Here’s how Ethereum Classic is navigating the current market

Here’s how Ethereum Classic is navigating the current market

July 25, 2023

By Dipayan Mitra

Realistic or not, here’s ETC market cap in BTC terms

Apart from hashrate, the blockchain’s mining difficulty gained upward momentum.

ETC was down by over 2% in the last seven days, and a few indicators were bearish.

After Ethereum [ETH] turned Proof-of-Stake (POS), Ethereum Classic [ETC] gained much popularity for its Proof-of-Work (POW) consensus mechanism. In fact, as rightly revealed by the blockchain, ETC was the top PoW smart contract in the world, followed by Conflux and Kadena. However, in a time when PoS and Ethereum layer-2s are gaining immense popularity, will ETC be able to maintain its relevance in the industry and among investors?

Ethereum Classic remains a top POS chain

Ethereum Classic Dao recently posted a tweet pointing out the blockchain’s achievement of being the top PoW chain smart contract. This directly reflected the popularity of ETC. On top of that, its mining industry continued to grow. The main credit for this goes to Ethereum, as after the merge it turned PoS.