Ethereum Classic has been seeing some of the largest growth with the news of the Ethereum Merge. Where other cryptocurrencies were seeing single-digit gains, Ethereum Classic had seen double-digit gains that pushed its price well past the $40 mark at one point. Now, even though the market has begun to shed some of its gains from the hype around the Ethereum Merge, Ethereum Classic is still seeing significant growth.
Ethereum Classic Hashrate Surges
Through all of the excitement of the mid-August market recovery, Ethereum Classic had seen tremendous support from the crypto market. As its gains rose, so did the activity on the network, and the hashrate quickly hit a new all-time high in mid-August.
However, the gains had begun to shed, and ETC had lost its footing in the $40 territory, now trending just above $30. Despite this, the activity on the network has not slowed. There has instead been an increase in hashrate, and it has reached a brand-new all-time high.
Data from CoinWarz shows that the hashrate of ETC had touched as high as 40.4744 TH/s. This is the highest that the hashrate has ever been, and it is happening while Ethereum continues to remain flat in terms of hashrate.
ETC hashrate reaches a new all-time high | Source: CoinWarz
ETC’s hashrate is now up more than 100% in the last two months alone. It had been trending around 18 TH/s for the better part of July before hitting a home run with the renewed interest from the Ethereum Merge.
ETC Price Holds Steady
Ethereum Classic’s price has held up nicely, given the recent market trend. After hitting a new local high of $45, it bounced around the $40 level before losing its footing. It finally found support just above $30 and has maintained this support through the end of August.
ETC is one of the few cryptocurrencies that continues to maintain a bullish outlook despite the dump. It is holding up above its year-to-date highs of $29, showing that there is still strong bullish sentiment for the digital asset.
Demand also remains high for the cryptocurrency, with any real resistance lying at the $35 range. Its 20-200 MACD Oscillator points towards strong buying pressure for Ethereum Classic. It maintains a strong opportunity for gains with an especially promising buy indicator at $32.
Featured image from Freepik, chart from TradingView.com
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