Ethereum changed from PoW to PoS on September 19. ETC was going through a hostile market on July 16, and on July 19, it started experiencing slight rebounds.
With ETC and ETH approaching high peaks for ten months, Ethereum Classic finally exceeded Ethereum’s native item Ether (ETH) throughout the latest crypto market recovery.
After striking a low rate registered at $13.35, ETC’s price approached a rate of $27 on July 22, representing a 100% profit in nine days. When expressed in US dollars, the ETH moved up to 64%. The ETC currently trades at $26.47, while ETH has crumbled to at least $9 at the time of writing.
Ethereum Merge
Ethereum will suffer a merge on September 19. Ethereum’s Proof-of-Work to Proof-of-Stake network impacts the highs and lows of Ethereum and favors the price of Ethereum Classic.
On the other hand, stakes will take the position of miners. Because of this decision, the PoS move may oblige current Ethereum miners to employ PoW networks. Thus, investors believe Ethereum Classic will become the first alternative for miners once they switch from Ethereum, which is probably one of the most prominent factors behind ETC’s recent price increase.
Ethereum Classic Rebounded
The 89.68 percent perseverance registered on July 16 caused the alternative to increase, approaching its two-month high peak on July 19. This increase in the purchasing rate forced the bulls to close above both the short-term and long-term Exponential Moving Average (EMAs.).
The ETC recently went through a rude market; it has also increased its size to $25, giving it a solid opportunity to lurk in an optimistic market.
If ETC keeps getting away from the 38.2 percent support, it might make some progress before leveling off near the Proof of Capacity (POC). The amounts linked to profits would be the same as the previous ones. The alt would probably go through moderate volatility before exploding.
Finally, the general market status and improvements on the blockchain would be vital aspects. These aspects would be the main engine to achieving future goals.
Ethereum Classic is a digital asset with its origins based on the Ethereum fork executed on July 20, 2016. The Ethereum (ETH) community intended to restore the funds extracted when the exploit in the DAO code got discovered.
A part of the community had shown disagreement with such a disadvantage, and eventually, the ETCDEV team got founded, so the story of the blockchain named Ethereum Classic began.
Ethereum Classic coin has been tied to controversy because it does not receive support from the Ethereum Foundation but has some relevant approval within the crypto environment as it stands for the universal policy within the Crypto universe: You’re your bank.
While Ethereum Classic brings smart contracts the same way that the Ethereum network does, it has struggled to acquire the same fame as Ethereum. It still lacks some fundamental things that have obstructed its long-term evolution. Some aspects include insight, backup, and the extensive developer support standard Ethereum enjoys.
Many developers lost their faith in the platform after various attacks. Many experts have concluded that Ethereum Classic requires adopting the proof-of-stake consensus procedure to scale the transaction limit.
By: Jenson Nuñez
