Ethereum Classic is back on trend with the latest update to its network. The upgrade called “Magneto” was first announced on June 11th, and many in the community are expecting a price hike soon.
Magneto has now been successfully implemented in the ETC network. As planned, the hard fork was activated at block 13.189.133 and included the Ethereum Improvement Proposals (EIP), which were first seen in Ethereum’s Berlin upgrade earlier this year.
Following this, the developers of Ethereum Classic gave the community a short update. “Hash rate stable, majority nodes updated, major service providers updated,” tweeted the team. The hard fork was also supported by prominent exchanges like Binance.
One day before the upgrade went live, ETC advised its users to revamp their ETC nodes. In fact, a report from the same warned
“If you are an exchange, wallet, pool or other user who operates Ethereum Classic nodes, please update your node software for the magneto hard fork as soon as possible.”
As expected, ETC saw strong community interest, to which the award responded. These developments were due to the fact that Ethereum Classic emerged as the second-best winner in the second quarter of 2021, contrary to BTC’s own moves. At the time of writing, ETC was trading around the $ 45.90 mark after rising 3% in 24 hours.
Bullish development = bullish on-chain metrics?
Now, many advocates within the community have shared their bullish predictions for the altcoin. But what picture do on-chain metrics paint today?
Consider it –
According to Santiment, for example, development activity for the altcoin declined due to a downtrend. In fact, it fell to levels last seen in January 2021.
Additionally, the prevailing market sentiment appeared to be bearish as well, according to LunarCrush.
Source: LunarCrush
Finally, ETC’s active addresses and 24-hour transactions were also well below May’s level. Needless to say, some of the altcoin’s on-chain metrics don’t share the optimism associated with these upgrades.
Source: Bitinfocharts
Here, it’s worth noting that Ethereum Classic has only recently received a lot of endorsement from Vitalik Buterin of Ethereum. In his opinion, ETC should be the natural choice for developers who want to stick with proof of work.
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