Ethereum Classic (ETC) Has been one of the main crypto performers of the past 7 days. Experts argue that much of the reason for this surge is the massive migration of Ethereum proof-of-work miners to ETC. Here’s what we know:
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Ethereum Classic (ETC) is up almost 80% over the past 7 days.
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Ethereum Proof of Stake miners are moving to ETC in large numbers.
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This comes as the Vitalik-led chain is looking to launch its Proof of Stake Ethereum 2.0.
Data Source: Tradingview
How Will Ethereum 2.0 Shape ETC?
The sudden rally in ETC last week is expected to continue. In fact, many experts believe that the sooner we reach Ethereum 2.0, the higher ETC will be. According to current estimates, Ethereum is expected to completely shift to Proof of Stake by the end of 2022. It will provide huge earning opportunities to crypto investors.
“For the industry as a whole, we expect it to be a big business,” says David Lovent, research director at Bitwise Asset Management. The firm has over $1.3 billion in assets, including a portfolio of crypto. There is also talk that Ethereum and other on-chain tokens will dominate cryptocurrency investments.
Adrian Pollard of HollaEx says, “Tokennomics will play a large part of the future commerce of the world with blockchain in the driver’s seat.”
But a shift towards ETC could put pressure on Ethereum as well. More recently, ETH managed to move above $3,000 and remained there for a few days. The shift towards Ethereum 2.0 could be a bit volatile, but ultimately, the long-term value of ETH still remains promising.
Is Ethereum Classic (ETC) a Good Buy?
The transition to Ethereum 2.0 will be completed this year, so there is still plenty of time for that to happen. We expect ETC to continue bullish during this period. So, at least in the short term, the coin is really worth buying. We can get a lot of profit before the end of the year.