Ethereum Classic (ETC) is leading the crypto market’s weekly rally by gaining 79.2% over the past seven days, a time frame in which all but five non-stable tokens in the top 100 by market cap landed in the green.
See related article: How Ethereum Classic’s 51% attacks reveal risks to Bitcoin and Ethereum
- Industry observers expect Ethereum’s move to proof-of-stake to drive miners towards ETC.
- However, stable mining difficulty suggests that any dramatic movement of miners has yet to occur.
- The ETC hash rate has increased to 22.32 TH/s, slightly above the network’s performance in mid-February.
- ETC’s price is surging just before its third “fifthening,” an upgrade that reduces block rewards by 20% every 5 million blocks.
- Ethereum was hacked in 2016, resulting in a hard fork to the current Ethereum blockchain that returned the funds to owners while the hacked chain rebranded to Ethereum Classic.
- ETC was up 9% over the past 24 hours, as of press time, while Ethereum dipped 1.7%, according to CoinGecko data.