Ethereum Classic (ETC) Shoots Up 26% To Emerge As Day's Top Gainer Ahead Of Bitcoin, Ethereum, Dogecoin: Here's Why

Ethereum Classic ETC/USD soared over 26% to $40.65 over 24 hours leading up to early Tuesday morning.

See Also: How To Get Free Crypto

The ETC Factors

• ETC was among the top two gainers on price tracking websites, CoinMarketCap and CoinGecko.The cryptocurrency was also seen trending on both these websites
• Ethereum Classic, the inheritor of Ethereum’s original blockchain post a contentious 2016 hard fork, was seen trending among retail investors on Stocktwits at the time of writing. 
• Trading volume for ETC soared a whopping 530.6% to $2.56 billion over 24 hours, according to data from CoinMarketCap.
• ETC was among the most-mentioned coins on Twitter at the time of writing, according to Cointrendz data. The three most-mentioned coins were Elrond, Bitcoin, and Ethereum.
• Coinglass data indicated that $25.29 million worth of ETC was liquidated over 24 hours as the price of the coin spiked.
• The relative strength index (RSI) for ETC stood at 64.490 at the time of writing, according to TradingView. An asset is said to be overbought if the RSI is more than 70 and oversold if it is less than 30.

Hashrate Touches All-Time High

The hashrate or the measure of computing power on a coin’s network was 46.42 terahashes per second (TH/s) at the time of writing, according to 2miners.com.

On Jan. 1 the hashrate was 23.74 TH/s — this implies it has risen 95.53% since the year began. In recent days, the hashrate has touched an all-time high.

Ethereum Classic Hashrate — Courtesy 2Miners.com

Notably, the increase in the hashrate comes ahead of “The Merge” or the shift of Ethereum from a proof-of-work network to a proof-of-stake mechanism. JPMorgan recently said it expected ETC miners to be the main beneficiaries of this transition as it will force ETH miners to seek alternate forms of income streams.

Cheaper Ethereum Play

Ethereum led gains among major cryptos on Monday evening as the market braced for a fresh trading week. The buzz around the upcoming Merge has been pushing the coin’s price higher. In the past, ETC has risen higher in conjunction with ETH as it is seen as a cheaper Ethereum play by some. Miners of the second-largest crypto made $756 million in revenue in the last month before the proof-of-stake transition, according to on-chain data from The Block.

ETC On The Web

The spike in ETC’s price led to the proliferation of memes on Twitter among the coin’s following.

Ethereum classic $ETC is the real Ethereum. Stay away from forks and imitations. pic.twitter.com/0uCJM4ghBL

— Kathy  $ETC (@BlueHeartKat) September 2, 2022

$ETC today. pic.twitter.com/ktP7XCYldq

— ETCPOW (@ETCPOW) September 5, 2022

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