Ethereum Classic Hashrate Surges To New All-Time Highs

The Ethereum Classic hashrate is in the latest altcoin news for exploding and seeing a new marked uptick, beating all the expectations and breaking past its previous all-time high. The hashrate is one of the metrics which assesses the health of a network and now that it is at a new high, the network is obviously more secure and it becomes more expensive to mine the said cryptocurrency.

It all happened recently and as many analysts pointed out, the Ethereum Classic hash rate is now more secure than ever before. The development is shocking given the fact that ETC was rumored to have suffered a 51% attack just last month. The claims of an attack turned out to be false, but ever since then the hashrate increased significantly.

Ethereum Classic (ETC) and its official Twitter account reported the news recently and said that the ETC hashrate now stands at an all-time high.

#EthereumClassic Continues Maintaining Its All Time Hashrate Highs! https://t.co/BWNRnp6rki

— Ethereum Classic (@eth_classic) February 3, 2020

Now that the Ethereum Classic news show an increased hashrate, we can see that the previous all-time high occurred in September 2018 during the bearish crypto winter. Despite dropping off and staying stagnant in 2019, the new year brought in fresh mining activity. The end result has been an explosive January for the ETC network and its hashrate being close to doubling in just one month.

Also, the uptick in the Ethereum Classic hashrate corresponds with an equally impressive price increase. Now, ETC sits at a price of $12 while it was trading for just $4.50 at the beginning of January. This has been a major price boost for the altcoin – surging especially after it got listed on the Binance futures markets.

Ethereum Classic is now in a good position but it is unclear whether its hashrate and price will cool off before the next surge. Anyways, $12 is a good price point and could become resistance turning to support if ETC is being able to maintain the current levels.

In the other news, we can see that the market added $6 billion overnight and corrected the previous losses. Bitcoin (BTC) now sits at $9,288 and is again trying to breach the $9,300 level which is still its close support. The biggest gainer in the top 5 today is Ripple’s XRP token which managed to add 9% to its price and is now trading at $0.2736.