Since the beginning of the week, the value of Ethereum Classic (ETC) has been increasing. ETC rose nearly 10% to $36 in a few days, and the altcoin’s market capitalization was $4.935 billion at the time of this review. Cryptocurrencies strengthen amid record mining activity. A day earlier, ETC crossed $41, the highest level since mid-August. A reset followed, but buyers returned to the arena today, sparking a rally for the coin. Analysts predict that the price of Ethereum Classic may increase as the Merge fork grows.
The price of the coin could rise by about 60% to 58.5 dollars by the end of September. A recent strong support zone has formed around $35.
The computing power of the entire network reached a new peak today, reaching 49,564 terahash/s (Th/s). Many Ethereum miners joined the ETC blockchain because they were forced to abandon ETH after the Merge fork was activated, so the blockchain will move to PoS (Proof of Stake) consensus.
According to BitinfoCharts, Ethereum Classic’s hash rate has been steadily increasing since mid-July, and they were able to set new records after the Ethereum update.
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