- Aside from hashrate, the blockchain mining difficulty gained upward momentum.
- ETC is down more than 2% over the past seven days and a few indicators were bearish.
After Ethereum [ETH] became Proof-of-Stake (POS), Ethereum classic [ETC] gained a lot of popularity because of the Proof-of-Work (POW) consensus mechanism. In fact, as rightly revealed by the blockchain, ETC was the best PoW smart contract in the world, followed by Conflux and Kadena. But at a time when PoS and Ethereum layer-2s are booming in popularity, will ETC be able to maintain its relevance in the industry and with investors?
You may find it interesting to know #EthereumClassic is the largest #PoW smart contract network in the blockchain space, by a significant margin.
It is being adopted in virtually the entire crypto CEX/Wallet ecosystem. With consistently high volume metrics and deep liquidity. pic.twitter.com/KxpcBxhqMv
— Ethereum Classic DAO (@EthClassicDAO) July 23, 2023
Realistic or not, here it is ETC market cap in BTC conditions
Ethereum Classic remains a top POS chain
Ethereum Classic Dao recently posted a tweet highlighting the blockchain’s achievement of being the top PoW chain smart contract. This directly reflected the popularity of ETC. In addition, mining continued to grow. The main credit for this goes to Ethereum, because after the merger it became PoS.
According to 2miners data, the hashrate of ETC has been rising for several weeks, indicating an influx of new miners into the network. As the hashrate increased, so did blockchain mining difficulty also followed the same path and went up.
Source: 2miners
While the blockchain mining ecosystem has continued to show promise, the question of its relevance remains. Currently, most of the crypto space is looking to low power PoS chains like Etherem and its layer-2s.
An important factor that makes this possible ETC to remain competitive is the price, which has been bearish for the past week. According to CoinMarketCapETC fell more than 2% in the past seven days.
At the time of writing, it was trading at $18.59 with a market cap of over $2.6 billion, making it the 28th largest cryptocurrency. Not only did the price of the token drop, but a similar downward trend was also noticed in terms of the value of the blockchain.
According to DeFiLlama’s chart, ETC’s TVL has fallen in recent weeks, which has not been a good signal for the blockchain.
Source: DeFiLlama
How many Worth 1,10,100 ETCs today
A closer look at ETC’s performance
It was interesting to note that the social volume of the blockchain has remained high over the past 30 days. This reflected its popularity in the crypto space. In addition, weighted sentiment also moved up, suggesting that the positive sentiment is round ETC improved.
While Ethereum Classic’s social performance was strong, investors should expect a few more slow days. According to ETC’s daily chart, the bulls and bears were in a battle trying to flip each other, as evidenced by the MACD and exponential moving average (EMA) ribbon.
The Relative Strength Index also followed a sideways path, further increasing the likelihood of slow-moving price action.
Source: TradingView
