As the broader cryptocurrency market sees its rise, Ethereum Classic sees massive gains outshining other coins on the CoinMarketCap platform.

Over the past 24 hours, Ethereum Classic (ETC) has reclaimed 23.26% as the price rose to $41. When we look at ETC, it is not just about the price, all aspects related to the currency have entered the positive zone in the last 30 days. Even the Ethereum Classic hash rate number indicates investor anticipation as early as July 2022.

On the other hand, on-chain activity on the Ethereum Classic network is increasing with traders expecting the coin’s price action to be positive for days to come. Statistics from 2miners indicate that the ETC hashrate reached a peak of 32.66 Terahashes per second on Friday. In addition, the active addresses of Ethereum Classic also marked the highest for the year 2022.

Ethereum Classic Price at $50?

Meanwhile, in the last 48 hours, the price of Ethereum Classic has risen from $25 to $41. However, at the time of writing, ETC is down 1.73% in the last 24 hours and is trading at $39.80.

Conversely, if ETC manages to recapture the $40 price level and sustains the bull run, it is anticipated that the coin will soon see its price range around $50.

Furthermore, as the Ethereum network prepares for the merger scheduled for September, the price action around ETC is very likely to continue. It is also expected that with the Ethereum merger, mining companies will experience a shift to Ethereum Classic, due to ETC’s proof-of-work mechanism.

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