Ethereum Classic (ETC) Hash Rate Hits All-time High as Price Spikes 160% in a Month


Source: PEC Nature

Ethereum Classic (ETC) Hash Rate Hits All-time High as Price Spikes 160% in a Month

  • Ethereum Classic (ETC) hash rate hits all-time high amidst 160% growth in the last 30 days.
  • The “original Ethereum” is eyeing to enter the top 10 coins after boosting 13% in 24 hours.

Ethereum Classic (ETC) is getting better and better since the 32% spike in the last week of December last year as the community eagerly awaited the Agartha hard fork. Starting 2020 on a high following a successful Agartha hard fork, the price spiked over $7.000 USD for the first time in months and just crossed the psychological $10.000 resistance leading to bulls multiplying their bets on what was once considered a dead fork.

Once again, the Ethereum Classic community is basking in glory as the hash rate hit all-time high hashes at 20.96 TH/s on Wednesday, 29th January.

Ethereum Classic (ETC) hash rate spikes to ATH

This is one of the indicators that ETC is back! The miners are back believing in keeping the Ethereum Classic blockchain safe as the number of hashes spiked to 20.96 TH/s, representing a 26% soar since Sunday. The hash rate spike follows the 130% increase in ETC’s value over the past 30 days.

Ethereum Classic currently changes hands at $12.38 USD, a slight drop from the $12.890 USD yearly high, a price last breached in September 2018. The digital asset is placed 11th on the Coinmarketcap charts with the bulls looking ready to extend the current uptrend with a keen eye on the 10th place –currently held by Cardano (ADA).

Ethereum Classic poised to claim 10th position

In line with the increasing mining difficulty and hash rate in the past few weeks, the price of ETC is heavily tipped to grow even further despite breaching multiple resistance levels at $7.00, $10.00 and $12.00 in less than a month. In a previous article, we explained the reason the coin’s future looks bright and why ETC is in line to grow over 1000X in the coming years.

etcusd
Image from TradingView

Furthermore, the ETC/USD pair is on the verge of breaching a key resistance level on the weekly charts at $14.00 USD, a move that may start a bullish run towards the $20 dollar level. The weekly Elliot’s Wave Oscillator turning green with volumes steadily increasing which strengthens the bullish narrative. However, trade with caution as the weekly relative strength index (RSI) flying high in the overbought which shows a possible near term consolidation period is in the offing.

Author: Lujan Odera
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.
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Lujan Odera 385 Articles
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.
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