Ethereum Classic Shrugs Off Bearish Crypto Market To Continue Rally

Ethereum Classic (ETC) traded 4.8% higher at $50.77 over 24 hours leading up to Tuesday night even as the wider crypto market took a bearish turn.

See Also: Ethereum Vs Ethereum Classic 

Why Is It Moving? Ethereum Classic, the inheritor of the original Ethereum blockchain post a hard fork, was seen surging even as other major coins slipped into the red. The global cryptocurrency market inched up 0.05% to $2.1 trillion at press time.

The 24-hour ETC trading volumes spiked nearly 60% to $2.77 billion at press time, according to CoinMarketCap data. ETC's market cap rose 4.7% to $6.8 billion.

The ETC hash rate declined 3.42% over 24 hours to 27.295 Thash/s, according to data from BitInfoCharts. However, since the year began, the hash rate has spiked 14.295% from 23.90 Thash/s.

ETC Hashrate Over Time — Courtesy BitInfoCharts

Ethereum Foundation plans to migrate Ethereum — the other successor of the hard fork — to a proof-of-stake mechanism. The migration of Ethereum Virtual Machine (EVM) to a proof-of-stake model in the second quarter would “disenfranchise” the largest proof-of-work ecosystem. 

Ethereum Classic said it was “well-positioned” to absorb much of the abandoned Ethash rate.

Meanwhile, Ethereum was seen trending on CoinMarketCap at press time. ETC has rallied in the past in conjunction with Ethereum as it is seen as a cheaper play by some.

ETC, which has soared more than 45% since the year began, also has nascent decentralized finance (DeFi) related buzz building around it as HebeSwap, a decentralized exchange on the network, nears the third phase of its roadmap. 

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Photo courtesy: ethereumclassic.org