Why Is Ethereum Classic Outshining Bitcoin, Ethereum Today?

Ethereum Classic (CRYPTO: ETC) spiked 10% to $43.24 over 24 hours leading up to Thursday night.

Ethereum Classic (ETC) Price Performance
Time-frame	% Change (+/-)
24-hour	10%
24-hour against Bitcoin (CRYPTO: BTC)	9.2%
24-hour against Ethereum (CRYPTO: ETH)	8.05%
7-day	-5.3%
30-day	59.7%
YTD-performance	23.6%

The ETC Factors

Ethereum Classic, which inherited Ethereum’s original blockchain after a hard fork in 2016, spiked higher than bigger cryptocurrency peers. Ethereum rose 1.7% over 24 hours, while Bitcoin was up 0.6% in the same period.
ETC — the 28th largest cryptocurrency by market cap — saw 24-hour trading volumes spike 26.6% to $1.28 billion.
Ethereum was seen trending on CoinMarketCap at press time. ETC has risen in the past due to its perception by investors as a cheaper Ethereum play.

ETC Hash Rate Spikes

Ethereum Classic’s hash rate — the measure of computational power used by a proof-of-work cryptocurrency network to process transactions — has spiked 20.4% from 22.93 Thash/s to 27.60 Thash/sec, according to data from BitInfoCharts.

Ethereum Foundation’s planned migration of the Ethereum Virtual Machine (EVM) to a proof-of-stake consensus in the second quarter is apparently working in favor of Ethereum Classic as the latter said it is “well-positioned” to absorb much of the abandoned Ethash rate.

ETC Around The Web

On Thursday, ETC decentralized exchange or DEX HebeSwap tweeted that the development of the new ETC plugin has progressed and that the signature method of MetaMask has been completed.

This month, payment gateway NOWPayments unveiled a new way for buyers and sellers to accept ETC.

Photo: Courtesy of Hamed3289 on Wikimedia

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