High volatility of the crypto-coin ETHW…details here
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Answer High volatility of the crypto-coin ETHW…details here
While the long-awaited Ethereum merger did not appear to affect the price of Ethereum much at the time of the upgrade, one of its forked cryptocurrencies suffered from violent speculation and storms of volatility.
Ethereum PoW (ETHW) – A digital coin split from the original Ethereum network and backed by a group of Ethereum miners as the coin remains on the mining mechanism.
The value of the ETHW cryptocurrency increased during the upgrade.
But it fell to an all-time low a few hours later.
High Volatility of ETHW Digital Currency:
According to price data from CoinGecko, the price of ETHW rose from around $30 at 21:30 US time on Wednesday to $51.88 just an hour later.
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The price slowly pulled back during the early morning hours of yesterday, as the Ethereum consolidation became official.
Then the price of ETHW saw a strong unload, dropping from $40 to $25 over the next hour.
The coin has continued to fall after that, and is currently trading for $13 at the time of writing.
It is worth noting that the digital currency and its price are still highly volatile by virtue of being limited to trading in a few trading platforms such as:
Gate.io, Poloniex, MEXC, FTX, Bybit.
As noted above, ETHW is trying to retain the proof-of-work mechanism left over from the merger, and continue to give miners the possibility to profit.
The ETHW digital currency is supported by many sides, such as the aforementioned platforms, while it was opposed by many prominent names in the crypto market, such as the founder of Ethereum “Vitalik Buterin,” who urged miners to go to Ethereum Classic instead of the new split coins of Ethereum.
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