A long-standing stationary altcoin the one which Ethereum Classic (ETC) experienced a sudden price increase. ETC has gained 22% in the last 24 hours, diverging from the general cryptocurrency market. So what is the reason for this rise?
As it is known, Ethereum Classic was launched in 2016. from Ethereum had emerged.
Due to the great The DAO theft in those years, the altcoin platform had a hard fork to render the cryptocurrencies in the hands of the thief invalid.
While the new hard fork continued to use the name Ethereum, the main network where the hack event took place continued as Ethereum Classic.
As a matter of fact, ETC was intended to decline by itself, but with a few developers claiming the altcoin, ETC has survived to the present day.
Ethereum Classic Up 22 Percent In The Last 24 Hours
ETC, which is generally known for following a calmer price movement along with Bitcoin Cash, rally in a short time today, gaining 22% in the last 24 hours.
ETC, which is the 31st largest cryptocurrency in the world, is trading at $ 36 at the time of this writing.
However, it is estimated that the reason for the rise in question is that, with Ethereum’s transition to the Proof of Stake mechanism, crypto money miners began to look for alternatives and switched to Ethereum Classic.
When the Proof of Stake mechanism, where there is no mining system, is passed, Ethereum miners will also be wasted.