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Ethereum Classic Values Surge by 27% But Can It Last?

Manoj Nair



Ethereum Classic

The Ethereum Merge is a bullish event for the Number Two Crypto coin. However, more than it, the Ethereum Classic is one of its biggest beneficiaries. Ethereum Classic prices are surging and exploding like never, and the prices have surged by 27% in the last 24 hours.

The bullish sentiments are not showing any signs of waning; in the past day, it has again surged by 1%. The crypto asset is now trading at $40.06.

Ethereum Classic also recorded its highest transaction rate of 47 terra hashes/sec.

Why The Merge Is A Blessing For Ethereum Classic

The Ethereum Merge is an upgrade to shift the platform consensus mechanism from the Proof Of Work to Proof Of Stake. However, it is also a death blow for Ethereum miners who will not have any work as the validators will take up the work.

Ethereum Classic resulted from a Hard Fork in the Ethereum Blockchain, which contains the original sequence of transactions in Ethereum. More importantly, it is based on the proof-of-work mechanism as well. Therefore, most miners will shift to the ETC platform, and it is one of the reasons which is pushing the prices of the crypto asset high.

Co-Founder of Ethereum, Vitalik Buterin, is solidly behind the migration of the miners to ETC after the Merge. Vitalik is not alone, and there are many supporters of his views. Most experts believe another hard fork could mean disaster for the Ethereum Block Chain. However, the issue of miners going jobless must also be dealt with, and Buterin’s suggestion could solve this problem. Hence, they support the migration to the ETC of the out-of-job miners after the Merge.

Mining pool yesterday added its weight behind Ethereum Classic on its platform and created a ETC pool that will allow zero-fee mining for three months. In the last day, ETC has gone up by close to 30%.

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