As the cryptocurrency market trended lower, Ethereum Classic (ETC) took advantage. The original Ethereum blockchain posts double-digit gains over multiple timeframes and appears to be on track for future appreciation.
Related Reading | Cardano is moving in the red with the market, can ADA price stay above $0.46?
At time of writing, Ethereum Classic (ETC) is trading at $30 with a 27% gain the day before and a 20% gain over the past week. Data from Coingecko indicates that ETC price has been the best performing asset in the sector, followed by Lido DAO (LDO).
ETC price with significant gains on the 4-hour chart. Source: ETCUSDT Tradingview
This cryptocurrency registers an increase higher than the price of ETC in the last 24 hours with a 41% gain. Ethereum Classic has outperformed it in the past week, but it is worth noting that these two cryptocurrencies are recovering.
Lido DAO is a platform that offers users Ethereum (ETH) staking services. This allows retail investors to lock up 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 extend profits with “The Merge”
On the other hand, Ethereum Classic (ETC) is perceived as the alternative for ETH miners when this blockchain completes its migration to a PoS consensus. This process is scheduled to be completed in September 2022, with “The Merge”.
An event that will combine Ethereum’s execution layer with its consensus layer, ETH’s core developers recently announced a tentative data fix for its mainnet launch. The blockchain has seen two successful implementations of “The Merge” on major Ethereum testnets.
This event represents the end of the ETH mining sector as it exists today. The PoS blockchain will validate transactions with a different mechanism.
Therefore, miners will have to scramble to secure other Proof-of-Work (PoW) networks, such as Ethereum Classic. As “The Merge” mainnet implementation chances increase, ETC price is likely to follow.
Related Reading | Dogecoin is seen doubling in price, despite losing 10% in the last 7 days
Data from Material Indicators shows an increase in buying pressure from investors with buy orders around $1,000. This spike was recorded close to the mainnet’s tentative launch announcement “The Merge”.
Investors with buy orders around $1,000 (green on the chart) buy into the price action of ETC. Source: Material Indicators
This post Ethereum Classic leads the crypto market in the last week with a 16% increase
was published first on https://www.newsbtc.com/news/why-ethereum-classic-etc-leads-crypto-market-in-latest-week-with-16-surge/