Ethereum Classic Rallies 100% In Ten Days, Beats ETH

Ethereum Classic (ETC) has outperformed its arch-rival Ether (ETH) during the current crypto market rally, with the ETC/ETH pair at a 10-month high. Ethereum’s transition to proof-of-stake could be a boon to the price of Ethereum Classic.

The price of ETC rallied to $27.5 on July 23, gaining 100% in nine days after bottoming at $13.35. In comparison, the price of ETH has seen a 64% increase in USD terms.

ETC daily chart. Source: CoinCu

Dubbed “The Merge,” the long-awaited technical update will move Ethereum from proof-of-work (PoW) to proof-of-stake (PoS).

Ethereum’s rally has been among the strongest among the top cryptocurrencies, mainly due to the excitement surrounding its potential September network upgrade.

Therefore, the move to PoS could force existing Ethereum miners to switch to the ETC chain.

It should come as no surprise that Ethereum Classic is the closest Ethereum in terms of network design and compatibility, as Ethereum Classic is the successor chain that forked from Ethereum after a controversial hard fork in July 2016.

As a result, speculators predict that Ethereum Classic will become the first choice for miners to switch from Ethereum, which could be one of the main reasons for the recent increase in ETC price.

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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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.