Ethereum Classic soars 100% in nine days outperforming ETH as 'the Merge' approaches
Ethereum Classic (ETC) has been outperforming its arch-rival Ethereum's native token Ether (ETH) during the current crypto market rebound with the ETC/ETH pairs at 10-month highs.
ETC's price has risen to $27 on July 22, amounting to a 100% gain in nine days after bottoming out at $13.35. Comparatively, ETH's price has seen a 64% rally in U.S. dollar terms.
Ethereum's rebound has been among the sharpest among the top cryptocurrencies, primarily due to euphoria surrounding its potential network upgrade in September.
Dubbed "the Merge," the long-awaited technical update will switch Ethereum from proof-of-work (PoW) to proof-of-stake (PoS).
Anyone who believes the #Ethereum #Merge is priced in is smoking crack. Nothing is priced-in in crypto, especially an event as convoluted and unprecedented as this.But If I were a betting man, I’d say $ETH goes up prior to Merge, drops on Merge (unlocked coins), then goes
Moreover, it will replace miners with stakers. As a result, the PoS switch could force existing Ethereum miners to switch to PoW chains.
Unsurprisingly, Ethereum Classic is the closest to Ethereum in terms of network design and compatibility because Ethereum Classic is the legacy chain split from Ethereum following a contentious hard fork in July 2016.
Speculators are thus anticipating Ethereum Classic to become the first choice for miners migrating from Ethereum, and this is likely one of the main reasons ETC's recent price surge.
#ETC is not just pumping. It has a FIXED monetary policy! It is programmable! Yes all Dapps on #ETH can run on $ETC. After the #ETH 2.0 merge, miners like myself will call #EthereumClassic home. Retweet for CodeIsLaw! pic.twitter.com/sABGc72NUk
From a technical standpoint, Ethereum Classic has been
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