As the crypto market trended to the downside, Ethereum Classic (ETC) took advantage. The original Ethereum blockchain records double-digit profits across multiple timeframes and seems on track for future appreciation.
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At the time of writing, Ethereum Classic (ETC) trades at $30 with a 27% profit in the past day and a 20% profit over the past week. Data from Coingecko indicates that ETC’s price has been the best performing asset in the sector followed by Lido DAO (LDO).
ETC’s price with important gains on the 4-hour chart. Source: ETCUSDT Tradingview
This cryptocurrency records a higher increase than ETC’s price in the past 24 hours with 41% profits. Ethereum Classic has outperformed it in the past week, but it’s noteworthy that these two cryptocurrencies are rallying.
Lido DAO is a platform that offers users Ethereum (ETH) staking services. This allows retail investors to lock 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 Gains With “The Merge”
On the other hand, Ethereum Classic (ETC) is perceived as the alternative for ETH miners for when this blockchain completes its migration to a PoS consensus. This process is set to be completed in September 2022, with “The Merge”.
An event that will combine Ethereum’s execution layer with its consensus layer, ETH core developers only recently announced a fix tentative data 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.
Thus, miners will have to scramble to secure other Proof-of-Work (PoW) networks, like Ethereum Classic. As the chances of “The Merge” mainnet implementation increase, ETC’s price seems likely to follow.
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Data from Material Indicators shows an increase in buying pressure from investors with bid orders of around $1,000. This spike was recorded close to “The Merge” tentative mainnet launch announcement.
Investors with bid orders of around $1,000 (green on the chart) buy into ETC’s price action. Source: Material Indicators