Ethereum Classic, the original version of Ethereum as a result of the second fork, has experienced an increase of more than 80% in barely a week. So what are the causes of this feverish outbreak for ETC?
Favorable market and renewed attention for Ethereum
The crypto market has been breathing better for the past few days and there is general progress. Among the main winners of this increase, we find Ethereum Classic which has just gained almost 10% in 24 hours and more than 80% in one week. Trading volume on ETC increase 47.5% more than 2 billion dollars according to the specialized site CoinMarketCap.
For his part, Ethereum just passed the $1500 mark and also that there was a week in the lock for more than 40% increase in the last 7 days. Ethereum is benefiting from favorable market circumstances and likely investor interest just weeks away from the long-awaited Merger.
Some analysts believe that Ethereum Classic benefit from this renewed interest in Ethereum. Some people see it as a a cheaper version of Ethereumalthough these two projects very different today.
Merge draws miners to Ethereum Classic
Another factor that could explain this impressive form for Ethereum Classic, the impact of Merge on miners. In fact, Ethereum’s switch to proof-of-stake means the end of mining on the blockchain. Also, many miners seem to be turning to Ethereum Classic to continue their activity.
Ethereum Classic to be the second largest blockchain in proof of work behind bitcoin. There are other options for minors but so Ethereum Classic benefits from a substantial capitalization and seniority that gives him a certain legitimacy. Some Internet users also emphasize the qualities of this network, especially its monetary policy and the fact that decentralized applications present on Ethereum can be run on Ethereum Classic.
#ETC that is just pumping. It has a FIXED monetary policy! It is programmed! Yes all Dapps on #ETH can run on $ ETC. After the #ETH 2.0 merge, miners like myself will call #EthereumClassic home Retweet for CodeIsLaw! pic.twitter.com/sABGc72NUk
— Patient Money (@MoonTigerSt) July 19, 2022
We’ll see if this bullish and impressive move is to last, especially when the Ethereum Merger goes live in a few weeks.
For more information on the effects of the Merger on minors, find our article here.
