In Nine Days, Value of Ethereum Classic (ETC) Has Soared by 100%
In recent days, the trading price of Ethereum Classic (ETC) has managed to outperform Ethereum (ETH), which is considered ETC’s arch-rival.
The recent trading session for the ETC/ETH pair has shown that it has hit 10-month highs. The report suggests that the trading price of the pair has managed to hit a high mark in recent days.
The performance demonstrated by ETC in recent days has managed to outperform the performance of ETH.
The reason why ETC is Outperforming ETH
It was on August 8 when the trading price of Ethereum Classic had risen to $27. The price chart showed the trading the price of ETC had recorded a 100% gain in a matter of 9-days.
A look at ETC’s price shows that on August 7, it was at a low of $13.35 per ETC. In the same period, the trading price of ETH also experienced a strong rally.
From August 8 to August 17, the trading price of ETH was able to surge 64%.
Ethereum’s Significant Rebound
Among the top cryptocurrencies by market valuation, Ethereum has proven to be the sharpest. Compared to other cryptocurrencies, Ethereum’s price surge is significant, which is mainly because of the high anticipation of investors for the “Merge”.
The upgrade for the Ethereum blockchain “Merge” is set to take place somewhere in mid-September. With the implementation of the upgrade, the investors expect a significant rise in the trading value of Ethereum.
The major functionality of the Merge would be the transition of PoW protocol to PoS protocol. This would completely change the orientation of the Ethereum blockchain and it will successfully bring in more investors to the ecosystem.
Ethereum Miners to Move to ETC
As Ethereum completely changes its orientation in mid-September, the users who once supported Ethereum would want something close to the digital asset.
This would be the time when the investors would go after Ethereum Classic increasing its demand at a tremendous level.
The Ethereum miners would start moving towards Ethereum Classic to mine as many ETC as possible. This would eventually increase the demand for ETC.
It is one of the major reasons why the demand for ETC has already started to rise. This would mean that going forward, the trading price of ETC may witness strong gains.
Bearish Movement of ETC
ETC may be moving in a higher zone at the moment but its price may experience a downtrend in near future. When that happens, the trading price of ETC may fall in a downward direction.
If the bears start selling ETC on a higher scale, then it may fall below the $25 mark. According to analysts, if things do not work out the way they are expected, then ETC’s price may fall to a range between $25 and $22.
