Ethereum Classic (ETC) and Bitcoin Cash (BCH) Report a Big Rise Last Week. What is the Reason?

Ethereum Classic (ETC) and Bitcoin Cash (BCH) Report a Big Rise Last Week. What is the Reason?
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Ethereum Classic (ETC) and Bitcoin Cash (BCH), the famous forks of Ethereum and Bitcoin respectively, have posted big gains in the last 7-days amid a small altcoin rally last week.

According to crypto market data tracker CoinMarketCap, Ethereum Classic’s (ETC) price has risen more than 75% in the last 7 days to reach $46.91 at the time of writing. Bitcoin Cash (BCH) follows  ETC in the biggest gainers list of top-30 crypto assets in the last 7-days. The native coin of Bitcoin spinoff is up more than 20% in the last week to trade above $360 at the time of writing.

Ethereum Classic (ETC) Leads Altcoin Surge

ETC’s price has jumped over 18% in the last 24-hours to reach $46 a token for the first time since December 2, 2021. These single-day gains are part of a broader rebound move that saw its price rallying more than 75% over the week. The coin was trading around $25 per unit on March 17, 2022.

With these impressive gains, ETC is leading the altcoin rebound by outperforming top-40 assets as traders are keeping an eye on Ethereum Classic’s potential to become a haven for miners fleeing the rival Ethereum blockchain.

Ethereum Classic is the famous hard fork of Ethereum that occurred in July 2016 after a major hack of The DAO. As Crypto Economy reported earlier, a Chainalysis investigation tied Toby Hoenisch, an Austrian programmer and former CEO of TenX, to this hack.

Ethereum Classic

As Ethereum is moving closer to its PoS transition, crypto traders are expecting Ethereum Classic as the next big stop for miners. Data shows that ETC coin is under buying pressure both from retail investors and whales.

As more miners will join the ecosystem, ETC is all set to benefit from increased security and hashrate and crypto Twitter is already highlighting this. Weiss Crypto wrote:

“EthereumClassic ( $ETC) is trading higher by 11.73% in the last 24 hrs.

ETC is rising because its tech. indicators turned bullish on 3/18. Also, $ETH will go #PoS in few months, hence #ETC stands to benefit from increased hashrate and security, as miners look for alternatives.”

Furthermore, the recent rise can also be connected to the upcoming ETC block reward reduction called fifthening on April 15, 2022, at block 15,000,000.

Bitcoin Cash (BCH) Rises on News from Sint Marteen

Bitcoin Cash (BCH) is the second biggest gainer after ETC in the last 7-days, rising more than 23% at the time writing to reach $359 per coin, the price level which was last seen on January 21, 2022.

However, on Tuesday, March 22, BCH posted its biggest surge of the week, rising 16% in a day from $330 to $384, riding on the bullish news that Sint Maarten, a constituent country of the Kingdom of the Netherlands, could make Bitcoin Cash its legal tender.


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