Ethereum Classic (ETC/USD) is essentially an open-source decentralized blockchain-based decentralized cryptocurrency and network that supports smart contract functionality.
Ethereum Classic formed in 2016 as a result of disagreements in the Ethereum community about changes with developers over its immutability, which affected the entire network.
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The original blockchain was split into two networks, Ethereum Classic (ETC) and Ethereum (ETH/USD), with Ethereum Classic becoming a hard fork of Ethereum.
ETC is a network-specific virtual currency that plays a role in maintaining and operating the network.
The main reason ETC stands out is because it does not switch to Proof of Stake (PoS), making it attractive to miners looking for alternative networks that can mine cryptocurrencies.
All-time high hashrate as growth catalyst
According to data from CoinWarz, on August 21, 2022 02:00:00 GMT, the hashrate of the Ethereum Classic (ETC) network reached 38.1787 TH/s.
The hashrate on August 17, 2022 was 27.0201 TH/s. This shows that the Ethereum Classic hashrate increased by 41.3% in his four days.
This level of growth means that miners are looking for alternatives to Ethereum (ETH). Because that blockchain will specifically move to a Proof of Stake (PoS) consensus mechanism. Stick to Proof of Work (PoW).
Should I buy Ethereum Classic (ETC)?
Ethereum Classic (ETC) was worth $31.53 on August 22, 2022.
To get a better perspective on what value point this represents for the ETC cryptocurrency, we take a look at July’s performance and all-time high value point.
Looking at the all-time high for Ethereum Classic (ETC) on May 6, 2021, it reached a value of $167.09.
Looking back at the previous month’s performance, Ethereum Classic (ETC) hit a new low at $13.55 on July 13th.
The all-time high was $44.1 on July 29th. Here we can see that the value increased by $30.55, or 225%.
With this in mind, investors may be interested in buying ETC based on its past growth as it can be expected to reach $35 by the end of August 2022.
where to buy now
For simple and easy investing, you need a low-fee broker with a reliable track record. The following brokers are highly rated, recognized worldwide and safe to use.
- Etro, trusted by over 13 million users worldwide. Register here >
- capital dot com, simple, easy to use and regulated. Register here >
*Investing in crypto assets is not regulated in some EU countries and the UK. No consumer protection. Your capital is at risk.