As Ethereum merges, Ethereum Classic is becoming more and more popular
The price of Ethereum Classic is experiencing an increase. It rose by 55 percent and crossed the $32 mark. The Ethereum Classic network may experience a significant exodus of miners once Ethereum switches from proof-of-work to proof-of-stake. Once Ethereum2.0 becomes a reality and all the tests will be over, we will be looking at a new reality among crypto enthusiasts.
After the theft of 3.6 million ETH, Ethereum Classic’s blockchain has continued to function as the original version of the alternative token, maintaining its integrity. The project’s creators see Ethereum Classic as a continuation of the unmodified history of the first Ethereum chain. With overnight increases of more than 17%, the price of Ethereum Classic skyrocketed. The Merge finishes around September, which means that the Ethereum community is about to experience a significant upheaval.
After 3.6 million ETH tokens were issued in July 2016, the Ethereum community couldn’t agree on how to proceed. The developers and builders of Ethereum Classic were in favor of maintaining the network’s integrity and continuing with the unfiltered blockchain. While this was happening, the Ethereum community decided to hard fork the project from Ethereum Classic.
Before the Merge, the price of Ethereum Classic might skyrocket. The Ethereum Merge is scheduled to take place in September 2022, according to a schedule that was established by Ethereum core developers. Being the alternative coin switches from proof-of-work to proof-of-stake, the price of Ethereum Classic is projected to surge, with a 55 percent increase as the primary aim.
Is Ethereum or Ethereum Classic a better investment?
Bitcoins and Ethereum Classic are two independent cryptocurrency initiatives. The former is a tool for creating Blockchain initiatives, whilst the latter is money. Ethereum began gaining a lot of momentum. Projects involving Ethereum received millions of dollars. A DAO raised about $150 million in 2016 for the creation of a decentralized autonomous organization. But someone hacked it. The Ethereum user base was in trouble. Should they allow the blockchain to function as it is or should they interfere to stop the loss? The majority of the wary programmers made the decision to step in and hard fork the chain. Some early supporters kept on working on the original project now known as Ethereum Classic.
The price of Ethereum Classic is been strongly rising, and the alternative coin has risen to $22.39 overnight. The altcoin experienced a positive trend as it increased from a low of $13.61 to $22.39 in value. The bearish trend will most likely reverse if the ETC price falls below the range low of $12.50. The altcoin will continue to soar higher in the interim, with a $32.50 target in sight.
If the surge continues unabated, the altcoin is likely to reach $52.6, the high from April 2022, which is the next positive target. The only indicator of a bear takeover of ETC is a daily candlestick closure above $12.50.
