ETC, XMR, XTZ Prices Soar While Most Cryptocurrencies Are Leaking: Here’s Why


key point

  • ETC, XMR and XTZ are bullish and the market is still red.
  • XMR achieved a major milestone after adding support for P2Pool.
  • XTZ signed a big partnership with eBay and Bitski in May.

Almost every coin is bleeding as the bears make the cryptocurrency market their springboard. But here are some green shoots.

As of 10:59 pm ET, Ethereum Classic (ETC) rose 15.3% to $25.52, Monero (XMR) rose 4.28% to $197.94, and Tezos (XTZ) rose 5.59% to $2.09.

Monero (XMR) is a privacy-focused cryptocurrency. Website It states “the only cryptocurrency where all users are essentially anonymous”. Because XMR is untraceable, it tends to be used in darknet markets to launder funds resulting from hacking, breaches, etc. or to circumvent state sanctions. Another important aspect that determines the price of XMR is the mining reward. With the introduction of a new GUI with added support for P2Pool, Monero has significantly increased the number of active miners.

Tezos, an open-source blockchain project that follows a proof-of-stake (PoS) consensus, is also optimistic, mainly due to the growing popularity of blockchains that also support smart contracts. eBay has teamed up with OneOf, a Tezos-based NFT platform, to launch a collection of sports NFTs.

Interestingly, Tezos has teamed up with startup Bitski, which provides custom NFT stores for creators and brands, to launch an NFT collection called “”.Red Bull Guesthouse Key.”

On the other hand, Ethereum Classic (ETC), a smart contract platform that was hard forked from Ethereum (ETH) in 2016, was attacked several times according to data provided by Wikipedia. Blockchain networks have been under 51% attack multiple times over the past few years.

The reason for the surge in ETC could be that the number of miners converting from Ethereum could increase due to the upcoming Merge. After ETH is converted to Proof of StakeEthereum Classic will be the largest Proof-of-Work smart contract platform and will inherit Ethereum miners in the process.

© Copyright IBTimes 2022. All Rights Reserved.


.

Leave a Comment