Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Ethereum Classic (ETC) Shoots Up 26% To Emerge As Day's Top Gainer Ahead Of Bitcoin, Ethereum, Dogecoin: Here's Why

Published 06/09/2022, 08:30
Updated 06/09/2022, 09:10
© Reuters.  Ethereum Classic (ETC) Shoots Up 26% To Emerge As Day's Top Gainer Ahead Of Bitcoin, Ethereum, Dogecoin: Here's Why

© Reuters. Ethereum Classic (ETC) Shoots Up 26% To Emerge As Day's Top Gainer Ahead Of Bitcoin, Ethereum, Dogecoin: Here's Why

Ethereum Classic (CRYPTO: ETC) soared over 26% to $40.65 over 24 hours leading up to early Tuesday morning.

Ethereum Classic (ETC) Price Performance Time-frame % Change (+/-)
24-hour 26.2%
24-hour against Bitcoin (CRYPTO: BTC) 23.8%
24-hour against Ethereum (CRYPTO: ETH) 23.4%
7-day 19.9%
30-day 8.8%
YTD-performance

14.8%
See Also: How To Get Free Crypto

The ETC Factors

  • ETC was among the top two gainers on price tracking websites, CoinMarketCap and CoinGecko.The cryptocurrency was also seen trending on both these websites
  • Ethereum Classic, the inheritor of Ethereum’s original blockchain post a contentious 2016 hard fork, was seen trending among retail investors on Stocktwits at the time of writing.
  • Trading volume for ETC soared a whopping 530.6% to $2.56 billion over 24 hours, according to data from CoinMarketCap.
  • ETC was among the most-mentioned coins on Twitter (NYSE:TWTR) at the time of writing, according to Cointrendz data. The three most-mentioned coins were Elrond, Bitcoin, and Ethereum.
  • Coinglass data indicated that $25.29 million worth of ETC was liquidated over 24 hours as the price of the coin spiked.
  • The relative strength index (RSI) for ETC stood at 64.490 at the time of writing, according to TradingView. An asset is said to be overbought if the RSI is more than 70 and oversold if it is less than 30.
Hashrate Touches All-Time High The hashrate or the measure of computing power on a coin’s network was 46.42 terahashes per second (TH/s) at the time of writing, according to 2miners.com.

On Jan. 1 the hashrate was 23.74 TH/s — this implies it has risen 95.53% since the year began. In recent days, the hashrate has touched an all-time high.

Ethereum Classic Hashrate — Courtesy 2Miners.com

Notably, the increase in the hashrate comes ahead of “The Merge” or the shift of Ethereum from a proof-of-work network to a proof-of-stake mechanism. JPMorgan (NYSE:JPM) recently said it expected ETC miners to be the main beneficiaries of this transition as it will force ETH miners to seek alternate forms of income streams.

Cheaper Ethereum Play Ethereum led gains among major cryptos on Monday evening as the market braced for a fresh trading week. The buzz around the upcoming Merge has been pushing the coin’s price higher. In the past, ETC has risen higher in conjunction with ETH as it is seen as a cheaper Ethereum play by some. Miners of the second-largest crypto made $756 million in revenue in the last month before the proof-of-stake transition, according to on-chain data from The Block.

ETC On The Web The spike in ETC’s price led to the proliferation of memes on Twitter among the coin’s following.

Read Next: Ethereum's Vitalik Buterin: Crypto Could Replace Gold And Be The 'Linux Of Finance' By 2040

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read at Benzinga

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.