Ethereum Classic Explodes, How Long Will The Rally Sustain
The Ethereum Merge is a highly bullish event for Ethereum. However, Ethereum Classic is one of its biggest beneficiaries. Just days before the merge, Ethereum Classic prices are exploding. ETC prices have gone up by 27% in the last 24 hours.
The bullish movement is not slowing down either. It has increased by over 1% in the last 24 hours. It is currently trading at $40.06.
Ethereum Classic also recorded its highest ever transaction rate of 47 terra hashes/sec.
Why Ethereum Classic Benefits From The Merge
The Ethereum Merge will shift Ethereum’s consensus mechanism to Proof-of-stake. The previous Proof-of-work mechanism will become obsolete after the merge. This is bad news for the miners employed due to Ethereum’s proof of work mechanism.
Ethereum Classic is a result of a hard fork in the Ethereum blockchain. It contains the original sequence of transactions in Ethereum. More importantly, it is based on the proof-of-work mechanism as well.
Vitalik Buterin, the co-founder of Ethereum, supports the migration of the miners to Ethereum Classic after the merge. Many crypto leaders support Vitalik’s views on this issue. They all believe that another Ethereum hard fork by miners will be disastrous to the ecosystem. Hence, they prefer migration to ETC.
Just yesterday, mining pool BTC.com added support for Ethereum Classic on their platform. They have created a BTC.com ETC pool that will allow zero-fee mining for three months. In the last 24 hours, ETC has gone up by close to 30%.
How Long Will ETC Go Up
The Ethereum Merge is only about a week away from completion. The Bellatrix update is only a few hours from going through. As the merge approaches completion, more and more mining pools, and companies will clear their stance on their future.
The confidence around the merge makes it unlikely that any hard fork attempt will be successful. As a result, ETC can become more and more bullish till the merge.
- Fed’s Schmid Signals Opposition to Further Rate Cuts With Inflation ‘Too High’
- IBIT Bitcoin ETF Becomes BlackRock’s Most Profitable Fund, Nears $100B Milestone
- Bitcoin Tops $126,000 as Market Prices In Three-Week U.S. Government Shutdown
- Paul Tudor Jones Predicts Explosive Bull Market Amid Bitcoin’s ‘Uptober’ Rally
- Robinhood Outage Reported by Users, HOOD Stock Drops
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
