ETC moved up by 27% in last 24 hours, with current price at $42.85
According to data from CoinMarketCap, Ethereum Classic has re-entered the top 20 after a meteoric rally in recent weeks. Ethereum Classic (ETC) currently ranks 18th among cryptocurrencies with a market capitalization of $5.77 billion. At press time, Ethereum Classic was changing hands at $42.85, up 27.59% in the last 24 hours and 60% since last 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 wrote a letter in March, welcoming “disenfranchised” ETH miners who may lose their revenue stream if the “merger” 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.
Antpool invests in Ethereum Classic
AntPoolthe mining pool linked to Bitmain, 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 have announced the dates of Goerli and its accompanying Beacon chain, Prater, which are the latest testnets to undergo the “merger” between the 6th and 12th. august. This marks a major step towards “merger”. ” update.
