Ethereum Classic leads the crypto market in the last week with a 16% increase
As the crypto market trended to the downside, Ethereum Classic (ETC) took advantage. The original Ethereum blockchain is recording double-digit gains over multiple time frames and appears to be on track for future appreciation.
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At the time of writing, Ethereum Classic (ETC) is trading at $30 with a 27% gain in the last day and a 20% gain in the last 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 registers a higher increase than ETC’s price in the last 24 hours with 41% profit. Ethereum Classic has outperformed it in the past week, but it is noteworthy that these two cryptocurrencies are on the rise.
Lido DAO is a platform that offers users Ethereum (ETH) staking services. This allows retail investors to lock in ETH and receive part of the rewards from the upcoming Proof-of-Stake (PoS) migration without meeting the 30 ETH requirement.
Ethereum Classic (ETC) Will Extend Its Gains With “The Merge”
On the other hand, Ethereum Classic (ETC) is perceived as the alternative for ETH miners once this blockchain completes its migration to a PoS consensus. This process will be completed in September 2022, with “The Merge”.
An event that will combine Ethereum’s execution layer with the consensus layer, ETH core developers recently announced a preliminary debug data for the 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.
Therefore, miners will have to fight to secure other Proof-of-Work (PoW) networks, such as Ethereum Classic. As the chances of “The Merge” mainnet implementation increase, it seems that ETC’s price will follow suit.
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Data from Material Indicators shows an increase in buying pressure from investors with bid orders of around $1,000. This peak was recorded near “The Merge” preliminary announcement of the launch of the online network.
