The cryptocurrency market continues to recover after crossing (and well over) the $1 trillion market capitalization mark. The digital assets leading the 24-hour trend list continue to evolve, with Ethereum Classic (ETC) dethroning previous leaders including Ethereum (ETH), Shiba Inu (SHIB), and Terra (LUNA) .
Ethereum Classic dominates the market
The Ethereum Classic is becoming more and more popular continues to generate great interestrecording great gains in the previous 24 hours at 26.19%according to data retrieved July 29 from CoinMarketCap.
Optimism (OP), one of the main layer 2 of Ethereum, in second place with gains of 51.07% in the last 24 hours. Grove token (GVR) is in third place with 8.27%, followed by Solana (SOL) with 9.05%, and Terra (LUNA) is now in fifth place in the ranking compiled by CoinMarketCap, rising 10.53% in 24 hours down .
Bitcoin on its side more modest progress with an increase of more than 2.5% in the last 24 hours. It briefly broke through the $24,000 mark but appears to be stuck below this major resistance. The asset is still located at its monthly height, a sign of the rebound that the market has started in the last few days.
Ethereum Classic benefit from the Merge?
In fact, Ethereum Classic’s progress over the past 24 hours is in line with recent bullish gains in the second largest market capitalization before the Merger. This event that the entire crypto industry has been waiting for will officially transition the Ethereum blockchain from the energy-intensive and inefficient Proof-of-Work (PoW) mechanism to the Proof-of-Stake (PoS).
Vitalik Buterin thinks that this consensus mechanism change can boost Ethereum’s performance up to 100,000 transactions per seconde. A significant gain in efficiency for the Ethereum blockchain.
As the upgrade looms, cryptocurrency miners are becoming more aware that the Ethereum Classic blockchain one of the most interesting PoW network for them. For this reason, the creator of Ethereum, Vitalik Buterin, invites people to switch to the ETC chain if they prefer this type of networks, calling it “a complete perfect chain”.
Meanwhile, Leon Lv, CEO of AntPool – the mining pool affiliated with cryptocurrency mining giant Bitmain – announced that invest $10 million in the Ethereum Classic ecosystem and that she would continue to give him financial support.
We support the ETC ecosystem and incubate quality PoW projects together! https://t.co/AHft6WfGES
— ANTPOOL (@AntPoolofficial) July 27, 2022
This interest must push others developers and companies to build the future Ethereum Classic. The idea is to further develop the mainnet and also increase its scalability through appropriate technological solutions. It is also the aim attract more projects using the Ethereum Classic blockchain in the future. He made the announcements at the Bitmain World Digital Summit (WDMS) in Miami, where the maker also said that buyers of all its Antminer models could pay for them using ETCs after launching its latest Ethereum mining model, the Antminer E9, in early July.
Ethereum was one of it Top blockchains that attract miners until then, it is only natural that they are moving towards Ethereum Classic to continue their activity. We will see if the impressive ETC pump is confirmed especially after the Merger, the latter of which takes place at the end of September.
Ethereum Classic is the second largest blockchain in proof of work just behind the leader Bitcoin. There are other options available to miners, such as Bitcoin Cash or Flux, but Ethereum Classic combines the two substantial capitalization, the 19th in the crypto market at the time of writing these lines, significant seniority and the strong legitimacy.
Some observers also emphasize the qualities of this network, especially its monetary policy and the fact that decentralized applications present on Ethereum can run on Ethereum Classic.
For more information on the impact of the merger on the activity of minors, find our article here.