Ethereum Classic Continues To Feed Off “Merge” Hype As Hashrate Reaches ATH
Ethereum Classic (ETC) is arguably one of the tokens that have benefitted the most in the recent rally. Given its close proximity to Ethereum, the bullish sentiment drummed off by the “Merge” had triggered a significant rally in the price of the digital asset. This has also drawn more attention to the cryptocurrency in terms of investment and mining activity, causing its hashrate to rise to the highest point it has ever been.
Ethereum Classic Hashrate At New ATH
The excitement around the Ethereum Merge has not ended on the network alone. Being a hard fork of Ethereum, it boasts of a strong community, some of which still believe that ETC is the original Ethereum. This is why Ethereum Classic has managed to remain relevant, despite dropping into the shadow of its larger counterpart, ETH.
However, the anticipation around the Merge has benefitted both cryptocurrencies tremendously, with ETC posting even larger gains. The growth has also translated to mining activity on the network as crypto miners move to share from the increase in price. This has seen the Ethereum Classic hashrate climb to its highest point yet.
On Sunday, it was recorded that the Ethereum Classic hashrate had touched a new all-time high of 38.37 TH/s. This is a tremendous growth given that the network hashrate was at 27.56 TH/s on Wednesday, August 17th, translating to a 39.22% growth in the span of four days.
The hashrate has since retraced, but not by a large margin. At the time of this writing, the Ethereum Classic hashrate was standing at an impressive 35.19 TH/s.
ETC Price Enjoys Newfound Attention
The crypto market has since begun its retracement, which has seen digital assets such as Ethereum Classic lose some of their gains over the last few weeks. But the decline has been more prominent in some than others. One of those that have managed to hold up quite well has been ETC.
With the height of the rally, Ethereum Classic’s price had hit as high as $45 before correcting downwards. Nevertheless, all of the attention towards the token has seen it continue to maintain its price above $30, a really good support level for the asset.
At this time, Ethereum Classic had also upgraded its position on the list of cryptocurrencies by market cap. The token now sits as the 20th largest cryptocurrency with a market cap of $4.6 billion. This puts it in front of powerhouses such as Litecoin, FTX, and Monero.
Featured image from The Coin Republic, chart from TradingView.com
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