ETHW price spikes as Binance listing might be imminent following this announcement
Ethereum’s newly formed fork, Ethereum Proof of Work (ETHW), has seen a sharp rise in price in the present day. At one point, the price of ETHW was up 21% from the day’s opening price, but then corrected around 8%. Against Ethereum, ETHW reached an almost all-time high as the main altcoin of the crypto market has been trading sideways for the past few days since the merger.
Also today, it became known that Binance launched a zero-commission Ethereum proof-of-work (ETHW) mining pool. The cryptocurrency itself is not available for trading on Binance. Users can either withdraw ETHW from the crypto exchange or convert the coins that fell to them as a result of the Merge into stablecoins.
Although Binance hasn’t listed ETHW yet, it could happen soon. Given the infrastructure built around the fork of the crypto exchange and the increasing trading volumes of the coin, such a move would seem logical.
Will Ethereum proof of work succeed?
EthereumPoW, which at first seemed like another failed crypto project, is beginning to prove that it has a shot at success. So, the developers of the project, initially accused of unprofessionalism, announced the recruitment of projects for its first ecosystem, and major crypto platforms have already implemented ETHW.
Given the empty space in the world of mining and proof-of-work, ETHW may well capture a part of the market that is not occupied by bitcoin. It remains to be seen until Ethereum’s major decentralized applications are also deployed on EthereumPoW.
