Ethereum’s transition to the proof of stake consensus mechanism for its network on September 15 led to a growth in value of Ethereum-linked assets. Following the transfer, Ethereum Classic saw a spike of mining activity on its network as previous supporters of Ethereum migrated to its network.
According to 2miners.com, the spike in network mining activity translated to issuance-chain.com exceeding its previous hashrate all-time high. The price of its native coin, ETC, also jumped following the merge, by 11%.
According to data from Minerstat, the Ethereum Classic mining hashrate stood at 199.4624 TH s on the day of the hard fork. Afterward, it rallied to an all-time high of 296.0848 TH s. However, four days after the hard fork, the mining hashrate on the network decreased by 48% . This decline is probably tied to the migration of Ether miners to an existing network.
OKLink has logged 1,716,444,102 transactions processed on the forked network since its launch on 15 September. Despite a decline in network hashrate, Minerstat showed a drop in Ethereum Classic mining difficulty after 15 September.
Following the merger, difficulty on the network soared to an all-time high of 3.2943P by 16 September. However, by press time, it has dropped down to 2.6068P.
As of this writing, the per-ETC price was $28.24, as indicated by data from CoinMarketCap. The 11% supply rally that happened in the wake of the ETC merger was short-lived as the price since lost the temporary gains and the gain more gradually. Since the ETH merger, the price of ETC has declined by 26%.
Moreover, data from CoinMarketCap showed that the worth of ETC plummeted by 17% in the last 24 hours. Thus, making it the crypto asset with the most significant decline within that span.
The magnitude of ETC decayed significantly in the last 24 hours, but the exchange volume increased by 122 percent. This is anticipated, because tokens have a high value that is vulnerable to a collapse in availability.
As you are attempting to ape in and buy the dip, it is critical to note that ETC launched a new bear pool on 16 September after the merge. The location of the asset’s Moving Average Convergence Divergence (MACD) indicator revealed this.
The amount of Ethereum Classic in circulation was growing at press time. The Chaikin Money Flow (CMF) value was positioned at (0.0) in the center, signifying a rally in investor and buyer pressure. The Directional Movement Index (DMI) revealed seller strength (red) at 25.85, above that of the buyer’s strength (green) at 16.75.
Post time: Sep-21-2022