Ethereum Classic Outperforms Others In 24 Hours With 19% Gains

Crypto assets’ prices have recorded more volatility in recent times. There have been some spikes and pullbacks in the price of many. For instance, the beginning of this week saw Bitcoin moving farther from its $20K mark. 

Bitcoin lost its hold on the $20K mark on September 2, closing the market at $19,969. Since then, the crypto has struggled to remain afloat with little rallies and dips. Also, Ethereum didn’t fare too well until September 6.  

Related Reading: Bitcoin Struggles To Claim $20,000 Mark Amid Bear Market

The Bellatrix upgrade to take place the same day pushed its price by 4.3%, enabling it to climb above the $1500 mark to $1655. But ETH wasn’t the only crypto affected by the upgrade hype. Ethereum Classic ETC also felt the positive market sentiment pushing its price above $40. 

ETC is currently trading at $41.240, indicating more than a 19% price increase in 24 hours. The coin has been holding its grip on $32 from August 31 to September 5. It even recorded a brief pullback to $31 and an intraday high of $39 on September 5.

In twenty-four hours, ETC surged by more than 19% as the community awaited the Bellatrix upgrade on Ethereum ETH. As day trading continues, ETC has continued to skyrocket, and there’s a likelihood of increased gain before the close of the market. 

As the Merge approaches, ETC is positioned to receive more attention from miners and investors. Being a proof of work network, it might be the next option for Ethereum miners after the upgrade. 

Recall that mining activities will cease to exist once Ethereum migrates from PoW to proof of stake. The event-tagged Paris upgrade will be the last to push the network into the long-anticipated newer version. 

According to the plans, a difficulty bomb on the network will increase the energy and computational requirements of validating transactions after the Merge. With the increased requirements, miners’ interest will wane as the activities will no longer be profitable. 

That’s why some miners earlier announced plans to fork the Ethereum network. The aim was to maintain the proof of work network and continue their mining activities. However, this plan received a mixed reaction in the community as many supported it while others reacted negatively. 

By analyzing the current price movement for ETC, the token’s future price might become more positive contrary to what analysts predicted for 2022. In addition, if the miners move to continue their operations on ETC, the Ethereum fork will see more traction. 

Related Reading: WATCH: Ethereum Gains Momentum Ahead Of The Merge | ETHUSD September 6, 2022

Also, analysts have mentioned that the move to ETC will increase its hash rate leading to a drop in risk exposure. Recall that the development team of Ethereum moved to the latest version after the hard fork in July 2016. That’s why ETC has continued to rely on diverse contributors to remain relevant. 

But with increased miners’ participation, more developers will join, and investors’ interest will grow. Also, the chances of 51% attacks will reduce, pushing the network to a better footing and greater attention in the crypto space.