Ethereum Classic Up 27% In 24 Hours

Ethereum Classic is up 27% in 24 hours. The cryptocurrency market continues its recovery after re-crossing (and well over) the $1 trillion mark in market capitalization. The digital assets dominating the 24-hour trending list continue to evolve, with Ethereum Classic (ETC) dethroning previous leaders including Ethereum (ETH), Shiba Inu (SHIB), and Terra (LUNA).

Ethereum Classic outperforms the market

The increasingly popular Ethereum Classic continued to see strong interest, posting dramatic gains over the previous 24 hours to 26.19%, according to data retrieved July 29 from CoinMarketCap.

Optimism (OP), a leading Ethereum layer 2, ranks second with gains of 51.07% in the last 24 hours. The Grove (GVR) token is in the third position with 8.27%, followed by Solana (SOL) with 9.05%, while Terra (LUNA) is now in the fifth position in the ranking compiled by CoinMarketCap, rising by 10.53 % in the last 24 hours.

Ethereum Classic is up 27% in 24 hours

Bitcoin, for its part, is progressing more modestly with an increase of more than 2.5% over the last 24 hours. It briefly broke above the $24,000 mark but seems stuck under this major resistance. The asset is still at its monthly highs, a sign of the rebound that the market has started in recent days.

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Ethereum Classic profit from the Merger?

Indeed, Ethereum Classic's advance over the past 24 hours aligns with recent bullish gains in the second-largest market capitalization before the Merger. This event awaited by the entire crypto industry will officially mark the transition of the Ethereum blockchain from the energy-intensive and inefficient Proof-of-Work (PoW) mechanism to the Proof-of-Stake (PoS).

Vitalik Buterin believes this change in the consensus mechanism can boost Ethereum performance by up to 100,000 transactions per second. A considerable gain in efficiency for the Ethereum blockchain.

As the upgrade looms, cryptocurrency miners are increasingly aware that the Ethereum Classic blockchain is one of the most attractive PoW networks for them. On this subject, the creator of Ethereum, Vitalik Buterin, invites people to switch to the ETC chain if they prefer this type of network, calling it “ a totally perfect chain”.

Meanwhile, Leon Lv, the CEO of AntPool – the mining pool affiliated with cryptocurrency mining giant Bitmain – announced that his organization has invested $10 million in the Ethereum Classic ecosystem and that it would continue to support him financially.

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This sum must encourage other developers and companies to build the future of Ethereum Classic. The idea is to develop more on the mainnet and also to increase its scalability through appropriate technological solutions. The aim is also to attract more projects using the Ethereum Classic blockchain in the future. 

He made the announcements at Bitmain's World Digital Summit (WDMS) in Miami, where the maker also said that buyers of all of its Antminer models could pay for them using ETCs after launching its latest Ethereum mining model. , the Antminer E9, in early July.

Ethereum was one of the main blockchains attracting miners until then, it is only natural that miners would move to Ethereum Classic to continue their activity. We will see if ETC's impressive pump is confirmed especially after the Merge has taken place, the latter taking place at the end of September.

Ethereum Classic is the second largest blockchain in proof of work just behind the leader Bitcoin. Other options are available for miners, such as Bitcoin Cash or Flux, but Ethereum Classic combines both a large capitalization, the 19th in the crypto market at the time of writing these lines, significant seniority, and a strong legitimacy.

Some observers also highlight the qualities of this network, in particular, its monetary policy and the fact that the decentralized applications present on Ethereum can run on Ethereum Classic.

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