Ethereum Classic surges 124% in two weeks, hashrate booms, and South Korean won takes 20% of ETC trading volume – Altcoins Bitcoin News


Almost six years ago in July 2016, hard fork Ethereum was used to tackle the infamous DAO hack. This particular 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 coexisted using the same Proof of Work (PoW) consensus algorithm, and with the advent of The Merge, speculators are assuming that Ethash PoW miners will move to classic Ethereum mining. Over the past two weeks, Ethereum Classic has gained more than 124% against the US Dollar, and the network hash rate has also increased dramatically.

Ethereum Classic posts triple-digit gains over the past two weeks

Ethereum Classic (ETC) She turns six this month and has seen some big gains in the last 14 days. In fact, since the exact date in pencil for The Merge was revealed, etc. The value has gone up along with its peer Ethereum (ETH).

While ETH saw significant gains of 45.7% in two weeks, etc. It jumped 124.2% in the same time period. Despite up 124% year-to-date, etc. It is still down 34% and about 80% below the all-time high of the crypto asset at $167 per unit.

Ethereum Classic Rise 124% in 2 Weeks, Hackers Rise, KRW Captures 20% of ETC Trading Volume
etc./ Weekly chart of the US dollar via Coinbase on July 27, 2022. etc.The price range for 24 hours today is between $25.10 and $33.07 as of 11:00 PM (Eastern time) on July 27, 2022.

etc. Shares the same consensus algorithm as ETH It seems that the Proof of Work miners who used to mine ether, are starting to switch and are now mining in the Ether. etc. series. In mid-July, when the initial consolidation date was set, etc.It had a hash rate of 17.39 terahash per second (TH/s) and today is 20% higher at 20.88 terahash/s.

Ethereum Classic Rise 124% in 2 Weeks, Hackers Rise, KRW Captures 20% of ETC Trading Volume
The merge takes place when Ethereum (ETH) Moving from Proof of Work to Proof of Stake (PoS) and after its implementation, etc.The hashtag of . Despite the increase, the hash of Ethereum is much larger than etc.Where there are currently 991.05 TH/s allotted to ETH string, while etc.Today’s network hash rate is 20.88 TH/s.

etc. It reached its highest level this week at 21.41 TH/s and the network is also approaching its all-time high last year. etc.Highest hash rate ever was 28.53 TH/sec On May 7, 2021, at block height 12695.074. At the pace that the Ethereum Classic hash has been going, it is very likely that the hash rate will surpass its all-time high in the near future.

The Korean Won accounts for more than 20% of Ethereum classic trades

etc.The average fee is much cheaper than ETHAverage fee, as average ETH Today’s Fee 0.002 ETH Or $3.31 while the average etc. Fee 0.000096 etc. or $0.0031 for each conversion. Rope (USDT) he is etc.Its biggest trading pair, with the stablecoin accounting for 59.17% of all trading today. next USDT It is the Korean won at 20.82% of all etc. Deals, the US dollar etc.The third largest trading pair as it holds 7.84%.

11.53% From the volume on the South Korean Stock Exchange Bithumb stems from etc. swaps and 22.96% From Upbit Size Derived from etc. It is also trading against the Korean Won (KRW). In terms of decentralized finance (the challenge), the Ethereum Classic network is eight balls behind when it comes to the development challenge.

Ethereum Classic Rise 124% in 2 Weeks, Hackers Rise, KRW Captures 20% of ETC Trading Volume
Ethereum Classic stats challenge according to defillama.com on July 27, 2022.

Ethereum (ETH) the largest value blocked from all blockchains today with 56.62 billion dollars Total Locked Value (TVL). This represents more than 65% of the $87.56 billion locked across the myriad of blockchains that support the Challenge Protocols. Meanwhile, Ethereum Classic has a very small TVL, at just $175,483 on July 27, according to defillama.com. Statistics.

There are a total of three etc. Specific applications compared to 523 Ethereum protocols. Over 92% of value secured etc. Defi applications are kept in Hebeswap, an automated token exchange. Rest etc.TVL Challenge or no more than $12,366 held on Etcswap and Swap Cat.

If miners continue to find value in etc.As for PoW’s Proof of Work security, it is possible that ETC-based identification protocols and smart contract applications will see further development. etc. It also has a cap supply set at 210,700,000 while the supply of Ethereum is unlimited. Today, 136,026,596 etc. Currently in circulation which means there are only 74673404 etc. left for me.

Ethereum (ETHThe network and community are much larger than Ethereum Classic.etc.) the ecosystem in many ways, and in terms of market capitalization, ETH It is gigantic compared to etc.. ETHthe second largest crypto asset by market capitalization representing 17.7% of the $1 trillion crypto economy valued at $193.36 billion. etc.on the other hand, represents 0.402% of the value of today’s $4.39 billion crypto economy.

Tags in this story

Bithumb, DeFi, Defi TVL, ETC, ETC hashrate, ETC’s defi TVL, Etcswap, ETH, ether, Ethereum, 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.The recent price hike and retail climb to the top? Do you expect ether miners to move to the Ethereum Classic chain? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based 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 Bitcoin.com News about the disruptive protocols emerging today.




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