Ethereum Classic's Hashrate, Transactions up 24% and 62% in One Month as Ethereum's Merge Draws Nearer 12

Ethereum Classic’s Hashrate, Transactions up 24% and 62% in One Month as Ethereum’s Merge Draws Nearer

Summary:

  • Ethereum Classic’s metrics have seen a significant increment this month due to Ethereum’s merge being scheduled for mid-September.
  • Ethereum Classic hashrate has increased by 23.90% since the beginning of July.
  • Its daily transactions have also increased by 62.90%.
  • Ethereum Classic’s price has also increased by over 200% in July.

Ethereum Classic continues to be the sole beneficiary of Ethereum’s ongoing transition from a proof-of-work network to proof-of-stake. The speculation that ETC could absorb some of Ethereum’s proof-of-work ecosystem has resulted in numerous of ETC’s metrics rising significantly in July and after the Ethereum developer team confirmed that the Merge would occur in mid-September.

Ethereum Classic Hashrate Increased by 23.90% in July.

According to a report by PANews, Ethereum Classic’s hashrate hit 26.773 TH/s on July 28th, signifying an 8.10% increment in 24 hours and a 23.90% increment from the beginning of July. However, Ethereum Classic’s current hashrate is still below the average level witnessed in April of this year.

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Ethereum Classic's Hashrate, Transactions up 24% and 62% in One Month as Ethereum's Merge Draws Nearer 13
ETC’s hashrate. Source, panewslab.com.

Ethereum Classic Daily Transactions increased by 62% in July.

Additionally, the report pointed out that Ethereum Classic’s daily transactions increased from 59,900 at the beginning of July to 97,400 on July 28th. This marked a 62.60% increment in the stated daily transactions.

At the same time, the number of ETC active addresses reached its highest value of 66,200 on July 28th, marking a 70.62% increment from the beginning of the month.

Ethereum Classic’s Value has Increased by 64.7% in 7 days.

The report went on to highlight that the value of ETC has also benefited from the ongoing speculation that Ethereum Classic could absorb some of Ethereum’s ecosystem post-merge. In the last week alone, ETC has increased by 64.7% to hit its current levels around $42.

Further checking the daily ETC/USDT chart below reveals that the digital asset has gained by roughly 219% since the beginning of the month when it was valued at $14.20.

Ethereum Classic's Hashrate, Transactions up 24% and 62% in One Month as Ethereum's Merge Draws Nearer 14

Also, from the chart, it can be observed that its daily MACD, MFI, RSI, and trade volume all hint at an ongoing pullback that could see Ethereum Classic drop to the $37 price area as support. If this area fails, ETC has $35 and $33 to provide a potential soft landing.

If Bitcoin holds the $24k price area as support, Ethereum Classic could continue climbing towards $50 in the next few days or weeks.

[Feature image courtesy of Shutterstock.com]