Fun

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

News Feed - 2022-07-28 12:07:03

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 days. In fact, ever since the penciled-in date for The Merge was revealed, ETC has risen in value alongside its counterpart ethereum (ETH).


While ETH 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. 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 ETH 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. The Merge is when Ethereum (ETH) 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 ETH 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 ETH’s average fees, as the average ETH fee today is 0.002 ETH or $3.31, while the average ETC fee is 0.000096 ETC or $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 defi stats according to defillama.com on July 27, 2022.


Ethereum (ETH) 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. Meanwhile, 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.


Ethereum (ETH) network and community is much larger than Ethereum Classic (ETC) ecosystem in a variety of ways, and in terms of market capitalization, ETH is a behemoth in comparison to ETC. ETH, 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. 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’s recent price spike and the hashrate climbing higher? Do you expect ether miners to transition over to the Ethereum Classic chain? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.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 Bitcoin.com News about the disruptive protocols emerging today. Finder"s Crypto Experts Predict Solana Rising to $512 by 2030 ALTCOINS | 5 days ago Stablecoin Market Cap Slides, BUSD and DAI Valuations Jump, Fiat Tokens Represent 70% of All Crypto Trades ALTCOINS | 7 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRipple CEO Discusses Potential Outcomes of SEC Lawsuit Over XRP Next articleThe Web 3․0 Winter Is Coming: Bucking the Trend With Karmaverse Zombie Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms

News Feed

NFT Sales Drop 5.4% to $193M, Ethereum Dominates with $107M in Sales: Weekly Recap
NFT Sales Drop 5.4% to $193M, Ethereum Dominates with $107M in Sales: Weekly Recap Over the past week, statistics show non-fungible token (NFT) sales totaled $193.08 million, down
Bitcoin post-halving price consolidation could last 2 months — Bitfinex
Gareth Jenkinson13 hours agoBitcoin post-halving price consolidation could last 2 months — BitfinexThe Bitcoin halving is widely expected to have a positive impact on the price of the preeminent cryptocurrency, but ana
Founder of Coin Signals Funds Pleads Guilty in Crypto Scam — Faces up to 10 Years in Prison
Founder of Coin Signals Funds Pleads Guilty in Crypto Scam — Faces up to 10 Years in Prison The founder and manager of several cryptocurrency funds has pleaded guiltyto luring in
Attackers Steal $80 Million From Rari Capital’s Fuse Platform, Fei Protocol Suffers From Exploit
Attackers Steal $80 Million From Rari Capital"s Fuse Platform, Fei Protocol Suffers From Exploit According to a report from the blockchain company Blocsec, Rari Capital’s Fu
Bitcoin-Friendly Top US Banking Regulator Aims to Solve Banks’ Problems With Decentralization
Bitcoin-Friendly Top US Banking Regulator Aims to Solve Banks" Problems With DecentralizationThe new top banking regulator for the Trump administration sees “huge and great pr
XRP 100x Gains Coming? The Future Is Closer Than You Think—Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Survey: Most Salvadorans Still Not Convinced About Bitcoin as Legal Tender
Survey: Most Salvadorans Still Not Convinced About Bitcoin as Legal Tender A survey conducted recently by the Center for Citizen Studies of the Francisco Gavidia University, a priv
English Premier League Team Features Dogecoin for 2021-22 Season — Players Wear DOGE Logo on Sleeves
English Premier League Team Features Dogecoin for 2021-22 Season — Players Wear DOGE Logo on Sleeves English Premier League football players with the Watford F
Helen Partz14 hours agoBinance tight-lipped on projects funded by $1B crypto recovery fundBinance-initiated IRI fund has only spent some 2.7% of the total of $1.1 billion committed to saving crypto after the FTX collapse
Study Shows Dogecoin, XRP Saw Largest Network Fee Increases Last Year
Study Shows Dogecoin, XRP Saw Largest Network Fee Increases Last Year There’s been a lot of action in the world of cryptocurrencies over the last 12 months and a myriad of m
El Salvador’s Bitcoin wallet gets sats, cats and a cypherpunk manifesto
Brayden Lindrea4 hours agoEl Salvador’s Bitcoin wallet gets sats, cats and a cypherpunk manifestoApproximately $700 in satoshis were sent to El Salvador’s new “Bitcoin piggy bank” across dozens of donations.10184
Lunar Labs Co-Founder Luke Youngblood Talks Moonwell Artemis and Over-Collateralized Loans
Lunar Labs Co-Founder Luke Youngblood Talks Moonwell Artemis and Over-Collateralized Loans Moonwell is an open lending and borrowing DeFi protocol on Moonbeam and Moonriver. Moonwe