Why did Ethereum Classic (ETC) soar 30% after announcing the approaching Ethereum 2.0 upgrade?
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Answer Why did Ethereum Classic (ETC) soar 30% after announcing the approaching Ethereum 2.0 upgrade?
Launched in July 2016, Ethereum Classic gained crazy momentum in the cryptocurrency market in the last 24 hours before launching one of the biggest updates in the history of the Ethereum network.
Since its launch, Ethereum Classic presents itself as a true version of the Ethereum network from which it was forked in its modern version.
The Ethereum hard fork occurred in July 2016, when participants disagreed about forking the Ethereum blockchain by forking into a new network to cancel the effects of the massive hack that led to the theft of millions of Ethereum coins.
From there, two networks emerged, one called Ethereum and the other remained under the name Ethereum Classic.
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Why did Ethereum Classic (ETC) soar 30% after announcing the approaching Ethereum 2.0 upgrade?
The reason behind the latest massive growth in the price of Ethereum Classic can be linked with the path chosen by the Ethereum network to move to the mechanism of Proof of Stakes instead of Proof of Work.
Therefore, the current logical explanation for the rise in the price of Ethereum Classic is the expectation of a large migration of Ethereum miners to Ethereum Classic.
The hash rate of Ethereum Classic has seen a huge spike in the last 24 hours as the mining capacity reached 21 TH/s from 19 TH/s.
In terms of technical analysis, Ethereum gained more than 30% of its price, broke through the 50-day moving average and showed some signs of a possible trend reversal after being in a downtrend for the last 110 days, losing 60% of its value from the high has been registered.
At press time, Ethereum Classic is trading at $18.40 and hasn’t lost the momentum it gained since July 16.
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