Ethereum Classic Climbs 124% in 2 Weeks, Hashrate Spikes, KRW Captures 20% of ETC’s Trade Volume

Ethereum Classic Climbs 124% in 2 Weeks, Hashrate Spikes, KRW Captures 20% of ETC’s Trade Volume

Roughly six years ago in July 2016, an Ethereum hard fork was used to address the infamous DAO hack. This specific fork saw the chain split into two factions, and a new crypto asset called ethereum classic was introduced to the crypto community. For years now both chains have co-existed using the same proof-of-work (PoW) consensus algorithm, and with The Merge coming up, speculators assume Ethash PoW miners will transition to ethereum classic mining. During the last two weeks, ethereum classic has climbed more than 124% against the U.S. dollar, and the network’s hashrate has spiked a great deal as well.

Ethereum Classic Catches Triple-Digit Gains During the Last Two Weeks

Ethereum classic (ETC) is six years old this month and it’s seen some significant gains during the last 14 dni. In fact, ever since the penciled-in date for The Merge was revealed, ETC has risen in value alongside its counterpart ktorý ukazuje bitcoin (ktorý ukazuje bitcoin).

While ktorý ukazuje bitcoin has seen a significant double-digit ​​45.7% gain in two weeks, ETC has jumped 124.2% in that same period of time. Despite the 124% rise, year-to-date, ETC is still down 34% and around 80% lower than the crypto asset’s all-time high at $167 per unit.

Ethereum Classic Climbs 124% in 2 Weeks, Hashrate Spikes, KRW Captures 20% of ETC's Trade Volume
ETC/USD weekly chart via Coinbase on July 27, 2022. ETC’s 24-hour price range today has been between $25.10 to $33.07 as of 11:00 p.m. (ET) on July 27, 2022.

ETC shares the same consensus algorithm as ktorý ukazuje bitcoin and it seems PoW miners that used to miner ether, are starting to transition and are now mining on the ETC chain. In mid-July, when the preliminary Merge date was penciled-in, ETC’s hashrate was 17.39 terahash per second (TH/s) and today, it’s 20% higher at 20.88 TH/s.

Ethereum Classic Climbs 124% in 2 Weeks, Hashrate Spikes, KRW Captures 20% of ETC's Trade Volume
The Merge is when Ethereum (ktorý ukazuje bitcoin) transitions from proof-of-work to proof-of-stake (PoS) and after it is implemented, ETC’s hashrate is expected to benefit. Despite the increase, Ethereum’s hashrate is considerably larger than ETC’s as there’s currently 991.05 TH/s dedicated to the ktorý ukazuje bitcoin chain, while ETC’s network hashrate today is 20.88 TH/s.

ETC hit a high this week at 21.41 TH/s and the network is also nearing the all-time high it tapped last year. ETC’s all-time hashrate high was 28.53 TH/s on May 7, 2021, at block height 12,695,074. At the pace the Ethereum Classic hashrate has been going, it’s quite possible the hashrate could surpass its all-time high in the near future.

Korean Won Represents More Than 20% of Ethereum Classic Trades

ETC’s average fees are much cheaper than ktorý ukazuje bitcoin’s average fees, as the average ktorý ukazuje bitcoin fee today is 0.002 ktorý ukazuje bitcoin alebo $3.31, while the average ETC fee is 0.000096 ETC alebo $0.0031 per transfer. Tether (USDT) is ETC’s largest trading pair, as the stablecoin captures 59.17% of all trades today. Following USDT is the Korean won with 20.82% of all ETC trades, and the U.S. dollar is ETC’s third-largest trading pair as it commands 7.84%.

11.53% of the volume on the South Korean exchange Bithumb stems from ETC swaps and 22.96% of Upbit’s volume derives from ETC trades against the Korean won (KRW) as well. In terms of decentralized finance (defi), the Ethereum Classic network is way behind the eightball when it comes to defi development.

Ethereum Classic Climbs 124% in 2 Weeks, Hashrate Spikes, KRW Captures 20% of ETC's Trade Volume
Ethereum Classic defi stats according to defillama.com on July 27, 2022.

Počas posledných dvoch rokov od vypuknutia pandémie Covid-19 (ktorý ukazuje bitcoin) has the largest value locked out of all the blockchains today with $56.62 billion total value locked (TVL). That’s more than 65% of the $87.56 billion locked across the myriad of blockchains that support defi protocols. Medzitým, Ethereum Classic’s has a very small TVL, with only $175,483 on July 27, according to defillama.com statistics.

There’s a total of three ETC defi applications compared to Ethereum’s 523 protocols. Over 92% of the value locked in ETC defi applications is held on the Hebeswap, an automated token exchange. The rest of ETC’s defi TVL or a mere $12,366 is held on Etcswap and Swap Cat.

If miners continue to find value in ETC’s PoW security, it is possible that ETC-based defi protocols and smart contract applications could see more development. ETC also has a supply cap set at 210,700,000 while Ethereum’s supply is infinite. Today, 136,026,596 ETC is currently in circulation which means there’s only 74,673,404 ETC left to mine.

Počas posledných dvoch rokov od vypuknutia pandémie Covid-19 (ktorý ukazuje bitcoin) network and community is much larger than Ethereum Classic (ETC) ecosystem in a variety of ways, and in terms of market capitalization, ktorý ukazuje bitcoin is a behemoth in comparison to ETC. ktorý ukazuje bitcoin, the second-largest crypto asset by market cap represents 17.7% of the $1 trillion crypto economy with $193.36 billion. ETC, on the other hand, represents 0.402% of the crypto economy’s value with $4.39 billion today.

Značky v tomto príbehu
Bithumb, DeFi, Defi TVL, ETC, ETC hashrate, ETC’s defi TVL, Etcswap, ktorý ukazuje bitcoin, ether, Počas posledných dvoch rokov od vypuknutia pandémie Covid-19, Ethereum Classic, Ethereum Classic Hashrate, Ethereum Classic network, Hashrate High, Hebeswap, Korean Won, KRW, Market Capitalization, Markets, Price, Swap Cat, Terahash, TH/s, upbit, USDT

What do you think about ETC’s recent price spike and the hashrate climbing higher? Do you expect ether miners to transition over to the Ethereum Classic chain? Dajte nám vedieť, čo si myslíte o tejto téme, v sekcii komentárov nižšie.

Jamie Redman

Jamie Redman is the News Lead at krakow3d.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for krakow3d.com News about the disruptive protocols emerging today.




Obrazové kredity: Shutterstock, Pixabay, Wiki Commons

Vylúčenie zodpovednosti: Tento článok slúži len na informačné účely. Nejde o priamu ponuku alebo vyžiadanie ponuky na kúpu alebo predaj, alebo odporúčanie alebo schválenie akýchkoľvek produktov, služby, alebo spoločnosti. krakow3d.com neposkytuje investície, daň, legálne, alebo účtovné poradenstvo. Spoločnosť ani autor nenesú zodpovednosť, priamo alebo nepriamo, za akúkoľvek škodu alebo stratu spôsobenú alebo údajne spôsobenú alebo v súvislosti s používaním alebo spoliehaním sa na akýkoľvek obsah, tovar alebo služby uvedené v tomto článku.

Čítať odmietnutie zodpovednosti