Forget Bitcoin SV, Ethereum Classic (ETC) is attracting the attention of traders. Until this week, the coin has been at the periphery, lodged outside the top 20 by market cap but events of the last few days have been shaping for the coin.
At press time, the top has flipped Cardano (ADA), Tron (TRX), and Monero (XMR) and is at tenth with a market cap of $1.3 billion as each coin is changing hands at $11.95. In the past 7 days of trading, its price has more than doubled.
However, this may just be the beginning.
Earlier today, ETC-focused news portal retweeted a very piece that detailed several reasons as to why the coin is on the course of charting a 1,000X rise in the medium to long term.
Bullish, this statement was published following this week’s stellar gains. It explained that Ethereum Classic will be the second-largest base layer commanding a 25% share after Bitcoin, which will morph out to be a digital store of value, because of the platform’s computing ability.
Nonetheless, Ethereum Classic maintains its original vision and developers don’t plan to follow Ethereum’s shift to a Proof of Stake system dubbed Serenity. Serenity will incorporate Sharding and probably layer-2 scaling solutions.
To reiterate their position and to express doubt on Proof of Stake systems, the Twitter post read:
“Proof-of-Work will be the base layer in the blockchain industry stack. The reason is that its orders of magnitude more secure than Proof-of-Stake and other consensus systems.”
ETC hash rate now follows price and over the past year, the network computing power has been snowballing.
According to data from BitInfoCharts, ETC’s hash rate increased from 11.2 TH/s in early January 2020 to 15 TH/s on January 16.
This rise a further enhancement of Ethereum Classic’s core security. If prices continue to expand, the network’s security will be further bolstered, a cushion against a repeat of last year’s 51% attack.
From the chart, ETC appears to be bottoming up and is now trading at a 7-months high. Accompanying this week’s surge is an uptick of trading volumes hinting of participation.
This could stem from Binance’s listing of ETC/USDT Perpetual contracts on Jan 15.
It also follows the activation of the Agharta hard fork. The software upgrade makes Ethereum Classic interoperable with Ethereum.
Overly, this is a mark of confidence and goes to show how bullish ETC holders are.
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