- Ethereum Classic outperforms the cryptocurrency market, surging 80% within a week.
- Analysts attribute Ethereum Classic’s latest increased popularity to miners migrating towards ETH following Ethereum’s Merge.
- Moreover, Ethereum Classic developers confirmed their readiness to house disenfranchised Ethash miners.
- Users can now convert Ethereum Classic directly to fiat via NOWPayments_io.
Ethereum Classic is an unaltered ETH version. The Ethereum Foundation introduces a new ETH mainnet after the 2016 famous hack. Nevertheless, several miners remained with the original Ethereum codes, launching the ETC project.
While Ethereum looks to shift to PoS consensus, Ethereum Classic is stuck with the PoW status. So, how has the unaltered Ethereum version outperformed other cryptos in the marketplace?
Latest Developments and Upcoming Events
The smooth ETH’s Merge on Klin Testnet had Ethereum miners looking for other destinations, with Ethereum Classic (ETC) benefiting from the migration. Moreover, ETH developers confirmed they are ready to house disenfranchised Ethash Miners. Also, the team declared ETH is compatible with the ETH Virtual machine, allowing Ethereum Dapps to migrate to Ethereum Classic.
Increase miners will see Ethereum Classic attaining surged hashrate. Moreover, many miners on the platform translate to higher security. Ethereum Classic declared reducing its block rewards by 20% as it anticipates more crypto miners. The “fifthening” process will witness the Ethereum Classic block reward declining towards 2.56 ETC/block.
Meanwhile, the holder can use NOWPayments_io to convert ETC to fiat. Sellers and buyers using NOWPayments may accept fiat and $ETC seamlessly. Moreover, Ethereum Classic has expanded its network, supporting DEXs. DeFi, NFTs, and Daps on the platform. HebeSwap DEX joined the Ethereum Classic network in late February, supporting a maximum of 100 chains.
ETC has seen price upticks amid speculations that ETH miners will migrate to Ethereum Classic. The past 24hrs had ETH gaining 11% while staying more than 80% up within the past week. The massive weekly gains saw the crypto outperforming assets in the top 50. Moreover, the latest increases had ETC registering a new four-month peak at $50.37.
While publishing this content, Ethereum Classic traded at $48.677, ranking 28 in the crypto-list. Meanwhile, increasing miners would ensure high security, potentially boosting ETC prices.