Tuesday, March 21, 2023
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Ethereum Proof Of Work (ETHW) Gains 30%, Is More Upside Coming?

by Best Owie
September 20, 2022
in Cryptocurrency
Reading Time: 2 mins read
A A
0
Home Cryptocurrency
Share on FacebookShare on Twitter


The Ethereum Proof of Work (ETHW) token had piggybacked off the popularity of the Ethereum Merge. In a bid to maintain the network in its original mechanism, developers had forked the Ethereum network, 

creating their own token in the process. The ETHW had been launched after the Merge was completed and was airdropped to ETH holders. The digital asset then suffered massive declines just days after launch. 

Ethereum Proof Of Work Recovers

The Ethereum Proof of Work (ETHW) token distribution had been ongoing for days after the Merge. The reason for this was exchanges needed more time to distribute the tokens to their customers who currently hold ETH on their balances. Binance was the most recent crypto exchange to complete its distribution, giving the digital asset a much-needed boost.

It was in the early hours of Tuesday when the largest crypto exchange in the world had completed its ETHW distribution. The crypto exchange had also opened deposits and withdrawals for the cryptocurrency, promptly increasing the demand for ETHW.

Following this, the price of ETHW had added more than 30% to its value in a matter of hours. It broke out of the $5 range, which it had been trending in for the last couple of days, and barreled above $7 at the rally’s peak.

ETHW grows 30% in a single day | Source: ETHWUSD on TradingView.com

The rally has since leveled out, but the digital asset continues to lead the crypto market in terms of gains. It is currently number 1 on the Top Gainers list on Coinmarketcap, which lists the 24-hour gains for the digital asset at 33.64%.

ETHW Poised For More Gains?

Ethereum Proof of Work (ETHW) token might not be the most popular coin in the market currently, but it is definitely leaving its mark. Its value is helped by the fact that the tokens are being sent to ETH holders who have previously proven to hold their coins for a long time. 

The token has also been creating support just under the $6 point, making this a possible bounce point for the cryptocurrency in the event of a downward correction. Additionally, there is more demand for the cryptocurrency now that it can be moved in and out of crypto exchange Binance.

ETHW’s all-time high also sits at $14, which took place in the bear market. If the growth of Ethereum Classic over the years is anything to go by, ETHW may go on to record massive gains over the years. However, as is typical for hard-forked tokens, they never quite do better than the original coins. In this case, ETHW will likely not reach the Ethereum levels anytime soon.

Featured image from Forkast, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…





Source link

Tags: comingEthereumETHWgainsProofUpsidework
Previous Post

Jordan Lams on Finding and Patiently Developing Your Entrepreneurial Focus

Next Post

Japan’s Kirin in talks to triple investment in beer maker Bira: Report

Related Posts

CryptoUK calls on regulators to address de-banking of digital asset firms By Cointelegraph

by Cointelegraph
March 21, 2023
0

The self-regulatory trade association CryptoUK has proposed providing a ‘white list’ of registered firms in the United Kingdom to address...

Amid stablecoin turbulence, Djed to expand to Ethereum, Binance Smart Chain

by Index Investing News
March 21, 2023
0

Ad The Djed stablecoin would soon be available on Ethereum, Binance Smart Chain (BSC,) and others.COTI CEO Shahaf Bar Geffen...

Bitcoin Miners Find Relief As Revenues Spike To Highest Since June 2022

by Hououin Kyouma
March 21, 2023
0

Data shows Bitcoin miners have found some relief recently as their mining revenue has now shot up to the highest...

Developer Edward Kim Hints At Terra Luna Classic Becoming AI Chain

by Varinder Singh
March 21, 2023
0

The Terra Luna Classic community speculates whether the LUNC is becoming an AI chain as core developer Edward Kim hints...

Metamask, Moonpay partner to allow Nigerians buy crypto directly

by Oluwapelumi Adejumo
March 21, 2023
0

Ad Buying cryptocurrencies in Nigeria just became easier following the partnership between Moonpay and ConsenSys —  enabling direct crypto purchases...

Economist David Rosenberg Warns of ‘Crash Landing’ and Recession, Citing Fed Data – Economics Bitcoin News

by Kevin Helms
March 21, 2023
0

Famed economist David Rosenberg has warned of a “crash landing” and an impending recession for the U.S. economy. Referring to...

Next Post

Japan's Kirin in talks to triple investment in beer maker Bira: Report

CoinShares Introduces Automated Trading Platform Hal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Virginia teacher shot by 6-year-old student says she’ll ‘never forget the look on his face’

March 21, 2023

SVB Financial Group accuses FDIC of cutting it off from cash By Reuters

March 21, 2023

These Intel Arc A-Series gaming PCs come with a huge bonus offer worth $450

March 21, 2023

CryptoUK calls on regulators to address de-banking of digital asset firms By Cointelegraph

March 21, 2023

Even Trump Supporters Outside Of Mar-a-Lago Are Refusing To Protest

March 21, 2023

Mobileye reports judicial overhaul as risk factor

March 21, 2023
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Virginia teacher shot by 6-year-old student says she’ll ‘never forget the look on his face’

SVB Financial Group accuses FDIC of cutting it off from cash By Reuters

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In