ETH and ETC dominate the crypto trend chart ahead of September’s Merge upgrade
Ethereum (ETH) continues to register interest from crypto investors in anticipation of the upcoming Merge upgrade. The interest has also spilled over to other related cryptocurrencies such as Ethereum Classic (ETC), which is also registering a minor rally.
As of September 5, Ethereum emerged as the trendiest crypto leading the seven-day chart, according to CoinMarketCap data. The asset trading at $1,564 has recorded gains of 8.13% over the past seven days.
Meanwhile, Ethereum’s legacy chain Ethereum Classic emerged as the fifth overall trending crypto with gains of 3.83% over the past seven days, trading at $32.09.
Ethereum Rises Despite Market Selloff
Ethereum’s rally has come despite the overall crypto market experiencing a significant selloff. However, the rally can be linked to the hype surrounding the Merge upgrade, which is seen as bullish sentiment for crypto.
Notably, the upgrade that will transition the blockchain to a Pro-of-Stake (PoS) is also intended to make Ethereum a deflationary asset. However, it is important to note that part of the market believes that Ethereum can only maintain its gains if the upgrade is successful.
At the same time, there is a general caution regarding the upgrade as it is the most complex update ever on the Ethereum network. The Ethereum Foundation also raised the Merge bug bounty bonus to $1 million to improve a smooth transition.
Ahead of the September 15th event, the upgrade of all public test networks is complete and ready for the Ethereum mainnet.
ETC gains on merger momentum
Furthermore, the upgrade is also partially responsible for increasing interest in Ethereum Classic. In this case, with the merger eliminating mining on Ethereum, ETC has emerged as the desirable destination for miners.
As the upgrade approaches, Ethereum miners will need minimal updates to start mining ETC. This comes after Ethereum creator Vitalik Buterin invited miners to switch to the ETC chain, noting that it is “an absolutely fine chain” for PoW.
Likewise, ETC continues to receive support from various crypto players. As reported by Finbold, Leon Lv, CEO of AntPool – the mining pool associated with cryptocurrency mining hardware giant Bitmain revealed that the organization invested $10 million in the Ethereum Classic ecosystem.
Overall, the ETC rally has shown historical consistency, registering upward price movements in anticipation of Ethereum upgrades. This was highlighted in April 2021 after ETC surged significantly, coinciding with Ethereum’s Berlin upgrade.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
