Ethereum Classic Records TVL Boom Ahead Of Ethereum Merge Upgrade
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Meanwhile, the blockchain’s TVL increased by 158.9% in July, from $93,213 at the start of the month to $241,388 on the last day of the long, according to data from DeFiLlama.
Ethereum Classic is a hard fork from the original Ethereum network, with the fork happening in 2016 due to a disagreement among the developers. This disagreement was spurred by a hack of The DAO, with a majority of developers suggesting a reversal of the theft, while a smaller fraction disagreed, arguing that “code is law.” The split among the developers led to the blockchain fork
ETC remains very similar to the ETH blockchain, making it the target destination for most developers and investors moving away from the Ethereum chain ahead of the upgrade.
The spike in TVL for Ethereum Classic was mainly because of the increase in investments in decentralized applications (dApps) in the ecosystem.
Decentralized exchange (DEX) HebeSwap, which currently holds the most TVL on ETC, jumped by over 60% in July.
Key Ethereum Classic Levels to Watch — August 17
Ethereum Classic is on a corrective move again after failing to clear the $45.00 resistance over the weekend, as it fast approaches the $36.00 support. This comes after an aggressive +230% rebound since mid-July.
This correction comes as the broader market retraces after days of bullish tailwinds. That said, I suspect this correction might not last long and that the base of the correction rests at the $36.00 mark. A breach beyond that puts all the profits gained since April at risk.
Meanwhile, my resistance levels are $40.00, $43.00, and $45,00, and my support levels are $36.00, $32.00, and $30.00.
Total Market Capitalization: $1.12 trillion
Ethereum Classic Market Capitalization: $5.34 billion
Ethereum Classic Dominance: 0.48%
Market Rank: #19
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