On September 5, the trading price of Ethereum Classic (ETC) recorded a strong rally. ETC’s trading price went up and it has been rising due to the constant rise in mining activities for Ethereum Classic.
ETC Mining is growing in Adoption
As the implementation of The Merge is coming closer, people have started moving away from Ether (ETH).
As the consensus protocol for Ethereumblockchain is to undergo transition, moving to proof of stake (PoS), many people are switching to other ETH tokens.
This is the reason why cryptocurrency mining firms have started shifting to mining Ethereum Classic instead of Ethereum.
The miners are adopting Ethereum Classic on a larger scale, which is to increase its demand in the market, thus the strong rallies.
ETC Mining Pools are Gaining Traction
On September 5, the trading price of ETC recorded a 14.5% surge. This led to the trading price of ETC rising to a high of $37.25 per ETC.
According to market analysts, the surge was recorded after the announcement made by BTC.com. BTC.com announced that it had launched a new pool for Ethereum Classic.
BTC.com is a major cryptocurrency mining pool and a blockchain explorer. Right after BTC.com announced the specialized mining pool for Ethereum Classic, the trading price of ETC recorded massive gains.
BTC.com announced that the new mining pool for Ethereum Classic would incur zero fees for the first three months from the time of launch.
The reason behind Rise in ETC’s Demand
The demand for ETC has risen as the Ethereumblockchain is to move entirely to the PoS and decommission the PoW consensus protocol.
This is the reason why the mining firms including the individuals have decided to move to Ethereum Classic. Despite Ethereum moving to the PoS protocol, ETC would continue operating on the PoW protocol.
Therefore, ETC has been gaining a lot of public attention and is becoming a top choice for miners after Bitcoin.
Record High ETC Mining Rate
On September 4, the highest mining rate for Ethereum Classic was recorded when reached a high of 41.81 TH/s. This means that the mining and computational power for ETC has been rising all over the world.
As per data, it is not just the month of September that has recorded a strong rally in the trading price of ETC. The trading price of ETC has continued to rise since the month of June.
The price graph suggests that the trading price of ETC has risen by 200% since mid-June.
ETC Price to Surge 60%
The price analysis suggests that the trading price of ETC may continue to rise in near future. As the adoption level for ETC rises, its RSI and other factors may become bullish.
In the upcoming days, the trading price of ETC may surge by 60% and the digital asset may rise to $58.50.