It’s been a while since the global crypto market cap is positioned below $1 trillion as the major cryptocurrencies have lost their key trading levels. However, though Ethereum’s native currency Eth is facing a pullback, the network is gaining huge traction from investors. And it’s not just Ethereum, but also Ethereum Classic (ETC) that is being affected.
Today, September 6, Ethereum and Ethereum Classic have turned out to be one of the most trending cryptocurrencies in the last seven days.
Ethereum Classic Surge Too
Along with Ethereum, also Ethereum Classic popped up as the fifth trending cryptocurrency after there was a spike of 9.18% in the last seven days and 12.02% in the last 24hrs.
The second largest cryptocurrency is seeing a bull run amidst the overall crypto market correction. This spike in trading could be due to the Merge upgradation that is fueling the bullish momentum.
It should be noted that the upgrade that will convert the blockchain to a Proof-of-Stake (PoS) system also aims to turn Ethereum into a deflationary investment. It’s important to keep in mind that a portion of the market thinks Ethereum can only maintain its profits if the upgrade is effective.
After September 15, all the public testnets will be completed and the Ethereum mainnet will be ready. Ethereum miners won’t require many upgrades to start mining ETC. This is followed by Vitalik Buterin’s invitation for miners to switch to the ETC chain and his declaration that it is “a completely fine chain” for PoW.
When the wider picture is considered, Ethereum Classic has depicted consistent trading in terms of bull run with the hope of Ethereum’s successful upgrade.
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