Ethereum Classic ($ETC) – Ethereum Classic (ETC) Surges 26% to Become Today’s Top Gainer Ahead of Bitcoin, Ethereum, Dogecoin: Here’s Why
Classic Ethereum ETC/USD climbed more than 26% to hit $40.65 in the 24 hours before Tuesday morning.
|Time range||% change (+/-)|
|24 hours against Bitcoin BTC/USD||23.8%|
|24 hours against Ethereum ETH/USD||23.4%|
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- ETC was among the top two gainers on price tracking websites, CoinMarketCap and CoinGecko. Cryptocurrency has also been observed on these two websites.
- Ethereum Classic, the heir to the original Ethereum blockchain after a controversial hard fork in 2016, has been seen as trending among retail investors on Stocktwits at the time of writing.
- Trading volume for ETC soared 530.6% to $2.56 billion over 24 hours, according to data from CoinMarketCap.
- ETC was among the most mentioned coins on Twitter at the time of writing, according to data from Cointrendz. The three most mentioned coins were Elrond, Bitcoin and Ethereum.
- Data from Coinglass indicated that $25.29 million of ETCs were liquidated in 24 hours as the price of the coin rose.
- The Relative Strength Index (RSI) for ETC stood at 64.490 at the time of writing, according to TradingView. An asset is said to be overbought if the RSI is above 70 and oversold if it is below 30.
Hashrate hits all-time high
The hashrate or measurement of computing power on a coin’s network was 46.42 terahashes per second (TH/s) at the time of writing, according to 2miners.com.
On January 1, the hashrate was 23.74 TH/s, which means it has increased by 95.53% since the start of the year. In recent days, the hashrate has reached an all-time high.
Ethereum Classic Hashrate – Courtesy of 2Miners.com
Notably, the increase in hashrate precedes “The Merge” or Ethereum’s shift from a proof-of-work network to a proof-of-stake mechanism. JPMorgan recently said it expected ETC miners to be the main beneficiaries of this transition, as it would force ETH miners to seek other forms of revenue streams.
Ethereum game cheaper
Ethereum led gains among major cryptos on Monday night as the market geared up for another week of trading. The buzz around the upcoming merger has driven up the price of the coin. In the past, ETC has risen in conjunction with ETH as it is considered a cheaper Ethereum game by some. According to on-chain data from The block.
ETC on the web
The surge in ETC’s price led to the proliferation of Twitter memes among the coin’s followers.
— Kathy $ETC (@BlueHeartKat) September 2, 2022
—ETCPOW (@ETCPOW) September 5, 2022
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