The price of Ethereum Classic (ETC) has skyrocketed by more than 90% after the merge date announcement, with the price nearly doubling from $14 to $28. The rally comes after new support from the largest mining pool AntPool and rising sentiments on the migration of Ethereum miners to Ethereum Classic.

In fact, Ethereum Classic is backed by Ethereum co-founder Vitalik Buterin, Digital Currency Group and Grayscale’s Barry Silbert, with the role of IOHK, Cardano and Ethereum co-founder Charles Hoskinson remaining uncertain.

In the past 24 hours, the ETC price has risen 15% while the price is currently trading at $27.51.

Ethereum Classic (ETH) post-merger

AntPool, a mining pool associated with mining giant Bitmain, on July 27 commits $10 million to support the Ethereum Classic ecosystem while promising to invest more. Leon Lv, CEO of AntPool, believes that the classic ecosystem can benefit from high-performance proof-of-work (PoW) projects and layer-2 scalability through scale solutions.

Bitmain has even announced it will accept payments for all of its Antminer models in ETC. The company recently started selling its Ethereum mining model Antminer E9.

Additionally, Vitalik Buterin expressed his support for Ethereum Classic at the EthCC conference, while announcing plans for the upcoming Merge. Buterin claims that Classic is “a really fine chain”, people can use the Ethereum Classic blockchain if they prefer PoW.

Since the transition from Ethereum to PoS will make ETH miners obsolete after the merger, miners will most likely switch to Ethereum Classic. The migration of miners to Ethereum Classic resolves the 51% attack vulnerability due to enhanced security. However, the price action would not be like Ethereum (ETH).

Additionally, Barry Silbert’s support for ETH Classic will have a lot of impact, as Grayscale owns more than 10 million ETC. After the bear market and the Merge price rally can be seen.

ETH price after the merger

While the community awaits the highly anticipated Ethereum Merge on September 19, Ethereum’s price action will be very different from now.

The Ethereum will be deflationary after the merger and the circulating stock will decrease due to the EIP-1559 combustion mechanism. It would likely drive prices up under the right circumstances as the project progresses.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and is currently covering all the latest updates and developments in the crypto industry.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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