" " Declining Interest Leads to Poor Market Performance for Ethereum Proof-of-Work Forks – Market Updates Bitcoin News – Financial Tips " "
Financial Tips
Advertisement
  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us
No Result
View All Result
  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us
No Result
View All Result
Financial Tips
No Result
View All Result
Home Digital Payment

Declining Interest Leads to Poor Market Performance for Ethereum Proof-of-Work Forks – Market Updates Bitcoin News

admin by admin
January 3, 2023
in Digital Payment


After transitioning from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum community saw the launch of two new PoW Ethereum forks: ethereumpow and ethereumfair. In the past four months, the value of both coins has dropped by 94.8% to 98.4% in U.S. dollars.

PoW Ethereum Forks Ethereumpow and Ethereumfair Suffer Significant Value Loss After Launch

Since their launch in September 2022, the two newly introduced Ethereum forks that use a proof-of-work (PoW) consensus algorithm have seen significant value loss. Ethereum itself made the transition from PoW to proof-of-stake (PoS) on Sept. 15, 2022, known as “The Merge.” Since then, ETH has dropped 25.62% in value, falling from $1,635 per coin to $1,216.

The two forks that followed Ethereum’s transition to PoS have performed poorly, losing 94.8% to 98.4% in value since then. Ethereumpow (ETHW) is currently trading at $3.08 per unit, down from its all-time high of $58.54 on September 3, 2022. ETHW’s price was calculated before the chain was live, as some exchanges offered IOU markets before the fork.

Declining Interest Leads to Poor Market Performance for Ethereum Proof-of-Work Forks
ETHW/USD chart on Jan. 3, 2023.

In addition to its 94.8% loss in value in U.S. dollars, ETHW has also fallen 19.8% in the past month. However, over the past two weeks, ETHW has seen some improvement, climbing 4.3% in value. As of Jan. 3, 2023, ETHW is ranked 94th among the top 100 tokens in terms of market capitalization, with an overall market valuation of around $326.40 million.

In addition to its price decline over the past four months, the network’s hashrate has fallen from 68.17 terahash per second (TH/s) to 16.99 TH/s, a loss of 75.07% since The Merge took place. The top two mining pools for ETHW currently are F2pool and 2miners. Ethereumfair (ETHF) is a lesser-known Ethereum fork, and it is not assigned a rank on coingecko.com.

On Jan. 3, 2023, it was ranked 2,736th among the 22,174 tokens listed on coinmarketcap.com. ETHF has declined 98.4% since its all-time high of $20.59 on September 16, 2022. It has seen $657,438 in global trade volume over the past 24 hours, with Gate.io as the top exchange in terms of ETHF trading volume.

Over the past four months, there has been little mention of these Ethereum forks, and Google Trends data shows a significant decrease in interest since “The Merge.” The search term “Ethereum Fork” had a score of 100 the week of Sept. 11-17, 2022, but has now dropped to a four.

The same trend is seen for the search term “ETHW,” which also hit a 100 during that week, but is now barely holding on to a score of four. Conversations about these forks are also low on Twitter and forums like Reddit. The declining price and lack of interest suggest that these two new proof-of-work ETH forks are slowly losing relevance.

Tags in this story
2 Forks, 2 PoW Forks, 2 Tokens, Crypto markets, ETC, ETF exchange Rate, ETF hashrate, ETF price, Ethereum, Ethereum (ETH), ethereumfair, ethereumfair (ETF), ethereumfair (ETHF), ETHF exchange rate, ETHF hashrate, ETHF Price, ETHPoW, ETHW, Exchange rate, Forks, gate.io, Hashrate, Huobi, Market Update, networks, Poloniex, PoW ETH, PoW forks, Price Value, The Merge, Upgrades, USD value

What do you think about the two forks that appeared after Ethereum transitioned from PoW to PoS? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It





Source link

Previous Post

St. Mary’s Bank Inks Partnership with AKUVO to Automate Collections

Next Post

Happy Genesis Block Day! – Kraken Blog

Next Post

Happy Genesis Block Day! - Kraken Blog

Recommended

How Kraken is setting the standard for Proof of Reserves

November 18, 2022

Suing Your Employer For Laying You Off Is Probably A Bad Move

November 9, 2022

Don't miss it

Banking

Wells Fargo CTO joins Bank Automation Summit US 2023

February 2, 2023
Investment

Splitting the Risk: How to Manage Interest Rate Risk in Project Finance

February 2, 2023
News

These Are The 8 Most Affordable Markets To Invest In During 2023

February 2, 2023
News

Euro stablecoin launched in Finland, claims to be first approved in the EU

February 2, 2023
Digital Payment

Crypto 101: What are custodial and non-custodial crypto wallets?

February 2, 2023
Digital Payment

Optimism Plans to Enhance L2 Scaling Network With ‘Bedrock’ Upgrade in March  – Technology Bitcoin News

February 2, 2023

© 2022 Financial Tips News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us

© 2022 Financial Tips News Hubb All rights reserved.

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/