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Ethereum ‘Spin-Off’ Rallies 22% Even As Bitcoin, ETH Lose Some Mojo

Ethereum Proof of Work (CRYPTO: ETHW) is up 22%, making it the highest performer on CoinMarketCap's daily gainers' list.

What Happened: At the time of writing, Ethereum (CRYPTO: ETH) was trading at $1,272, down 1.15%. Apex crypto Bitcoin (CRYPTO: BTC) was trading below the $17,000 mark, down 1.27% in the past 24 hours.

ETHW is an asset born out of Ethereum’s Merge in September. It should be noted that ETH transitioned from proof-of-work to proof-of-stake, making the second largest cryptocurrency far more energy efficient by eliminating the need for miners and replacing them with validators, who stake crypto and don’t utilize expensive energy-intensive machines to secure the network.

See More: Best Crypto Apps

However, ahead of the Merge, Chinese miner Chandler Guo launched a campaign to oppose the move — the result was a completely new cryptocurrency via a hard fork that still uses proof of work mining.

ETHW Foundation said in a tweet that 2.5 months after the fork over 86 million active addresses hold the forked crypto.

Binance said in September that it was releasing an ETHW mining pool for its users, noting that users would not be charged fees until Oct.29 if they participated.

Read Next: Bitcoin, Ethereum, Dogecoin Rallies Screech To Halt: Analyst Sees 'Healthy Consolidation' Amid Mixed Economic Data, Tether Worries

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