year and it lost over 79% of the value from its all-time high of $167, which was recorded in May 2021.

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.