The sudden rise of Ethereum Classic could challenge the ecosystem of major cryptocurrencies. Despite the instability of the crypto sector, ETC exceeds all expectations and its price explodes. What will happen to bitcoin and ethereum?
Ethereum Classic, a threat to BTC and ETH?
Despite the hostility of some, the cryptocurrency sector continues to make headlines. Although it is unstable, the crypto field is attracting more and more people and the surprises are connected. While all eyes are on bitcoin and ether, the price of Ethereum Classic explodes and exceeds all predictions.
In fact, BTC is currently trading around $22,900, however, the price is still down from last week. Meanwhile, the ETC token is up over 100% in 30 days. According to the predictions of some experts, the rise of Ethereum Classic could strongly affect the ecosystem of bitcoin and Ethereum. However, one should think carefully before investing in this token, especially with the current instability.
Although the ETC is trading at $33.44 according to data from CoinMarketCap, there is a strong chance that it will reach $40 in the coming weeks. According to Coin Bureau crypto analysts, the rise of ETC could be very beneficial for ETH. However, while it benefits from the Ethereum merger, investors should be wary.
The Merge action at the price of ETC
The instability of cryptocurrencies is both a disadvantage and an asset. Just as it can drive prices down, it can also drive them to record highs. In fact, Ethereum Classic comes out of nowhere and creates a surprise. Although the crypto is far from equal ether in terms of value, the token is practically positioned as a competitor.
However, its rise is not as unpredictable as you might think. In fact, a big factor affects the price of this token. In particular, the Ethereum merger. ETH stands out mostly thanks to the effort it puts into its updates. The upcoming launch of The Merge has a major impact on the price of Ethereum Classic.
In fact, some believe that scaling will be a catalyst for the price of ETC. Since the announcement of The Merge, many miners have been switching to ETC. The transition to Proof of Stake signal the end of crypto mining on the blockchain.
So Internet users choose the Ethereum derivative not only because of its age, but also because of its monetary policy. In addition, the software also supports decentralized applications present on the blockchain.
The upgrade of Ethereum draws all eyes on this blockchain. The sudden rise of Ethereum Classic survives the Ethereum ecosystem. In fact, its reputation has continued to grow since the merger was announced. However, even though the ETC price is up more than 100%, invest only what you can afford to lose.
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The world is changing and adaptation is the best weapon to survive in this turbulent world. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and express an area of interest to me, there is nothing better than writing articles that are informative and entertaining at the same time.