Ethereum Classic (ETC) just saw the hashrate on its network hit a new all-time high above 20 TH/s amid an ongoing rally that has seen the cryptocurrency’s price more than double since the beginning of the year.

According to CryptoCompare data, the price of ETC has surged from around $4.5 at the beginning of the year to roughly $12.14 at press time. In the last 24-hour period the cryptocurrency is up by 9.95%, and in the last 30 days it’s up by a whopping 170%.

The number of users subscribed to its r/EthereumClassic subreddit has also been on the rise, as the ongoing rally has seemingly captured investors’ interest.

ETC's price performanceSource: CryptoCompare

There are several potential causes for the rally. ETC Labs, a research division of Ethereum Classic, has pledged $1 million to the UNICEF to fund blockchain startups that could tackle some of the world’s social issues. On the other hand, Grayscale Investments has committed to funding the development of Ethereum Classic for two more years via the non-profit ETC Cooperative.

Another factor could be the Agartha hard fork Ethereum Classic successfully complete earlier this month. It included a set of upgrades that make it more interoperable with the Ethereum (ETH) blockchain. The hard fork included, via the Ethereum Classic Improvement Proposal (ECIP) 1056, Ethereum’s Constantinople and St. Petersburg upgrades.

Finally Bob Summerwill, executive director of the ETC Cooperative, has said he believes ETC will attract decentralized finance (DeFi) products to its blockchain this year. During an AMA, he said:

DeFi projects could target ETC very easily. I expect to be talking to many DeFi projects in the coming months

The price rise hasn’t just attracted investors and cryptocurrency enthusiasts to ETC. Data from BitInfoCharts shows its hashrate has hit a new all-time high of 20.65 TH/s, surpassing its September 2018 hashrate of 17.25 TH/s.

Featured image via ETC on Flickr