ETC is a token of the platform Ethereum Classic. Its current price is around $41.40 by the time of writing, with a low of $12.60 and a market cap of $5.6 billion. Ethereum Classic is getting a lot more popular with miners these days. As a result, cryptocurrency’s hash rate recently reached an all-time high.
What is ETC?
ETC is the Ethereum Classic platform coin, which is around $41.40 by the time of writing, with a low of $12.60. After that, it reached $77.07, and its current ranking is #17, according to CoinMarketCap, with a market cap of 5.6 billion dollars.
ETC Coin Market Analysis
ETC has a total supply of 210,700,000 coins worth around $41.40 with a market volume of 2 billion dollars, whereas the market capitalization is 5.6 billion dollars at writing. Moreover, the top mining pools are starting to support Ethereum Classic. Yesterday, ETC’s price surged 14.5% to nearly $42 per token.
This happened following the release of a new Ethereum Classic pool for BTC.com by a blockchain explorer and crypto mining pool company with “zero-fee” mining for three months, its main intention.
In light of the Ethereum fork, Ethereum miners may need to look for an alternative blockchain. Some mining pools are considering moving to Ethereum Classic, which can also be mined with a proof-of-work algorithm.
ETC has seen an all-time-high rush on the hash rate of 45 TH/s, having grown more than 480% yearly. A higher hashrate means that more people are using the network to solve blocks and be rewarded with some ETC tokens.
Unfortunately, Ethereum Classic has a much lower hash rate than Ethereum and accounts for only 5% of Ethereum’s hashrate at 895 TH/s. Ethereum Classic still has a long way to go before it’s considered a major network for proof-of-work mining.
ETC Price Prediction
On the 1w timeframe, the price action of $ETC/USDT consolidates inside the descending channel. Currently, the price is getting rejected from the resistance trendline of the channel. We have to wait for a successful breakout or breakdown.
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Discipline and Patience are the most critical components of a successful trade. According to the above analysis, the coins we discussed might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.
Disclaimer: Our analysis is for educational purposes.