Ethereum Classic jumps 10% amid increased activity of miners

by in Cryptocurrency News

Ethereum Classic

Since the beginning of the week, Ethereum Classic (ETC) has been gaining in value. The ETC rate has strengthened by almost 10% to $36 in a few days, the capitalization of the altcoin at the time of publication of this review was $4.935 billion.

Cryptocurrency is strengthening against the backdrop of the record high activity of miners. The day before, ETC broke above $41, the highest level since mid-August. This was followed by a reset, but buyers returned to the arena today, which led to a rebound of the coin.

According to analysts' forecasts, as the Merge fork approaches, the Ethereum Classic price may rise significantly.

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By the end of September, the coin can soar by about 60% to $58.5. The nearest zone of strong support has formed at around $35.

The network hashrate hit a new high today, reaching 49.564 terahash per second (Th/s). Many Ethereum miners join the ETC blockchain as they are forced to abandon ETH after the activation of the Merge fork, as a result of which the blockchain will switch to PoS (Proof of Stake) consensus.

According to BitinfoCharts, the computing power of Ethereum Classic has been steadily growing since mid-July, and after the update of Ethereum, they can set a new record.