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Ethereum Classic (ETC) Records 40% Weekly Surge Astride The Merge – Here’s Why

Cryptocurrency Aug 01, 2022 11:00AM ET
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© Reuters. Ethereum Classic (ETC) Records 40% Weekly Surge Astride The Merge – Here’s Why
 
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  • ETH 2.0 ‘The Merge’ is set to launch in September, representing the first major upgrade in the series.
  • Vitalik Buterin claims that ETH 2.0 is at just 55% of the blockchain’s completion, which will reduce its carbon emissions by 99%.
  • While Ethereum (ETH) itself is enjoying a 56% monthly increase, its Ethereum Classic (ETC) variant is up by a whopping 146%.

As the transition to the highly anticipated ETH 2.0, also known as ‘The Merge’ nears its culmination, the ensuing buying spree witnessed over the last week saw the market prices of both Ethereum (ETH) and Ethereum Classic (ETC) soar to tremendous highs. With the crypto world waiting for ‘The Merge’, its sequel ‘The Surge’ is being touted to “improve throughput to about 100K TPS while reducing transaction fees”, according to the Bank of America (NYSE:BAC).

ETH 2.0 Could be Beneficial for Ethereum Classic

The main difference between the original blockchain of Ethereum Classic , and the current Ethereum is that the former has a fixed supply, while the latter’s is indefinite. Although the Ethereum network is undergoing a switch to Proof of Stake (PoS) by as soon as September, it seems that Ethereum Classic (ETC) will continue to operate with a Proof of Work (PoW) mechanism.

Crypto influencer “That Martini Guy” opines that the main body Ethereum transition will also benefit the original blockchain of ETC as well. “Core mining community need something to do with their miners so a resurgence of the original Ethereum is likely” “That Martini Guy” remarked in a recent tweet.

There are further indications that the Merge of the older brother of Ethereum (ETH) will aid those in its sphere of influence. For instance, the hashrate of Ethereum Classic (ETC) has already been skyrocketing since July 28th, when the merge’s schedule was initially laid out. The crypto #19 ranked by market cap enjoyed a tremendous uptrend following the news, as Ethereum Classis saw its market cap rise from 3.6B to 4.9B in the span of just 5 days. Moreover, ETC finished the month with 66,200 active addresses, and analysts believe the curve suggests that the network may be on the path to a renaissance.

Ethereum Classic (ETC) Counted in on the Upgrades

As previously announced by Vitalik Buterin, The Merge is not the only upgrade that crypto enthusiasts can look forward to. Following the successful transition to Proof of Stake, Ethereum fans can get excited for ‘The Surge’, ‘The Verge’, ‘The Splurge’ & ‘The Purge’, which will be further developed. Buterin explained that the September upgrade puts the Ethereum Network at just 55% completion.

With so much work going into Ethereum, the original blockchain has not been left out in the cold. On July 30th, well-known Ethereum mining machine manufacturer Innosilicon announced ETC firmware for ‘A10pro 500M‘ and ‘A10pro 720M’, and revealed that an A11 version was also in the works. Ultimately, the announcement lends support to “That Martini Guy’s” theory.

On the Flipside

  • Vitalik Buterin believes that Meta’s attempt to centralize the Metaverse is going to “Misfire”.

Why You Should Care

Ethereum (ETH) and Ethereum Classic (ETC) are the #2nd and #19th top cryptocurrencies by market cap, respectively. The success of the much anticipated ‘Merge’ update will most likely have an impact on the whole crypto market.

Continue reading on DailyCoin

Ethereum Classic (ETC) Records 40% Weekly Surge Astride The Merge – Here’s Why
 

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