As the crypto market moved downward, Ethereum Classic (ETC) took advantage. The native Ethereum blockchain is recording double-digit gains over multiple time frames and seems on track for future appreciation.
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At the time of writing, Ethereum Classic (ETC) is trading at $30 with a 27% gain on the previous day and a 20% gain over the past week. Data from Coingecko indicates that ETC price has been the best performing asset in the region, followed by the Lido DAO (LDO).
This cryptocurrency registered a gain of 41% over the past 24 hours over the price of ETC. Ethereum Classic has outperformed it over the past week, but it is notable that these two cryptocurrencies are rallying.
Lido DAO is a platform that provides Ethereum (ETH) staking services to users. This allows retail investors to lock in their ETH and receive a portion of the rewards from the upcoming Proof-of-Stake (PoS) migration without meeting the 30 ETH requirement.
Ethereum Classic (ETC) Will Increase Profits With “Merge”
On the other hand, Ethereum Classic (ETC) is considered as an alternative to ETH miners once it completes its migration to the Blockchain PoS consensus. This process is scheduled to be completed with “The Merge” in September 2022.
In an event that combines Ethereum’s execution layer with its consensus layer, ETH Core developers recently announced a fixed tentative data set for their mainnet launch. The blockchain has seen two successful implementations of “The Merge” on the major Ethereum testnet.
This event represents the end of the ETH mining sector as it exists today. The PoS blockchain will validate transactions with a different mechanism.
Thus, miners will have to scramble to secure other proof-of-work (PoW) networks like Ethereum Classic. The price of ETC is likely to follow as the chances of “The Merge” mainnet implementation increase.
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Data from Content Indicators shows increased buying pressure from investors with bid orders near $1,000. This spike was recorded close to the possible mainnet launch announcement of “The Merge”.