Ethereum Classic continues to move up and shows impressive growth over the week. As Ethereum prepares for The Merge, one of its greatest events ever recorded in history, the ETC bulls are making this push.
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Set to combined Ethereum’s Proof-of-Work execution layer with its Proof-of-Stake consensus layer. The Merge will finalize the launch of this network’s PoS chain.
Ethereum Classic (ETC), currently trading at $43, reports a 10% to 66% profit over the last 7 days and 24 hours.
The Merge expected to reduce Ethereum’s energy usage by almost 100%, contribute to making ETH a deflationary asset, and provide stakers with rewards for securing the network.
In addition, this event could mark a new step in the network’s adoption curve as users will leverage layer-2 scalability solutions, reducing network transaction fees.
Merge will also mean that the ETH mining sector is no longer available. This will require them to utilize their existing hardware in order to mine an alternative cryptocurrency. The most obvious option seems to be Ethereum Classic.
The merger will:
Reduce Ethereum’s energy consumption by 99.95%
Reduce Ethereum’s issuance to between 5.4M and 0.5M Eth/yr
Staked Ethereum to be offered at a 5-15% APR. TX Fees will not go to stakers.Transaction fees are not affected by Merge. These will be taken care of by EIP-4844 and L2s. pic.twitter.com/8cwslEQtgM
— pseudotheos (@pseudotheos) March 21, 2022
With the release of Ethereum 2.0, miners won’t be required anymore. All this hash power on the chain will move to ETC.
Eth 2.0 seems certain, and the market is pricing this possible hash power migration.
Material Indicators data shows that ETC has seen an increase in buyers over the last week. The rally has been supported by investors of different classes, as shown below.
Everyone but whales bought in on ETC’s price potential. The chart shows retail investors (in yellow), and investors with bid orders from $1,000 to $10,000 have moved in tandem with ETC’s price action.
For Ethereum Classic, the former (investors with orders for around $1,000) seems more pertinent. This chart indicates that this class is increasing its purchases as Ethereum Classic prices move to the upside. It suggests these bids are crucial for maintaining momentum.
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Investors shown in green on the chart above seem to have reduced their purchases over shorter periods of time. Thus, ETC’s price could see some downside price action in the short term.
These investors could be responsible for the longevity of the rally’s sustainability in the long-term if they continue to buy ETC. The market has seen a boom in the price of “dino coins” or long data altcoins.
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Bitcoin Cash (BCH), recorded a 14% profit over the last 24hrs and a 30% profit over the past week. Our Editorial Director Tony Spilotro said the following on ETC, BCH, and other dino coins’ potential for a fresh leg up:
These altcoins are the ones that nobody is paying attention anymore and will soon shine. Bitcoin Cash’s price is now up by almost 10%. LTC, Dash, BCH, XLM, EOS, etc. I don’t necessarily advocate buying them, but I do expect this sector of paleo-altcoins to rally strong soon.