Here’s how Ethereum Classic is navigating the current market 

9 months ago 71

  • Apart from hashrate, the blockchain’s mining trouble gained upward momentum. 
  • ETC was down by implicit 2% successful the past 7 days, and a fewer indicators were bearish.

After Ethereum [ETH] turned Proof-of-Stake (POS), Ethereum Classic [ETC] gained overmuch popularity for its Proof-of-Work (POW) statement mechanism. In fact, arsenic rightly revealed by the blockchain, ETC was the apical PoW astute declaration successful the world, followed by Conflux and Kadena. However, successful a clip erstwhile PoS and Ethereum layer-2s are gaining immense popularity, volition ETC beryllium capable to support its relevance successful the manufacture and among investors? 

You mightiness beryllium funny to cognize #EthereumClassic is the largest #PoW astute declaration web successful the blockchain space, by a important margin.

It is adopted successful virtually the full crypto CEX/Wallet ecosystem. With consistently precocious vol metrics and heavy liquidity.

— Ethereum Classic DAO (@EthClassicDAO) July 23, 2023

Realistic oregon not, here’s ETC marketplace headdress successful BTC terms 

Ethereum Classic remains a apical POS chain

Ethereum Classic Dao precocious posted a tweet pointing retired the blockchain’s accomplishment of being the apical PoW concatenation astute contract. This straight reflected the popularity of ETC. On apical of that, its mining manufacture continued to grow. The main recognition for this goes to Ethereum, arsenic aft the merge it turned PoS.

As per 2miners’ data, ETC’s hashrate has been connected the emergence for aggregate weeks, suggesting an influx of caller miners successful the network. As the hashrate increased, the blockchain’s mining difficulty besides followed the aforesaid way and went up. 

Source: 2miners

Though the blockchain’s mining ecosystem remained promising, the question of its relevance inactive remains. Currently, the bulk of the crypto abstraction is looking guardant to vigor businesslike PoS chains similar Etherem and its layer-2s.

A cardinal origin that tin allow ETC to stay competitory is its price, which has been bearish implicit the past week. According to CoinMarketCap, ETC was down by implicit 2% successful the past 7 days.

At property time, it was trading astatine $18.59 with a marketplace capitalization of implicit $2.6 billion, making it the 28th largest crypto. Not lone did the token’s terms plummet, but a akin declining inclination was besides noted successful presumption of the blockchain’s value.

As per DeFiLlama’s chart, ETC’s TVL declined implicit the past fewer weeks, which was not a bully awesome for the blockchain. 

Source: DeFiLlama

How overmuch are 1,10,100 ETCs worthy today    

A person look astatine ETC’s performance

It was absorbing to enactment that the blockchain’s societal measurement remained precocious successful the past 30 days. This reflected its popularity successful the crypto space. Additionally, its weighted sentiment besides went up, suggesting that affirmative sentiment around ETC improved.

Though Ethereum Classic’s show connected the societal beforehand was high, investors should expect a fewer much dilatory moving days. As per ETC’s regular chart, the bulls and bears were successful a conflict trying to flip each other, arsenic evident from its MACD and Exponential Moving Average (EMA) Ribbon.

Its Relative Strength Index besides took a sideways path, further expanding the chances of slow-moving terms action. 

Source: TradingView

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