Ethereum Classic gains as hashrate hits record high days to the Merge

Ethereum Classic (ETC/USD) remains bullish following its recent uptrend, currently trading 8.3% up on the daily log at highs near $34.70. 

A look at the CoinGecko price data shows the ETC price has seen a decent return over the past week, with over 11% in gains. The ETC/BTC pair is also up by more than 7% in the past 24 hours to suggest the altcoin is building up some momentum as the broader market looks for some volatility after a quiet Monday so far.

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ETC price ahead of Ethereum Merge

This upside, which comes after last week’s downside across risk asset markets that had pushed Bitcoin (BTC/USD) below $20,000 and Ethereum (ETH/USD) to lows of $1,483, continues the altcoin’s gains in recent weeks as Ethereum matches towards the highly anticipated Merge.

The upgrade is expected next week and Ethereum Classic is seeing an influx of miners to the network as Ethereum prepares to switch from proof-of-work to proof-of-stake. The miners appear to see ETC as a good bet for deploying their mining rigs, with the increased computational power pushing the Ethereum Classic hashrate to a record high.

Data shows the altcoin’s hashrate hit 47.3 terahashes per second (TH/s), the highest for the blockchain. The metric hovered around 31 TH/s in July to mid-August before jumping to 43 TH/s and the new all-time high.

As Ethereum Classic’s hash rate reaches new highs, it is worth noting that in the past, ETC price has rallied around the Merge news.

According to crypto market intelligence and research provider Messari, the last three instances were around the Berlin upgrade, the Ethereum EIP 1559 upgrade and the Merge date announcement in July. 

With bullish projections for ETH, a rally into the Merge could also be seen in ETC – with a breakout above $40.00 likely to bring into play a retest of August 2021 highs above $70.00.