Since Last Week, Ethereum Classic Has Surged By More Than 50%.

Along with benefiting from the overall cryptocurrency market upswing, Ethereum Classic (ETC) is also experiencing considerable gains due to network activity on the primary Ethereum blockchain, particularly the September Merge update.

In the past week, Ethereum Classic’s price has delivered tremendous upward momentum, ending weeks of trading in a consolidation phase, signaling the existence of ETC bulls.

As a result, Ethereum Classic, the successor to the original Ethereum network, has increased by 51.34% over the past week and was trading at $22.51 at the time of publication, according to statistics from CoinMarketCap.

Furthermore, ETC trails Lido DAO (151.03%) and Polygon (58.73%) in the list of the top-performing cryptocurrencies over the past week.

Since Ethereum will go from the energy-intensive proof-of-work (PoW) consensus mechanism to the proof-of-stake (PoS) protocol, the Merge upgrade is anticipated to be advantageous for assets like ETC.

Since transferring Ethereum miners will just require minimal upgrades to begin mining on Ethereum Classic, ETC has the ability to support them.

The ETH miners who are moving will probably cause Ethereum Classic’s price to increase as the Merge draws closer. Since it keeps miners’ equipment from going obsolete, the majority anticipates that the present hash rate devoted to Ethereum will likewise switch over to the ETC network after the upgrade.

The main concern after the gains is if ETC can maintain the momentum. If other inventors keep purchasing ETC, the sustainability will probably remain intact. Investors should keep an eye out for major selling pressure, which might lead to a large pullback.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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