Why Ethereum Classic (ETC) Leads Crypto Market In Latest Week With 16% Surge
July 27 2022 - 3:47PM
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As the crypto market trended to the downside, Ethereum Classic
(ETC) took advantage. The original Ethereum blockchain records
double-digit profits across multiple timeframes and seems on track
for future appreciation. Related Reading | Cardano Moves In
The Red With The Market, Can The Price Of ADA Stay Above $0.46? At
the time of writing, Ethereum Classic (ETC) trades at $30 with a
27% profit in the past day and a 20% profit over the past week.
Data from Coingecko indicates that ETC’s price has been the best
performing asset in the sector followed by Lido DAO (LDO). This
cryptocurrency records a higher increase than ETC’s price in the
past 24 hours with 41% profits. Ethereum Classic has outperformed
it in the past week, but it’s noteworthy that these two
cryptocurrencies are rallying. Lido DAO is a platform that offers
users Ethereum (ETH) staking services. This allows retail investors
to lock 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 perceived as
the alternative for ETH miners for when this blockchain completes
its migration to a PoS consensus. This process is set to 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 a fix tentative data 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. Thus, miners will have to scramble to secure
other Proof-of-Work (PoW) networks, like Ethereum Classic. As the
chances of “The Merge” mainnet implementation increase, ETC’s price
seems likely to follow. Related Reading | Dogecoin Seen
Doubling In Price, Despite Shedding 10% In Last 7 Days Data from
Material Indicators shows an increase in buying pressure from
investors with bid orders of around $1,000. This spike was recorded
close to “The Merge” tentative mainnet launch announcement.
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