Ethereum Classic is the original, unaltered version of ETH. After the famous hack of 2016, the Ethereum Foundation launched a new form of the ETH mainnet. However, some miners stuck to the original ETH codes, starting the Ethereum Classic project
And unlike Ethereum, looking to migrate to a proof-of-stake (PoS) consensus model, Ethereum Classic remains ETH’s original proof-of-work (PoW) status. So, why has this unaltered version of Ethereum been outperforming every cryptocurrency in the market?
Recent Developments and Future Events
Following a smooth completion of Ethereum’s Merge on the Kiln Testnet, ETH miners are already looking to migrate with their expensive machines to other networks, With Ethereum Classic looking to become the biggest beneficiary.
Developers of Ethereum Classic look all but ready to welcome “Disenfranchised Ethash Miners.” The Ethereum Classic team also announced that ETC is now compatibility with the Ethereum Virtual machine, meaning ETH dApps can port over to ETC.
On March 18, Ethereum Classic published a blog, “Ethash Miners: Migrating to ETChash Post ETH Merge.” An excerpt from the blog reads;
Anticipating an influx of miners, Ethereum Classic has announced that its block rewards will be reduced by 20%. The process, which has been dubbed the “fifthening,” by miners, will see ETC’s block reward drop to 2.56 ETC per block.
Before the migration of miners to Ethereum Classic took center stage, the project announced that it can now be directly converted to fiat using Payment gateway NOWPayments_io. Buyers and sellers using NOWPayments can accept both $ETC and fiat, without any stress.
Ethereum Classic has also been growing its ecosytem, supporting the growth of dapps, DEXs, DeFi, and NFTs on the network. In late February, decentralized exchange, HebeSwap launched on the ETC network, with its wallet supporting up to 100 chains.
Price Updates
The speculation that Ethereum miners would be migrating to Ethereum Classic has driven the price of ETC to new highs. Over the last 24 hours, ETC has gained 11% and over 80% in the last seven days.
The 24 hours price chart of Ethereum Classic (ETC). Source: Tradingview
Its 80% gains over the past week dwarf those of other top 50 cryptocurrencies. Ethereum Classic’s recent gains have seen the token set a new 4-month trading high at $50.37.
The seven days price chart of Ethereum Classic (ETC). Source: Tradingview
ETC now trades at $48.677 and is ranked as the 28th largest crypto, with a market cap of $6.5 billion.
On the Flipside
Community
Expectations of the migration of ETH miners to the Ethereum Classic network has caused a arejuvenation in the ETC community. Ethereum Classic community are sharing their bullish expectations for the ETC coin.
Popular crypto analyst, Frank Nii Okanta Ankrah, wrote about ETC;
Gaining additional miner support from Ethereum’s merge would improve the security of the Ethereum Classic network and could potentially boost the price of ETC coin as broader ranks of miners hold and trade it.
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Source: Cryptocurrency - investing.com
