Ethereum Classic Price Prediction: Hashrate goes Parabolic, Price to Follow?
Ethereum Classic has arisen as an unforeseen champ ahead of Ethereum's Merge, planned for later this month. ETC coins are rising in value despite a generally flat market amid network metrics reaching all-time highs.
After a meteoric rise of almost 133% since the month of July, the Ethereum Classic hashrate surpassed the previous record of 28 TH/s set in April, as of Tuesday morning. The capacity of a computer or mining device can be measured in terahashes. Due to the increased difficulty and expense of gaining network control, a high hashrate is regarded a security indication.
Over the past seven days, Ethereum Classic tokens have gained 2.43%, reaching a high of $42.07 before paring back some of those gains. During the same period, futures contracts based on the tokens saw $27 million in liquidations, second only to ether and to surpass bitcoin futures, which typically see the greatest liquidations.
As a result of the DAO attack in 2016, a hard network fork occurred, resulting in the creation of Ethereum Classic and Ethereum. Ethereum Classic is a continuation of the previous chain, while Ethereum is the newer chain.
The wealth locked up on Ethereum's different applications reached $110 billion at its peak in 2021, making it the most widely used blockchain in the world. Conversely, Ethereum Classic's development slowed to a crawl.
While the Decentralized Finance (DeFi) industry has grown exponentially, applications built on this chain have only ever secured a little over $1 million at their peak.
Though the price of ETC did increase by a factor of ten over two months during the 2021 bull market, this was due more to the speculative mania that engulfed the cryptocurrency market at the time than to any actual increase in
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