The Merge, the long-awaited update to the Ethereum (ETH) blockchain, should raise the price of ether, but not only. In fact, some observers predict that the price of ETC, the native token of the Ethereum Classic network, will also skyrocket after its launch.
Ethereum Classic already powered by The Merge
The transition from Ethereum to The Merge is fast approaching. On the eve of this historic event, the Ethereum Classic network is particularly sensitive to some of the upheavals it could cause.
Specifically, the price of ETC is up nearly 85% in the past seven days to $25.71 at the time of writing. This renewed interest from investors is no doubt influenced by the activities currently taking place on its sister blockchain, Ethereum.
In fact, one of the reasons for this momentum is that ETH miners, who have significant hardware infrastructure, will want to leverage their resources, which will disappear after the transition to Proof-of -Stake (PoS). This capitalization can be done with all networks that use the Proof of Work (PoS) mechanism. However, it will be more optimized with Ethereum Classic, because the upgrades that need to be done before you start mining will be minimal.
A 26% increase is expected for ETC
The wave of migration generated by the deployment of The Merge could lead to an increase in the price of the ETC. In fact, it could be closer to the $32.50 mark. This represents a 26.41% appreciation compared to the current price. On the other hand, there could be a brief decline to $12.50. Either way, ETC price is expected to move positively to reach $52.6, the highest peak reached this year. The question now is whether the ETC will be able to maintain this momentum.
Although the current momentum of the ETC is increasing in the short term, investors are not immune to a massive sell-off. What causes a significant slowdown in the market.
Source: Finbold & CoinQuora
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Junie MAFFOCK
I came to blockchain out of curiosity and stayed with it out of passion. I was amazed by the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.
