The cryptocurrency market continues to recover after once again breaking through (and significantly exceeding) the $ 1 trillion market threshold. The digital assets dominating the 24-hour trend list continue to evolve, with Ethereum Classic (ETC) toppling previous leaders such as Ethereum (ETH), Shiba Inu (SHIB) and Terra (LUNA).
Ethereum Classic leads the market
Ethereum Classic is gaining popularity continued to arouse great interestRecord impressive profits in the last 24 hours of 26.19%according to data obtained by CoinMarketCap on July 29.
Optimism (OP), one of Ethereum’s top 2 tiers, is in second place with an increase of 51.07% in the last 24 hours. Token Grove (GVR) is in third place with 8.27%, followed by Solana (SOL) at 9.05%, and Terra (LUNA) is now in fifth place in the ranking compiled by CoinMarketCap and has grown in the last 24 hours of 10.53%. .
Bitcoin is on his side advance more modestly with an increase more 2.5% in the last 24 hours. It broke $ 24,000 briefly but appears to be stuck below that major resistance. The resource is still there at monthly highs, a sign of the recovery that the market has started in recent days.
Will Ethereum Classic benefit from the merger?
In fact, Ethereum Classic’s progress over the past 24 hours coincides with the recent increase in the second largest pre-merger market cap. This event, awaited by the entire cryptocurrency industry, officially marks the transition of the Ethereum blockchain from an energy-intensive and inefficient Proof-of-Work (PoW) mechanism to Proof-of-Stake (PoS).
Vitalik Buterin believes this change in the consensus mechanism could improve Ethereum’s performance. up to 100,000 transactions per secondAnd. A significant gain in the efficiency of the Ethereum blockchain.
As the update approaches, cryptocurrency miners are becoming more aware of the Ethereum Classic blockchain one of the most interesting PoW networks for them. On this occasion, Ethereum creator Vitalik Buterin suggests that people switch to the ETC chain if they prefer this type of networks, calling it “absolutely perfect necklace. “
Meanwhile, Leon Lv, CEO of AntPool, a mining pool affiliated with cryptocurrency mining giant Bitmain, announced that his organization had done just that. invested $ 10 million in the Ethereum Classic ecosystem and that it would continue to support him financially.
We support the ETC ecosystem and develop high quality PoW projects together！ https://t.co/AHft6WfGES
– ANTPOOL (@AntPoolofficial) July 27, 2022
This amount should encourage others Developers and companies are shaping the future of Ethereum Classic. The idea is to develop more on the core network, as well as increase its scalability through appropriate technological solutions. Aim too Attract more projects with the Ethereum Classic blockchain in the future. It made the announcement at the Bitmain Worldwide Digital Summit (WDMS) in Miami, where the manufacturer also said buyers of all of its Antminer models can do so. pay with ETC after launching their latest Ethereum mining model, Antminer E9, in early July.
Ethereum was one of them. The best blockchains that attract miners Until then, it is only natural that they will move to Ethereum Classic to continue their businesses. Let’s see if ETC’s impressive pump will hold up, especially after the merger that will take place in late September.
Ethereum Classic is the second largest blockchain in Proof of Work right behind the leader Bitcoin. Other options are available to miners, such as Bitcoin Cash or Flux, but Ethereum Classic combines both options. significant capitalization, 19th place in the cryptocurrency market at the time of writing, remarkable experience is one strong legitimacy.
Some observers also point out the qualities of this network, in particular its monetary policy and the fact that decentralized applications that exist on Ethereum can be run on Ethereum Classic.
For more information on the impact of merger on minors, see our article here.