{"id":253909,"date":"2022-08-26T06:00:03","date_gmt":"2022-08-26T00:30:03","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=253909"},"modified":"2022-08-25T19:17:36","modified_gmt":"2022-08-25T13:47:36","slug":"ethereum-classic-etc-defies-51-approaching-danger-heres-how","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-classic-etc-defies-51-approaching-danger-heres-how\/","title":{"rendered":"Ethereum Classic [ETC] defies 51% approaching danger, here&#8217;s how"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Ethereum Classic [ETC]<\/span><span style=\"font-weight: 400;\"> risks 51% <\/span><span style=\"font-weight: 400;\">Proof-of-Work (PoW<\/span><span style=\"font-weight: 400;\">) finality fraud. This was the current state of ETC as per a recent risk <\/span><a href=\"https:\/\/meowsbits.github.io\/51-percent-docs\/\"><span style=\"font-weight: 400;\">evaluation<\/span><\/a><span style=\"font-weight: 400;\"> of its ecosystem. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, this danger did not just spring up as it was a possible outcome of the ETC network as the <\/span><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><span style=\"font-weight: 400;\"> Merge draws closer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As ETH would finally switch to <\/span><span style=\"font-weight: 400;\">Proof-of-Stake (PoS)<\/span><span style=\"font-weight: 400;\"> in September, it is expected that ETC would be affected. This projection, if happens, will not be the first ETC to experience a 51% attack. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In August 2020, a similar incident occurred. This event led to a block reward delay and also negatively affected the hashrate.<\/span><\/p>\n<figure id=\"attachment_253915\" aria-describedby=\"caption-attachment-253915\" style=\"width: 1005px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-25-at-10.47.09.png\"><img decoding=\"async\" class=\"size-full wp-image-253915\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-25-at-10.47.09.png\" alt=\"\" width=\"1005\" height=\"492\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-25-at-10.47.09.png 1005w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-25-at-10.47.09-300x147.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-25-at-10.47.09-768x376.png 768w\" sizes=\"(max-width: 1005px) 100vw, 1005px\" \/><\/a><figcaption id=\"caption-attachment-253915\" class=\"wp-caption-text\">Source: MeowsBits<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Now, ETC could follow that route. Even crypto developer Steven Lohja <\/span><a href=\"https:\/\/stevanlohja.substack.com\/p\/the-merge-as-it-pertains-to-ethereum\"><span style=\"font-weight: 400;\">claimed<\/span><\/a><span style=\"font-weight: 400;\"> that it is a possibility. However, ETC seems not to pay heed to this potential danger with its current price movement.<\/span><\/p>\n<h3><strong>Not my business<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">In spite of the attack projection, ETC seems more concerned about making profits for its investors. At press time, data on <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum-classic\/\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\"> revealed that ETC was 11.70% against Tether [USDT]. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Out of the top twenty cryptocurrencies, ETC was the only asset with a double-digit spike in the last 24 hours.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> The price at the time of writing was $36.88. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For investors, this could be a positive outcome following a new All-Time High (ATH) of its hashrate. After it hit the hashrate of 37.34TH\/s <a href=\"http:\/\/ambcrypto.com\/etc-hashrate-hits-a-new-ath-decoding-what-it-could-mean-for-investors\/\">earlier<\/a>, ETC went further <a href=\"https:\/\/2miners.com\/etc-network-hashrate\">higher<\/a> to hit 42.52 TH\/s per 2Miners data.\u00a0<\/span><\/p>\n<figure id=\"attachment_253916\" aria-describedby=\"caption-attachment-253916\" style=\"width: 1199px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-25-at-11.22.49.png\"><img decoding=\"async\" class=\"size-full wp-image-253916\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-25-at-11.22.49.png\" alt=\"\" width=\"1199\" height=\"538\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-25-at-11.22.49.png 1199w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-25-at-11.22.49-300x135.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-25-at-11.22.49-1024x459.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/Screenshot-2022-08-25-at-11.22.49-768x345.png 768w\" sizes=\"(max-width: 1199px) 100vw, 1199px\" \/><\/a><figcaption id=\"caption-attachment-253916\" class=\"wp-caption-text\">Source: 2Miners<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A look at the ETC charts showed that the coin was strong on its current momentum. The Directional Movement Index (DMI) was in support of this position. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The positive DMI (green) maintained a solid position above the negative DMI (red) at 26.12, compared to the latter\u2019s 16.90. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, there were signs that ETC may not maintain the momentum as the Average Directional Index (ADX) in yellow pointed in a downward direction.<\/span><\/p>\n<figure id=\"attachment_253917\" aria-describedby=\"caption-attachment-253917\" style=\"width: 1354px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETCUSDT_2022-08-25_11-33-12.png\"><img decoding=\"async\" class=\"size-full wp-image-253917\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETCUSDT_2022-08-25_11-33-12.png\" alt=\"\" width=\"1354\" height=\"697\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETCUSDT_2022-08-25_11-33-12.png 1354w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETCUSDT_2022-08-25_11-33-12-300x154.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETCUSDT_2022-08-25_11-33-12-1024x527.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETCUSDT_2022-08-25_11-33-12-768x395.png 768w\" sizes=\"(max-width: 1354px) 100vw, 1354px\" \/><\/a><figcaption id=\"caption-attachment-253917\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h3><strong>On-chain analysis<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">While assessing ETC\u2019s on-chain data on <\/span><a href=\"https:\/\/app.santiment.net\/charts\/RGWISJYY__sCl\"><span style=\"font-weight: 400;\">Santiment<\/span><\/a><span style=\"font-weight: 400;\">, it was seen that the crypto had increased in volume. As per the platform, ETC\u00a0 was up 10.08% in volume with its flow at $1.12 billion from 24 August. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">To add to it, development activity looks to be on the rise. As of 21 August, development activity on the ETC network was 0.02. Being at 0.09 at the time of this writing could mean that there have been developments in preparation towards the Merge.\u00a0<\/span><\/p>\n<figure id=\"attachment_253918\" aria-describedby=\"caption-attachment-253918\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETC-data.png\"><img decoding=\"async\" class=\"size-full wp-image-253918\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETC-data.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETC-data.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETC-data-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETC-data-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETC-data-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETC-data-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/ETC-data-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-253918\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum Classic [ETC] risks 51% Proof-of-Work (PoW) finality fraud. This was the current state of ETC as per a recent risk evaluation of its ecosystem. However, this danger did not just spring up as it was a possible outcome of the ETC network as the Ethereum [ETH] Merge draws closer. As ETH would finally switch<a href=\"https:\/\/ambcrypto.com\/ethereum-classic-etc-defies-51-approaching-danger-heres-how\/\">Continue reading <span class=\"sr-only\">&#8220;Ethereum Classic [ETC] defies 51% approaching danger, here&#8217;s how&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":253920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-253909","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum Classic [ETC] defies 51% approaching danger, here&#039;s how - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Ethereum Classic [ETC] risks 51% Proof-of-Work (PoW) finality fraud. 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