The sudden rise of Ethereum Classic could undermine the ecosystem of the main cryptocurrencies. Despite the instability of the crypto sector, ETC exceeds all expectations and its price explodes. What will happen to bitcoin and ethereum?
Ethereum Classic, a threat to BTC and ETH?
Despite the hostility of some personalities, the cryptocurrency sector continues to make headlines. Although unstable, the crypto field is attracting more and more people and surprises are coming. While all eyes are on bitcoin and ether, the price of Ethereum Classic is exploding and surpassing all predictions.
Indeed, BTC is currently trading around $22,900, however, the price remains down compared to last week. Meanwhile, the ETC token has increased by more than 100% in 30 days. According to the predictions of some experts, the rise of Ethereum Classic could greatly disrupt the bitcoin and Ethereum ecosystem. However, it is necessary to think carefully before investing in this token, especially with the current instability.
Although the ETC is trading at $33.44 according to the data from CoinMarketCap, it is quite possible that it will reach $40 in the next few weeks. According to crypto analyst Coin Bureau, the rise of ETC could be very beneficial to ETH. Nevertheless, although it benefits from the Ethereum merger, investors should remain on their guard.
The Merge’s action on the ETC price
The instability of cryptocurrencies is at the same time a disadvantage and an asset. Just as it can cause prices to fall, it can also propel them to record highs. Indeed, Ethereum Classic comes out of nowhere and creates a surprise. Although crypto is far from equaling ether in terms of value, the token practically places itself as a competitor.
However, its rise is not as unpredictable as we think. Indeed, a major factor influences the price of this token. In particular, the merger of Ethereum. ETH stands out largely thanks to the efforts it deploys in its updates. The upcoming launch of The Merge has a big impact on the price of Ethereum Classic.
Indeed, some people think that scaling will be the catalyst for the ETC price. Since the announcement of The Merge, many miners are switching to ETC. The switch to Proof-of-Stake means the end of crypto mining on the blockchain.
Internet users therefore opt for an Ethereum derivative not only because of its age, but also because of its monetary policy. In addition, the software also supports decentralized applications present on the blockchain.
The Ethereum upgrade is attracting all eyes to this blockchain. The sudden rise of Ethereum Classic perpetuates the Ethereum ecosystem. Indeed, its notoriety has been steadily increasing since the announcement of the merger. Nevertheless, although the ETC price is up by more than 100%, invest only what you can lose.
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The world is changing and adaptation is the best weapon to survive in this undulating universe. Crypto community manager at the core, I am interested in everything related directly or indirectly to the blockchain and its derivatives. In order to share my experience and make known a field that I am passionate about, there is nothing better than writing informative and casual articles at the same time.