The Ethereum Merge is a highly bullish event for Ethereum. However, Ethereum Classic is one of its biggest beneficiaries. Just days before the merge, Ethereum Classic prices are exploding. ETC prices have gone up by 27% in the last 24 hours.
The bullish movement is not slowing down either. It has increased by over 1% in the last 24 hours. It is currently trading at $40.06.
Ethereum Classic also recorded its highest ever transaction rate of 47 terra hashes/sec.
Why Ethereum Classic Benefits From The Merge
The Ethereum Merge will shift Ethereum’s consensus mechanism to Proof-of-stake. The previous Proof-of-work mechanism will become obsolete after the merge. This is bad news for the miners employed due to Ethereum’s proof of work mechanism.
Ethereum Classic is a result of a hard fork in the Ethereum blockchain. It contains the original sequence of transactions in Ethereum. More importantly, it is based on the proof-of-work mechanism as well.
Vitalik Buterin, the co-founder of Ethereum, supports the migration of the miners to Ethereum Classic after the merge. Many crypto leaders support Vitalik’s views on this issue. They all believe that another Ethereum hard fork by miners will be disastrous to the ecosystem. Hence, they prefer migration to ETC.
Just yesterday, mining pool BTC.com added support for Ethereum Classic on their platform. They have created a BTC.com ETC pool that will allow zero-fee mining for three months. In the last 24 hours, ETC has gone up by close to 30%.
How Long Will ETC Go Up
The Ethereum Merge is only about a week away from completion. The Bellatrix update is only a few hours from going through. As the merge approaches completion, more and more mining pools, and companies will clear their stance on their future.
The confidence around the merge makes it unlikely that any hard fork attempt will be successful. As a result, ETC can become more and more bullish till the merge.
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.