Ethereum Classic ETC/USD has soared nearly 80% over the last seven days, while on an intraday basis, the coin has shot up nearly 20.5 to $25.60%.
The inheritor of Ethereum’s original blockchain moved alongside with the global crypto market cap that increased 4.7% at press time to $1.02 trillion.
|Time-frame||% Change (+/-)|
|24-hour against Bitcoin BTC/USD||16.3%|
|24-hour against Ethereum ETH/USD||21.4%|
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The ETC Factors
- ETC was not among the most-mentioned coins on Twitter, according to Cointrendz. However, Ethereum was the second-most mentioned coin
- Both ETC and ETH were seen trending among retail investors on Stocktwits. ETC was trending on CoinMarketCap, while both ETC and ETH were noted trending on CoinGecko at press time
- The 24-hour trading volume for ETC shot up 47.5% to over $2 billion at press time, according to CoinMarketCap
- Coinglass data indicated that $17.9 million worth of ETC were liquidated over 24 hours as the price of the coin shot up
- ETC’s relative strength index stood at 78.66 at press time. An RSI over 70 indicates an asset is overbought, while below 30 an asset is considered to be oversold
Ethereum Buzz Dominates Crypto Rally
On Monday, ETH crossed the $1,500 mark for the first time since June 12. The upwards momentum is driven by buzz surrounding “The Merge” — Ethereum’s move from a proof-of-work mechanism to one underpinned by proof-of-stake.
ETC, which is seen by some as a cheaper Ethereum play, has rallied even more strongly. ETC was the top 24-hour gainer, according to CoinMarketCap. While weekly gains in ETC amounted to 80%, those in ETH paled at 42.1%. Meanwhile, the apex coin only managed to edge up 10% in a similar period.
“The Merge” Makes ETC Attractive To Miners
This year, Ethereum Classic said that Ethereum Foundation’s moves to shift Ethereum Virtual Machine (EVM) to a proof-of-stake consensus will “disenfranchise” the largest EVM proof of work ecosystem and that the project linked to ETC is well-positioned to absorb much of the abandoned Ethash hashrate.
Some miners have expressed a desire to shift to Ethereum Classic in the wake of the upcoming “The Merge” event.
We are seeing price movement on $ETC.— Ethereum Classic DAO (@EthClassicDAO) July 17, 2022
Why is #EthereumClassic pumping?
With $ETH moving to #PoS in ~60 days, #ETC becomes the largest #PoW smart contract network. The second largest proof of work network behind only Bitcoin.#Miners = real users and value.
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