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What if Ethereum Classic (ETC) was the real beneficiary of the Merger?

We are approaching the month of September. While speculation is rife, and some are convinced that a fork is inevitable after the Merger, the Ethereum Classic (ETC) resulting from the previous fork of the Ethereum network, curiously attracts more interest than the main Ethereum network.

Ethereum Classic, ETC

An interest of mining players in Ethereum Classic

The transition to proof-of-stake will lead the Ethereum Mainet to no longer need mining. Ether miners are therefore already turning to Ethereum classic, which has remained in the complex calculation validation system.

By the way, the Antpool mining pool, said that it has invested some $ 10 million in the Ethereum Classic network. Antpool being closely linked to the Bitman miner, this investment becomes a relevant indicator of the interest that miners have in ETC.

Renewed interest from investors

As reported by ” […] Speculation around the Merger has made ETC one of the best performing cryptocurrencies in 2022, up 18% since the beginning of the year, while BTC and ETH have lost almost 50% of their value. “More specifically, the price of ETC has climbed as the announced date for the Merger approaches. The ETC has increased by more than 200% between the date of the Merger announcement on July 14 and now.

It must be said that not everyone is betting on the ETC’s ability to maintain its growth in the long term. For Dunleavy, one of Messari’s senior analysts, ” The price of ETC has risen rapidly, but if we look at the fundamental metrics, nothing has changed on this channel. Volumes and users have been largely unchanged for years. The applications are non-existent ». This prediction is quite understandable since the increase in the price of this cryptocurrency was accompanied by a boom in sales, according to the data of Quince.

In short, ETC has for the moment proved to be the unsuspected beneficiary of ETH. However, this trend does not seem to be promising to continue over the long term.

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Luc Jose Adjinacou avatar
Luke Jose Adjinacou

Far from having cooled my ardor, an unsuccessful investment in 2017 on a cryptocurrency only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay information related to this ecosystem with my pen.

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