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What if Ethereum Classic (ETC) was the real beneficiary of the Merger?

What if Ethereum Classic (ETC) was the real beneficiary of the Merger?

We are approaching September. Although speculations abound, and some are convinced that a fork is inevitable after the Merger, Ethereum Classic (ETC) from the previous fork of the Ethereum network, strangely attracts more interest than the Ethereum mainnet.

Interest from mining players for Ethereum Classic

As a result of the move to proof-of-stake Mainet will no longer mine Ethereum. Therefore ether miners are already turning to classic Ethereum, which remained in the validation system through a complex calculation.

Moreover, the mining pool Antpool has declared that it has invested about 10 million dollars in the Ethereum Classic network. With Antpool closely linked to the Bitman miner, this investment becomes a relevant indicator of miners’ interest in ETC.

Renewed interest from investors

As reported by ” […] Consolidation speculation has made ETC one of the best performing cryptocurrencies in 2022, up 18% YTD, while BTC and ETH are down nearly 50% in value. Specifically, the price of ETC is climbing as the announced date for the merger approaches. The ETC has increased by more than 200% between the date the Merger was announced, July 14th and now.

It must be said that not everyone is betting on ETC’s ability to maintain its growth in the long term. For Dunleavy, one of Messari’s senior analysts, “ The price of ETC is rising rapidly, but looking at the fundamental metrics, there is no change in this channel. Volumes and users have remained largely unchanged for years. There are no applications “. This prediction is quite understandable since the increase in the price of this cryptocurrency is accompanied by a boom in sales, according to data from Coinglass.

Ultimately, ETC has so far proven to be the undoubted beneficiary over ETH. However, this trend does not seem likely to continue over time.

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Download avatar Luc Jose Adjinacou

Luc Jose Adjinacou

Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and share my pen knowledge related to this ecosystem.

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