Deciphering the potential of Ethereum Classic to become the ‘Successor to the Throne’ after…

The focus of the crypto community can now shift to Ethereum [ETH] The consolidation occurred as August drew to a close. In the aftermath, some Proof of Work (PoW) cryptocurrencies on the Ethereum blockchain have been directed to take advantage of this transition.

At the top of the list is Ethereum Classic [ETC]Which is proud to be Ethereum “Sound Money”.

While ETC has lived up to that name recently, it has also added another feather to its cap. The latest is another hashing achievement.

Just for your “highlights”.

according to CoinWarzThe ETC hash rate increased by more than 80% between the late hours of August 30th to August 31st.

This increase led to a jump to 40.02 terahash per second (TH/s). Although the increase was not as high as its August 29 position, it was well above its all-time high (ATH) Before.

hourHowever, the hash rate is down at press time but still maintaining a stable peak at 39.82TH/s.

Source: CoinWarz’

Coincidentally, the hash rate was not the only positive result from the ETC ecosystem.

A comprehensive evaluation of the cryptocurrency revealed that the network difficulty was followed by an increase in the hash rate.

Although as low as 562.49, 2Miners.com mentioned The ETC network difficulty has increased to 592.49 as of August 31.

All of this happened in an average block time of 13.05 seconds.

Source: 2Miners.com

While verifying transactions may seem difficult for ETC, investors will be concerned about whether the forked asset could produce US currency during and after the merger.

Ready, ready, wait

Despite the high hash rate, the price of ETC did the opposite. Taking into account the CoinMarketCap Data, ETC fell to $33.03. The 24-hour trading volume was less than $900 million, indicating a decrease of 11.31% from the previous day.

So has there been a drop in interest on ETC or are investors piling up against the merger?

scale on the string from feelings Show that the current position is in favor of the former.

This conclusion derives from the perspective of social dominance and social size. At the time of writing, ETC’s social volume is 82 while social dominance remains at 0.98%.

Source: feeling

Despite the red advantage, assuming that ETC will not turn green could be disastrous for investors. While nothing is foolproof, the selection and development activity of the chain is something to consider.

According to the platform on the series, these metrics showed some positive Signal. Therefore, ETC’s chance of doing well in the merger may have remained the same. However, investors will need to monitor the movement Bitcoin [BTC]as well as ETH.

Source: feeling

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