Ethereum Classic Surges 77% in a Week as ETH Upgrade Nears
Ethereum Classic (ETC) is not just benefiting from the broader crypto market boom, but also from network related activity on the popular Ethereum blockchain, notably the Merge overhaul scheduled for September. Undoubtedly, this element looks to be propelling the price of ETH and driving for a price breakout of ETC.
Over the last week, Ethereum Classic’s price has shown tremendous upward movement, signaling the conclusion of many weeks of market consolidation. As per CoinMarketCap statistics, Ethereum Classic, the successor to the initial Ethereum blockchain, has risen 77.5 percent over the last week, trading at $25.37 at the time of writing.
In addition, ETC stands third among the top-performing cryptos over the last week, after Lido DAO (139.50 percent) and Polygon (62.7 percent ).
As a result of the Merge update, Ethereum will transition from the energy-centered proof-of-work (PoW) consensus algorithm to the proof-of-stake (PoS) model, which will benefit hugely cryptocurrencies such as ETC. Hence, ETC has the capacity to lure Ethereum miners to Ethereum Classic as only minimal adjustments are needed to begin mining Ethereum Classic.
As we approach the Merge upgrade, the ETH miner migration will likely result in a price increase for Ethereum Classic. After the update, the majority of analysts anticipate that the present hash rate devoted to Ethereum would also be transferred to the ETC network. This would be the simplest option for moving miners, as it would prevent their hardware from turning obsolete.
After the likely price gains, the primary concern will be whether or not ETC can maintain the pace. If more innovators continue to purchase ETC, the resilience will likely hold. Nevertheless, investors should also be on the lookout for intense selloff that might spark a big decline. Similarly, the story of the Merge upgrade seems to have an effect on the price of Ether (the native crypto of Ethereum blockchain), which has seen steep increases last week.