EthereumPoW cryptocurrency rises 150% in 3 days
The cryptocurrency EthereumPoW (ETHW), which was born from the Ethereum fork after The Merge, has seen a huge appreciation in recent days. After a drop of more than 80% at the time of the hard fork, the crypto asset is up just over 150% in three days, going from $5.30 to $13.80.
After reaching this high, the price dropped a little to $10.5. Even so, ETHW is still 220% above the low after the Ethereum upgrade when it hit $4.30.
According to analyst Bárbara Distefano, this increase occurs at the same time that the ETHW hash rate has risen. Shortly after the low recorded after The Merge, the ETHW hash rate experienced a 50% increase.
This situation reflects the entry of more miners into its network due to its greater profitability. That is, the price has been following the increased demand for attention around ETHW.
Meanwhile, the four cryptocurrencies that some miners fled to before The Merge suffered a price drop. In fact, this week they hit their lowest level since the update.
Ethereum Classic (ETC) and Ergo (ERG), for example, are down around 25%. Similarly, Flux (ZEL) and Ravencoin (RVN) are down around 43%. In parallel, the hash rate of each of these networks also dropped.
“Mainly the last two, according to data from 2miners, which show the exit of miners due to lower profitability”, reveals Distefano.
Also according to her, it should be noted that ETHW has also seen a price drop since The Merge. The digital asset even registered a devaluation of 82%. However, after that, it recovered and is now 55% below its all-time high.
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