As the much anticipated “The Merge” update is nearing the day of grand launch, the older sibling of the second largest crypto asset, Ethereum Classic (ETC), is not dwelling in the shadows at all. ETC has soared 202% in the last 30 days and is among the top gainers this week. On July 13th, Ethereum Classic (ETC) was priced at $13.65 apiece, and then reached a 4-month high of $44.05 on August 12th.
$ETC price soared from 14$ to 36$ in the last few weeks as #Ethereum miners are actively searching for an alternative to $ETH. @VitalikButerin statement
just confirmed the miners’ intention to switch to #EthereumClassic.
— Satoshi Club (@esatoshiclub) August 10, 2022
Two Brothers from the Same Mother
Ethereum (ETH) blockchain officially launched in 2015, but after the infamous DAO project hack, the network had to be reset in 2016. As a result, the community split into two different tribes, one staying on the original blockchain, and the other moving to the relaunched version. Six years later, both ETC and ETH are on the top 20 crypto list by market capitalization. Ethereum Classic’s (ETC) market cap is fixed at $210.7M coins, while Ethereum (ETH) has no limit.
The Merge of Ethereum (ETH) is set to kick in on September 19th, but some crypto experts think the upgrade can be launched on the mainnet sooner, as all of the testnets already have live ETH 2.0. Most notably, Ethereum (ETH) Goerli testnet finalized The Merge yesterday, adding extra fuel to the social media hype. Many established crypto investors, such as Chandler Guo are supporting Ethereum’s Proof Of Work mechanism after The Merge.
What this means is that many miners on the current Ethereum (ETH) blockchain will be looking for a new home after the Proof of Stake (PoS) method is live on the mainnet. The move could broaden Ethereum Classic’s (ETC) community by a significant margin, thus making it more attractive for retail investors.
Binance Supports the Merge
Moreover, the crypto giant Binance expressed support for The Merge, also mentioning that “In case of new forked tokens, Binance will evaluate the support for distribution and withdrawal of the forked tokens.” On top of that, the leading crypto platform has announced a promotion for new members on Binance Savings, as every fresh customer now will be able to earn twice as much on both Ethereum (ETH) and Ethereum Classic (ETC).
On the Flipside
Why You Should Care
Ethereum’s (ETH) switch from Proof of Work to Proof of Stake is revolutionary for the whole crypto industry, as it will drastically reduce carbon emission and transaction fees.