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.
Trending: Salvadorans are against buying bitcoins at the expense of the budget
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.