Ethereum Classic (ETC) experienced a massive surge and is displaying an extremely bullish movement. ETC went up over 35% in the last 24 hours and over 70% in the last 7 days. It is currently trading at $44.21.
Ethereum’s market cap has increased by over 30% to reach $5.912 Billion. It has flipped both Litecoin and Wrapped Bitcoin, which have $4.535 Billion and $5.675 Billion respectively. Litecoin is currently trading at $64.04 while Wrapped Bitcoin is at $23,964.
Why ETC Is Surging?
MartiniGuyYt, a major crypto influencer and investor in ETC reveals that ETC would continue to surge in the lead-up to the Ethereum merge. Ethereum, the second largest blockchain, is going to shift its consensus mechanism from Proof-of-work to Proof-of-stake.
While Proof-of-work needs miners and expensive mining equipment, Proof-of-stake does not have any use for miners as it uses a model with validators. As s result, many mining companies are expected to shift to Ethereum Classic. AntPool, a mining pool associated with Bitmain, committed $10 million to support the ETC ecosystem.
Ethereum founder, Vitali Buterin, also highlighted that the supporter of proof-of-work should support Ethereum Classic.
The economic fundamentals are also currently helping the general crypto markets. After the Fed’s decision to raise the interest rate along expected lines of 75 bps, the crypto market has seen a bullish movement. Moreover, with the second quarter GDP figures showing a likely recession in the US, it is unlikely that any further unusual interest hike would be announced.
The earnings report from big tech companies like Google, Meta, Amazon, and Apple, while missing some key estimates, caused a price surge.
Will ETC Reach $50?
ETH prices are currently showing extremely bullish movement. Its price has increased by more than 5% in just the last hour. As more and more miners shift to the ETC platform, it will also increase its decentralization and security, further boosting confidence.
Therefore, members of the ETC community are confident of a price surge to $50.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.