Bitcoin Cash (BCH) and Ethereum Classic (ETC) are trading higher by 10% and 11.73% in the last 24 hours
According to data from CoinMarketCap, cryptocurrencies Bitcoin Cash (BCH) and Ethereum Classic (ETC) are trading up 10% and 11.73% in the past 24 hours. The cryptocurrency market is showing a recovery as Bitcoin and altcoins added value at press time.
Ethereum Classic (ETC) was created in 2016 as the result of a spinoff or “hard fork” of the original Ethereum network. The Ethereum Foundation is expected to migrate from proof-of-work to proof-of-stake consensus in Q2, 2022, through “The Merge.” Proof-of-work cryptos are highly dependent on mining, while proof-of-stake cryptos are not. This might present an opportunity for ETC, being a proof of work consensus operating a modified version of Ethash called ETChash.
Ethereum’s upcoming Merge event could disenfranchise the largest EVM Proof of Work mining ecosystem, but Ethereum Classic claims it’s well positioned to absorb much of that abandoned Ethash hashrate.
In an official blogpost titled ”Migrating to ETChash Post ETH Merge,” the Ethereum Classic project welcomes “disenfranchised” ETH miners who may lose out on their stream of income when the Merge occurs. The reported success it is seeing in the migration likely contributed to the recent rise.
According to data from CoinMarketCap, over the past seven days, the ETC has risen over 70.89% to a current price of $43.30. The daily trading volume on the chain is would have approximately 100,000 ETC.
Bitcoin Cash is a Bitcoin spin-off or hard fork that was created in 2017.
As previously covered by U.Today, Sint Maarten, a constituent country of the Kingdom of the Netherlands, may make Bitcoin Cash, the most prominent fork of Bitcoin, its legal tender.
Rolando Brison, the head of the United People’s Party, says that he has already started exploring such a bill. As per CoinMarketCap data, in the last seven days, BCH is up over 27.69% at a present price of $362.43.
