Ethereum Proof Of Work (ETHW) has increased 30%; is there still room for growth?

Ethereum fork

The popularity of the Ethereum Merge had been capitalized on by the Ethereum Proof of Work (ETHW) coin. Developers had forked the Ethereum network in an effort to keep it operating according to its original design.

During the process, they produce their own token. Following the completion of the Merge, the ETHW was introduced and airdropped to ETH holders. Then, only a few days after introduction, the digital asset saw steep reductions.

Recovering Ethereum Proof Of Work

Days after the Merge, the Ethereum Proof of Work (ETHW) token distribution has already begun. Exchanges needed extra time to issue the tokens to their clients that have ETH on their accounts, which was the main cause of this delay. The most recent cryptocurrency exchange to finish its distribution was Binance, which gave the digital asset a much-needed lift.

The biggest cryptocurrency exchange in the world finished distributing its ETHW in the wee hours of Tuesday. The cryptocurrency exchange had also enabled deposits and withdrawals, which immediately increased demand for ETHW.

In the hours that followed, the price of ETHW had increased by more over 30%. It surged past $7 during the pinnacle of the rally after breaking out of the $5 zone, where it had been moving for the previous several days.

The spike has now cooled down, but the cryptocurrency market’s leader in gains remains to be the digital asset. It is presently ranked first on Coinmarketcap’s list of the top gainers, with a 24-hour gain rate of 33.64%.

ETHW Ready For Additional Gains?

The Ethereum Proof of Work (ETHW) token may not be the most well-known currency on the market right now, but it is undoubtedly making a name for itself. The fact that the tokens are being issued to ETH holders who have already demonstrated a long-term commitment to holding their currencies helps to increase its value.

Just below the $6 mark, the token has also been forming support, making this a potential rebound place for the cryptocurrency in the case of a negative downturn. The cryptocurrency is also in higher demand now that it can be transferred into and out of Binance, a cryptocurrency exchange.

ETHW’s all-time high, which occurred during the bear market, is $14. If the development of Ethereum Classic is any indication, ETHW might experience rapid growth in the future. However, they never fully outperform the original currencies, as is normal with hard-forked tokens. In this situation, it seems unlikely that ETHW would ever catch up to Ethereum’s levels.