Ethereum Classic climbs 28% in a day adding over $1 billion to its market cap
ETH Merge update implemented on the main Ethereum (ETH) blockchain, investors continue to show interest in Ethereum Classic (ETC)
The Ethereum Classic market cap went from $4.36 billion on September 5 to $5.61 billion on September 6, representing an inflow of $1.25 billion on the last day
Ethereum Classic is now a trending coin in CoinMarketCap The live Ethereum Classic price today is $40.18 USD with a 24-hour trading volume of $2,962,250,394 USD. Ethereum Classic is up 26.24% in the last 24 hours. The current CoinMarketCap ranking is #17, with a live market cap of $5,494,009,904 USD. It has a circulating supply of 136,725,608 ETC coins and a max. supply of 210,700,000 ETC coins.
The ETH Price statistics change price change in 24 hours is $8.27 of 26.28% and 234h low is $31.77 and 24h high is $41.46 with 0.55% Market Dominance
ETC is trading at $41.10 up 28.1% in the last 24 hours and 20.2% across the last week.
Why is Ethereum Classic spiking?
Ethereum Classic has attained an all-time high rate of 43 Terahashes per second with a one-year growth rate of more than 480%
The spike in Ethereum Classic's hash rate was most likely caused by increased miner activity on ETC in preparation for this month's Ethereum Merge, which will transition the network's consensus process from a Proof-of-Work to a Proof-of-Stake system.
As a result of Merge, Ethereum miners who have invested billions of dollars in mining equipment may need a PoW blockchain capable of serving as a successor for Ethereum. with the Merge stopping mining on Ethereum, several mining pools have considered expanding their operations to Ethereum Classic.