Ethereum Classic (ETC), a cryptocurrency-based company, seized the opportunity to profit from the downturn in the market. Ethereum Classic (ETC) records double-digit profit across multiple timeframes, and appears on the right track to future appreciation.
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Ethereum Classic (ETC), which trades at $30, has a 27% profit for the last day and 20% over the week as of the writing. Data from Coingecko indicates that ETC’s price has been the best performing asset in the sector followed by Lido DAO (LDO).
This cryptocurrency records a higher increase than ETC’s price in the past 24 hours with 41% profits. Ethereum Classic has outperformed it in the past week, but it’s noteworthy that these two cryptocurrencies are rallying.
Lido DAO offers Ethereum (ETH) staking service. Retail investors can lock their ETH to receive a part of the reward from the upcoming Proof-of-Stake migration (PoS), without having to meet the 30-ETH threshold.
Ethereum Classic (ETC) Will Extend Gains With “The Merge”
Ethereum Classic (ETC), however, is a viable alternative for ETH miners to be used when the blockchain reaches a PoS consensus. This process is set to be completed in September 2022, with “The Merge”.
An event that will combine Ethereum’s execution layer with its consensus layer, ETH core developers only recently announced a fix tentative data for its mainnet launch. The blockchain has seen two successful implementations of “The Merge” on major Ethereum testnets.
This will mark the end to the ETH mining market as it is today. Transactions will be validated using a new mechanism by the PoS blockchain.
Miners will be scrambling to secure Proof-of-Work network (PoW) alternatives, such as Ethereum Classic. As the chances of “The Merge” mainnet implementation increase, ETC’s price seems likely to follow.
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Material Indicators’ data indicates an increase of buying pressure by investors who place bids in excess of $1,000. This spike was recorded close to “The Merge” tentative mainnet launch announcement.