Ethereum has presented substantial upswings over the previous week, shooting past the $1,500 mark by July 19. Nevertheless, Ether might not be the single benefactor of the recent Merge update. An old face reaps benefits from this news. Ethereum Classic (ETC) also saw an impressive upside move last week.
How ETC Fits
Ethereum Classic launched rapid upsides this week. Besides relief from the improved broad market sentiments, Merge news has bolstered bullish activities of late. This week saw ETC exploding above the roof, following a 79% price surge, changing hands around $25.27 during this publication.
Assets like ETC will likely benefit from the Merge as Ethereum shifts to Proof-of-Stake from Proof-of-work come September. Ethereum Classic can house miners migrating from ETH as they will require brief upgrades to kick-start their mining operations on the ETC platform.
Reports show more individuals expect ETH’s current hash rate to shift to the Ethereum Classic blockchain. Migrating miners will use this option as they can use their previous equipment without hurdles.
Colin Wu, a cryptocurrency reporter, says transitioning the hashrate to Ethereum Classic might create a 51% risk attack. Thus, miners might prefer launching their blockchain, which appears highly unlikely. That’s because of the low capability of miners to build an ecosystem.
Nevertheless, Wu trusts Ethereum Classic is the only ideal network for migrating ETH”s hashrate. Moreover, Ethereum’s mature Dapps might motivate this process.
Ethereum Classic Analysis
The ongoing broad market relief rally has bolstered ETC’s sudden surge. Nevertheless, the altcoin seems ready for capitulation as whales withdrew their support for Ethereum Classic bulls.
Investors should concentrate on the massive demand as it can reduce the pain on the platform. Meanwhile, an enormous selling momentum can finally catalyze a pullback.
The crypto space presents upside tendencies that took Bitcoin beyond the $23K level. While writing these lines, the bellwether crypto changed hands at $23,490.89. Such developments saw the altcoin market recovering from recent slumps.
Will the cryptocurrency industry stretch the current relief rally? Analysts predict near-term pullback before assets can continue on the upward journey. That will pause ETC’s rally.
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