Ethereum Classic (ETC) cryptocurrency gained 155% in just two weeks during a powerful plunge.
ETC began to rise on July 13, but buyers were unable to break the resistance barrier at $28, and the upward trend died out. The second round of bullish trend started on July 26. Due to the rapid growth of trading volume, the Ethereum price went up almost by 50% and reached its maximum on July 28 at $34 (on Coinbase).
At the end of the last seven days, Ethereum Classic was ahead of all virtual currencies from the top 60 in terms of capitalization. Obviously, the positive trend in the market is due to the growing popularity of the ETC blockchain. Recently, Ethereum (ETH) creator Vitalik Buterin advised miners to migrate to the ETC network because of the upcoming transition of the ETH blockchain to the PoS mechanism.
Statistics show that many coin operators followed Buterin’s recommendation. The hash rate of the Ethereum Classic blockchain has increased by 20% since mid-July and reached a record high since early May of 21.52 trillion hashes per second on Wednesday. The network’s maximum processing power was recorded on May 7, 2021, at 28.52 trillion hashes per second.