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Ethereum Classic outperforms top cryptocurrencies

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Ethereum Classic outperforms top cryptocurrencies

February 28
12:18 2022

Ethereum Classic (ETC) outperformed the top cryptocurrency on Feb. 22, rising 8.38% at one point, while Bitcoin and Ethereum gained around 3.6% and 3.5%, respectively, at their peaks.

The cryptocurrency industry as a whole broke away from the general market on Tuesday, rising even higher compared to the SPDR S&P 500, which fell more than 1.5%.

As the possibility of a full-scale Russian invasion of Ukraine appears to be looming, some traders and investors may look to cryptocurrencies as a safe-haven asset. However, despite Tuesday’s gains, the cryptocurrency is still down about 85% from its 52-week high of $175 on May 6, 2021. Ethereum Classic still has some way to go to prove that its downtrend is over.

Like Ethereum, Ethereum Classic is designed to run smart contracts, the result of a “fork” in 2016 and a continuation of the original blockchain platform. The 2016 fork stemmed from “a dispute over how best to resolve the hack that stole over $50 million.” According to its advocates, it is “immune to external interference and subjective tampering.”

Due to its utility and ability to undertake decentralized applications and smart contracts, Ethereum Classic retains its medium-term prospects as a good investment. Considering the extent and speed of Ethereum’s rise this year, as well as ETC’s apparent “catch-up” performance, investing in ETC has increasingly become a consensus among cryptocurrency enthusiasts.

For example, some people liken Ethereum Classic to Bitcoin’s smart contract capabilities because Ethereum Classic is used as a payment alternative. According to data from Cryptwerk in February 2022, Ethereum Classic is currently accepted as a payment system by over 1059 merchants. These merchants are spread across various industries, from travel and tourism to web development, gaming, internet services and even brick-and-mortar stores. As such, many investors in Ethereum may consider investing in ETC to diversify some of their future ETH purchases.

Compared with other methods such as buying Ethereum Classic, the way to invest in ETC with the lowest cost and maximize the income is mining. Compared with several ASIC rigs on the market that mainly mine ETC, JASMINER X4 High-throughput 1U-C server has better performance, its hash rate is 450MH/S±10%, and its power consumption is only 240W±10%. In the field of cryptocurrency, the JASMINER X4 High-throughput 1U-C server has the advantages of “high hash rate and low power consumption”, and it can better meet the investment needs of enthusiasts in the Ethereum field in terms of high cost performance.

Currently, the cryptocurrency space is still in a wild age like a primitive state, and the level of awareness will determine each person’s role in this field. Someone may write a legend of unimaginable wealth, or they may suffer losses due to lack of awareness. Rapidly raising the level of awareness is a matter of every second. Judging from the recent performance of Ethereum Classic catching up with the top cryptocurrencies, investing in ETC has increasingly proved to be an optional and beneficial way.

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