As the overall cryptocurrency market sees their rise, Ethereum Classic gains massive profit outshining other currencies on CoinMarketCap platform.
Over the last 24hrs, Ethereum Classic (ETC) has claimed 23.26% as the price jumped towards $41. When we look at ETC, it’s just not about the price, every aspect around the currency has entered the positive zone in the last 30 days. Even the hash rate number of Ethereum Classic is indicating investor anticipation since the start of July 2022.
On the other hand, the on-chain activity on the Ethereum Classic’s network is rising with trader’s expectation that the currency’s price action shows positive for the days to come. The 2miners stats indicate that ETC hashrate has hit a peak of 32.66 Terahashes per second on Friday. Also, the active addresses of the Ethereum Classic have also marked highest for the year 2022.
Ethereum Classic Price At $50?
Meanwhile, in the last 48hrs, Ethereum Classic the price surged from $25 to $41. However, at the time of writing, ETC is down by 1.73% over the last 24hrs and is trading at $39.80.
On the contrary, if ETC manages to reclaim the $40 price level and maintains the bull run, it is anticipated that the currency will soon see its price range around $50.
Additionally, while the Ethereum network is preparing for the merge scheduled for September, the price action around ETC is most likely to continue. It is also expected that, with Ethereum’s merger, mining companies will see a shift towards Ethereum Classic, due to ETC’s proof-of-work mechanism.