- In addition to the hashrate, the mining difficulty of the blockchain gained upward momentum.
- ETC is down more than 2% in the last seven days, and some indicators were bearish.
After Ethereal [ETH] converted to proof of stake (POS), classic ethereal [ETC] It gained a lot of popularity for its Proof-of-Work (POW) consensus mechanism. In fact, as the blockchain correctly revealed, ETC was the top PoW smart contract in the world, followed by Conflux and Kadena. However, at a time when PoS and Ethereum Layer-2 are gaining immense popularity, will ETC be able to maintain its relevance in the industry and among investors?
You may be interested to know #EthereumClassic he is bigger #PoW smart contract network in the blockchain space, by a significant margin.
It is adopted across virtually the entire CEX/Wallet crypto ecosystem. With consistent high volume metrics and great liquidity. pic.twitter.com/KxpcBxhqMv
— Ethereum Classic DAO (@EthClassicDAO) July 23, 2023
Realistic or not, here it is ETC Market Cap in BTC terms
Ethereum Classic remains one of the top POS chains
Ethereum Classic Dao recently posted a tweet noting the blockchain's achievement of being the leading smart contract on the PoW chain. This directly reflected the popularity of ETC. On top of that, its mining industry continued to grow. The main credit for this goes to Ethereum, since after the merger it became PoS.
According to data from 2miners, the ETC hashrate has been rising for several weeks, suggesting an influx of new miners onto the network. As the hashrate increased, blockchain mining difficulty He also followed the same path and went up.
Source: 2miners
Although the blockchain mining ecosystem remained promising, the question of its relevance still remains. Currently, most of the crypto space is looking forward to energy efficient PoS chains like Etherem and its Layer 2s.
A key factor that can allow ETC remaining competitive is its price, which has been bearish for the past week. According CoinMarketCapETC dropped by more than 2% in the last seven days.
At press time, it was trading at $18.59 with a market capitalization of over $2.6 billion, making it the 28th largest cryptocurrency. Not only did the price of the token plummet, but a similar downward trend was also observed in terms of the value of the blockchain.
According to the DeFiLlama chart, ETC's TVL has decreased in recent weeks, which was not a good sign for the blockchain.
Source: DeFiLlama
How much they cost 1,10,100 ETC are worth today
A Closer Look at ETC Performance
It was interesting to note that the social volume of the blockchain remained high in the last 30 days. This reflected its popularity in the crypto space. In addition, the weighted sentiment of him also increased, suggesting that the positive sentiment around him ETC improved.
Although Ethereum Classic's performance on the social front was strong, investors should expect a few slower days. According to ETC's daily chart, the bulls and the bears were in a battle trying to trade each other, as evidenced by its MACD and the exponential moving average (EMA) ribbon.
Its Relative Strength Index also took a sideways path, further increasing the chances of slow-moving price action.
Source: TradingView
