PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20%

Ravencoin (RVN) and Ethereum Classic (ETC) were operated as a safe haven for miners seeking shelter from “The Merge” fallout. The event that completed Ethereum's transition to Proof-of-Stake (PoS), “The Merge” locked out miners from the ecosystem.

Timeline of Ethereum-classic, Ravencoin

While the Ethereum network is cherishing its successful merge where the network completed its transition from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum Classic (ETC) is facing pressure. Amidst the ongoing bearish pull, the Ethereum Classic price might be pulled down even further.

Ravencoin (RVN) and Ethereum Classic (ETC) lead the market with gains, making them among the top gainers on Wednesday's session. Ravencoin (RVN) jumped 20%, while Ethereum Classic (ETC) made a 5% advance at the same time Bitcoin (BTC) nursed a 3% loss. Anticipation for The Merge is turning out positive for both RVN and ETC.

The transition of the Ethereum network into a proof-of-stake consensus mechanism on 15 September caused some Ethereum-linked assets to record growth.  Following the merge, Ethereum Classic saw a boom in mining activity on its network as former miners on the Ethereum mainnet sought new homes.

Ethereum classic fell to a two-month low to start the week, as prices in the cryptocurrency market continue to decline. Uniswap also slipped to a multi-month low on Monday, as the token hit its weakest level since July. As of writing, the global crypto market cap is down 5.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Over the last two months, Ethereum Classic [ETC] saw a choppy movement as it compressed in the $30-$43 range.

Quick Take The hashrates of multiple proof-of-work networks such as Ethereum Classic surged to record levels on the day of The Merge. Ether borrow rates have returned to normal levels as speculators unwound their positions. Total ether supply increased due to low network activities despite a 90% reduction in issuance.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Within the span of two weeks, Ethereum Classic [ETH] witnessed six moves on the price charts that measured more than 10% in magnitude.

After a successful Ethereum [ETH] Merge, Ethereum Classic [ETC] traders continued in their quest to profit from the market. However, it seemed that the outcome had been disastrous after there was over $880 million liquidated in less than five hours.

The hash rate of Ethereum Classic, a proof-of-work blockchain, has significantly increased as miners abandon the now proof-of-stake Ethereum. Its hash rate, which measures the output of cryptocurrency mining, increased to 183 terahashes per second (TH/s) on Thursday, 280% more than the 64 TH/s hash rate from the previous day.

On September 15 at 06:42:42 UTC at block 15537393, the Ethereum mainnet merged with Ethereum's Beacon Chain to complete the widely-anticipated Merge upgrade. The move marked the network's transition to a Proof-of-Stake consensus protocol, and led to surging interest in Ethereum Classic ($ETC) and a little-known altcoin.