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 ETCโs price has been the best performing asset in the sector followed by Lido DAO (LDO).
This cryptocurrency records a higher increase than ETCโs price in the past 24 hours with 41% profits. Ethereum Classic has outperformed it in the past week, but itโs 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 โThe Mergeโ
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 โThe Mergeโ.
An event that will combine Ethereumโs 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 โThe Mergeโ 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 โThe Mergeโ mainnet implementation increase, ETCโs 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 โThe Mergeโ tentative mainnet launch announcement.
