Several recent instances made Ethereum Classic (ETC) see a massive surge in just a month.
The scale of the upcoming upgrade on the Ethereum network – The Merge – is undoubtedly huge. Anticipations from this upgrade can be easily understood citing the instance of Ethereum’s price upsurge following the announcement of its launch date. However, it seems like the effect of this upgrade might not be limited to Ethereum only, given the Ethereum Classic price uptrend.
Ethereum announced the date for The Merge to launch by 19 September 2022. Ever since the date announcement, Ethereum has started enjoying uptrends in its price. It’s been only a bit more than a month since ETH was trading at around 1,000 USD. And now ETH price has jumped over 70% since then and is currently trading at 1,715 USD.
Meanwhile, Ethereum Classic (ETC) did not refrain from enjoying the ongoing rally. About a month ago, ETC was trading around 13.48 USD which made a significant jump, and currently holding its trading price at 42.87 USD. This is a massive growth of more than 220%. This is also considered to be The Merge effect.
However, there were a lot of instances that happened in a similar timeframe. For instance, Ethereum co-founder Vitalik Buterin praised Ethereum Classic while attending EthCC Conference. Buterin described it as a fine chain and suggested it to people who want to prefer a proper proof-of-work blockchain.
Moreover, several crypto mining giants also showed their support for ETC. On 27 July, Bitmain’s mining pool associate—Antpool said it would support the ETC ecosystem and committed 10 million USD for this while ensuring more investments in the future.
Bitcoin miner giant Bitmain itself made an announcement adding ETC as a payment option. The bitcoin mining company said that they will be accepting payments in ETC for their all Antminer models. It’s worth mentioning that the mining company has recently launched Antminer E9, the latest Ethereum mining model.
Additionally, the transition of ETH miners towards ETC mining is also being considered confirmed. Given ETH is shifting its mechanism from PoW to PoS, this will leave many existing miners vacant, who can get opportunities in ETC mining.
Source: https://www.thecoinrepublic.com/2022/07/29/ethereum-classic-enjoying-the-merge-effect-etc-jumped-over-200/