Why did Ethereum’s PoW token record a 40% surge today?

Sahana Kiran
Source – Unsplash

Ethereum’s much-anticipated Merge paved the way for an array of things. The Merge wasn’t limited to ETH’s shift from proof-of-work [PoW] to proof-of-stake [PoS]. With the intention of retaining the PoW chain, miners decided to hard fork the original chain. It seems like EthereumPoW [ETHW] was getting far more attention than Ethereum following the Merge. More recently, the hard fork token ETHW managed to record a whopping 40 percent surge over the span of a few hours.

Earlier today, ETHW managed to pump to a high of $7.28 all the way from $4.87 within 24 hours. During press time, the altcoin experienced correction as it was trading for $6.88 and was up by 32 percent.

This sudden surge came as a surprise as the network recently endured a replay attack. The entire attack took place due to a mishap with regard to the Chain IDs of the ETHW Bridge. Now, however, the EthereumPoW network seems to have launched its very own cross-chain bridge.

In a recent tweet, the network announced the launch of ETHW Bridge aided by the BridgeTech network. This cross-chain bridge reportedly supports Ethereum, Tether [USDT] along with USD Coin [USDC] from the PoS to PoW chain.

Several in the community have been speculating that the launch of this bridge could have pushed the price of ETHW. In addition to its price, the 24-hour trading volume surged by 15 percent and was at a high of $189,030,079.67, at press time.

Binance opens doors for ETHW tokens

The possibility of a hard fork occurring post the Merge seemed far-fetched. Therefore, most platforms did not support the EthereumPoW network. However, things took a turn, and several prominent exchanges were seen pouring in support for ETHW.

Earlier today, the world’s largest crypto exchange by trading volume, Binance took to Twitter and announced that deposits and withdrawals for ETHW were open. This wasn’t the only update.

Both these updates along with the launch of the ETHW Bridge are expected to have spruced up the price of the token.