Tuesday, June 6, 2023
HomeUncategorizedEthereum Classic ignores 51% of the dangers, here's how

Ethereum Classic [ETC] ignores 51% of the dangers, here's how

Ethereum Classic [ETC] Risk 51% Proof of Work (PoW )) Deterministic Fraud. This is the current state of the ETC based on a recent risk assessment to its ecosystem.

However, this danger does not only arise because it is a possible outcome of the ETC network, such as Ethereum [ETH] merger is getting closer.

Because ETH will eventually switch to Proof-of-Stake (PoS) in September , ETC is expected to be affected. If this prediction occurs, it will not be the first ETC to suffer a 51% attack.

In August 2020, a similar incident occurred. This event caused block rewards to be delayed and also had a negative impact on hash rate.

Source: Meow

Now, ETC can follow this route. Even crypto developer Steven Lohja claims that this is a possibility. However, ETC’s current price action doesn’t seem to notice this potential danger.

not my business

Despite predictions of attack, ETC seems to be more concerned with making profits for investors. At press time, data from CoinMarketCap shows that ETC is trading at 11.70% against Tether [USDT].

Among the top 20 cryptocurrencies, ETC is the only asset that has seen a double-digit surge in the past 24 hours.

Price at time of writing is $36.88.

For investors, this could be a positive result after its hash rate hit an all-time high (ATH). After hitting a hash rate of 37.34 TH/s earlier, ETC moved further higher, reaching 42.52 TH/s per 2Miners of data.

Source: 2Miners

Looking at the ETC chart shows that the coin is currently gaining momentum. The Directional Movement Index (DMI) supports this position.

The positive DMI (green) held a solid position above the negative DMI (red) at 26.12, which was 16.90.

However, there are signs that ETC may not be able to maintain its momentum, as the yellow Average Directional Index (ADX) points to the downside.

Source: TradingView

On-chain analysis

ETC at Santiment, it can be seen that the number of cryptocurrencies has increased. According to the platform, ETC’s trading volume has grown by 10.08% since August 24, with a flow of $1.12 billion.

Also, development activity seems to be increasing. As of August 21st, development activity on the ETC network is 0.02. 0.09 at the time of writing probably means progress in preparing for the merger.

Source: Santiment

Ser Suzuki Shillsalot has 8 A SpamBot Times reporter with years of experience as a senior investigator. He completed a two-hour journalism course from a popular YouTube video and was one of the few to give it a positive review. Shillsalot’s writing focuses on shilling his favorite cryptocurrency and trolling anyone who disagrees with him. PS – The profile picture is most likely AI generated. You see, this account is mostly used by our freelance writers who wish to remain anonymous. Wait, are they Satoshi Nakamoto? :/



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