The Ethereum Classic (ETC) coin recorded a new hash level in its network ever of 20 TAH/s accompanied by a more than doubled price level since the beginning of the year.

According to CryptoCompare data, the price of ETC has gone from about $4.5 at the beginning of the year to about $11.90 at the time of writing.

In the last 48 hours, the cryptocurrency is up 9.95%, and in the last 30 days it is up 170%.

The number of users subscribing to the r/EthereumClassic forum on . has also increased redditThe continued rise has attracted investor interest.

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There are several possible reasons for this rise

ETC Labs, a research division of Ethereum Classic, has pledged $1 million to UNICEF to fund blockchain startups, enabling them to tackle some of the world’s social issues.

On the other hand, Grayscale Investments has committed to fund the development of Ethereum Classic for another two years through the non-profit ETC Cooperative.

Another factor is the successful completion of the Agartha Solid Network fork on Ethereum Classic earlier this month.

The fork included a set of upgrades that make the Ethereum Classic network more interoperable.

Bob Summerwell, CEO of ETC Cooperative, said he believes ETC will attract decentralized finance (DeFi) products to its blockchain this year.

The statement was made by “Bob” through orwhere he said:

DeFi ETC projects can be targeted very easily.

I expect to be speaking to many more DeFi projects in the coming months.

Data from BitInfoCharts shows that Ethereum Classic hash power reached a new all-time high at 20.65 TAH/s, surpassing the previously achieved figure in September 2018 of 17.25 TAH/s.

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