Bitcoin and Ethereum forks that first gained traction around crypto’s 2017 market cycle are among the best-performing cryptocurrencies in today’s market rally.
Ethereum Classic, the original Ethereum chain that forked in 2016, has surged 25.6%.
Bitcoin Gold, Bitcoin Cash, and Bitcoin SV have also significantly outperformed their much larger peer.
Share this article
Cryptocurrencies surged across the board Thursday, with the total crypto market gaining 7.1% on the day. Old forked coins of the industry’s leaders are leading the way.
Bitcoin and Ethereum Forks Lead Rally
Despite sharp interest rate hikes and ongoing fears that the U.S. has entered a recession, the cryptocurrency market is rallying today.
The global cryptocurrency market capitalization has risen by 7.1% today, with Bitcoin and Ethereum forks among the top performers. Ethereum Classic, the original Ethereum chain that forked in the fallout from The DAO hack in 2016, has significantly outperformed Ethereum on the rally. According to data from CoinGecko, Ethereum Classic’s ETC is changing hands for $33.46 after surging 22.9% on the day, while Ethereum is up 11.2%.
One reason for Ethereum Classic’s surge may be Ethereum’s upcoming transition to Proof-of-Stake, otherwise known as “the Merge.” The long-awaited update is tentatively scheduled to go live in mid-September, and Ethereum’s mining difficulty is rising as the date draws nearer. This makes it less profitable for miners to maintain the network. The Merge will also make mining hardware redundant as Ethereum will rely on validators rather than miners to verify transactions. As a result, Ethereum miners have slowly transitioned to mining Ethereum Classic, creating perceived demand for its ETC coin. The “original Ethereum” also gained traction after AntPool, one of crypto’s largest mining pools, announced a $10 million investment to support its ecosystem Wednesday.
Several 2017-era Bitcoin forks that rose to prominence during crypto’s 2017 market rally have seen similar price action to Ethereum Classic. Bitcoin Gold’s BTG has crossed $26.78 after gaining 22% today, Bitcoin Cash’s BCH has touched $144.10 after rallying 22.3%, and Bitcoin SV’s BSV has hit $61.41 after a 13.3% rise. Bitcoin, which has a larger market capitalization than all of its forks combined, has risen 8% on the same timeframe. While no apparent fundamental catalysts have fueled the rally, miners’ increased interest in older Proof-of-Work coins in the lead-up to the Merge may be a factor.
The cryptocurrency market has seen increased volatility in both directions over the past week, mainly due to the dried-up liquidity and the impact of deteriorating macroeconomic conditions like sharply rising interest rates and declining economic growth on risk-on assets and capital markets. Following today’s surge, the global crypto market capitalization is around $1.1 trillion, roughly 65% short of its November 2021 peak.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Ethereum Merge Narrative “Not Priced in”: Vitalik Buterin
The Ethereum creator added that the Merge needs to “happen on a timetable” and discussed scalability developments in the ecosystem in a Bankless interview. Buterin Discusses the Merge The impact…
Bitcoin Up as Fed Announces 0.75 Point Rate Hike
U.S. interest rates have returned to pre-pandemic levels as the Federal Reserve attempts to tackle soaring inflation rates. Fed Fights Inflation With 0.75% Rate Hike The Federal Reserve has hiked…