After the Bitcoin spot ETF approval, Ethereum Classic (ETC) has been ripping up, as its price has shot up more than 35% over the last 24 hours.
Ethereum Classic Takes Off Following Bitcoin ETF Decision
The US SEC has finally approved all the Bitcoin spot ETFs and so far, the event hasn’t proven to be a sell-the-news one, as the market has reacted rather positively to it, with coins across the sector shooting up.
One asset that has immediately stood out even among these flying altcoins has been Ethereum Classic. ETC is a hard fork of Ethereum and its main aim has been to preserve how the ETH blockchain originally was.
Unlike Ethereum, which has transitioned toward a proof-of-stake (PoS) consensus mechanism, Ethereum Classic is still operating on proof-of-work (PoW). The latter mechanism, where validators called miners handle the processing of the blockchain, is also used by networks such as Bitcoin and Litecoin.
PoW has often been the main point of criticism against these cryptocurren
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