While the crypto market was down, Ethereum Classic (ETC) took advantage. The original Ethereum blockchain is posting double-digit profits over multiple timeframes and appears to be on track for future appreciation.
At the time of writing, Ethereum Classic (ETC) is trading at $30 with a profit of 27% over the past day and a profit of 20% over the past week. Data de Coingecko indicates that ETC price was the best performing asset in the sector, followed by Lido DAO (LDO).
This cryptocurrency registers an increase greater than the price of ETC in the last 24 hours with 41% profit. Ethereum Classic outperformed it last week, but it should be noted that these two cryptocurrencies are rallying.
Lido DAO is a platform that offers users Ethereum (ETH) staking services. This allows retail investors to lock up their ETH and receive a portion of the rewards from the upcoming Proof-of-Stake (PoS) migration without meeting the 30 ETH requirement.
Ethereum Classic (ETC) will extend gains with “The Merge”
On the other hand, Ethereum Classic (ETC) is seen as the alternative for ETH miners when this blockchain completes its migration to PoS consensus. This process should be completed in September 2022, with “The Merge”.
An event that will combine Ethereum’s execution layer with its consensus layer, ETH core developers only recently announced an interim fix for its mainnet launch. The blockchain has seen two successful implementations of “The Merge” on major Ethereum testnets.
This event represents the end of the ETH mining sector as it exists today. The PoS blockchain will validate transactions with a different mechanism.
So miners will have to scramble to secure other Proof-of-Work (PoW) networks, like Ethereum Classic. As the chances of mainnet implementation “The Merge” increase, ETC’s price seems likely to follow.
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Data from Material Indicators shows increased buying pressure from investors with buy orders around $1,000. This spike was recorded close to the tentative announcement of the mainnet launch “The Merge”.