Skip to content

Ethereum Classic leads most trending cryptos while climbing 27% in 24 hours

Ethereum Classic leads most trending cryptos while climbing 27% in 24 hours

As the cryptocurrency market sustains its rally after reclaiming (and well surpassing) the $1 trillion market capitalization mark, the digital assets domineering the 24-hour trending list continue to change places, with Ethereum Classic (ETC) overthrowing the previous leaders including Ethereum (ETH), Shiba Inu (SHIB), and Terra (LUNA).

In line with this, the increasingly popular Ethereum Classic token has continued to register large interest, recording dramatic gains over the previous 24 hours at 26.19%, according to data retrieved on July 29 from CoinMarketCap.

Optimism (OP), a layer 2 chain on top of Ethereum, ranks second with gains of 51.07% in the last 24 hours. The green token Grove (GVR) is in third place with 8.27%, followed by Solana (SOL) with 9.05%, while Terra (LUNA) now occupies the fifth position on the list, advancing 10.53% over the past 24 hours.

Most trending cryptocurrencies July 29. Source: CoinMarketCap

Ethereum Classic rallying as the Merge approaches

Indeed, Ethereum Classic’s advance in the past 24 hours aligns with the decentralized finance (DeFi) asset’s recent bullish gains ahead of the Merge upgrade that will officially mark the transition of the Ethereum blockchain from the energy-intensive Proof-of-Work (PoW) mechanism to Proof-of-Stake (PoS).

Notably, as the upgrade looms, crypto miners are increasingly more aware that the Ethereum Classic chain will remain a PoW network, with Ethereum creator Vitalik Buterin inviting people to switch to the ETC chain if they prefer such networks, referring to it as “a totally fine chain.”

At the same time, Leon Lv, the CEO of AntPool – the mining pool affiliated with major cryptocurrency mining hardware giant Bitmain – announced that his organization had invested $10 million towards the Ethereum Classic ecosystem and would continue financially supporting it.

He made these announcements at Bitmain’s World Digital Summit (WDMS) in Miami, where the manufacturer also declared that the buyers of all of its Antminer models would be able to pay for them using ETC after it launched its latest Ethereum mining model, the Antminer E9, in early July.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.