Ethereum Classic surges on 79% weekly rally

Ethereum Classic surges on 79% weekly rally

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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

Fast facts

  • Industry observers expect Ethereum’s move to proof-of-stake to drive miners towards ETC. 
  • 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.

See related article: Rented hash power for 51% attacks is a ‘huge vulnerability’ for proof-of-work blockchains, says ETC Labs CEO



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