Prior to Ethereum’s Merge, scheduled for mid-September, Ethereum Classic has emerged as an unusual hero, with network metrics leaping to lifetime highs and ETC coins increasing in value in a largely stagnant market.
It’s interesting to note that Ethereum Classic has recently shown strong momentum despite severe volatility on one side of the Ethereum (ETH) pricing.
In the future, as we get closer to the Merge, there’s a risk that ETC will surge slightly more and then drop off a bit.
ETC To See An Upward Curve
A hypothetical shift in the Ethereum miners after The Merge would give Ethereum Classic a clear advantage. The cryptocurrency may perform successfully by using the proof-of-work consensus and providing miners with an opportunity.
It would be really intriguing to see how far ETC could rise under these circumstances.
The community could gain massively if the Ethereum Classic Price reaches new highs and stabilizes at the range following The Merge.
A member of the crypto community named CryptoLord forecasted that ETC might peak before The Merge and then plummet. He went on to say that proponents of proof of work and miners might be the ones driving demand for ETC.
A Short-Term Spike on the Horizon for ETC!
- With The Merge approaching fast, Ethereum Classic is already experiencing tremendous impetus in the form of buying pressure.
- Recently, the ETC prices skyrocketed, restoring hope for the market in general
- ETC has increased by 3x in only two months. ETC increased to a high of $41.60 on Tuesday from trading at slightly over $15 in mid-July. As per the latest report, ETC is currently trading at $33.65, with a decrease of 16.33% over the previous 24 hours.
- The developers have stated that the Ethereum Merge should take place around September 15. The network will switch from a proof of work consensus to a proof of stake process after the Merge. The blockchain network no longer requires mining-related processes as a result.
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