Ethereum Classic Increases Double Digit; What’s Driving the Surge?

Ethereum Classic Increases Double Digit; What's Driving the Surge?
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Ethereum Classic (ETC), a non forked version of Ethereum, witnessed a meteoric rise rallying more than 25 per cent in the last 24 hours. Meanwhile, ETH, also recorded a double-digit jump as the crypto industry awaits the blockchain’s biggest transition, called the ‘Merge’.

Ethereum Classic (ETC) is a decentralised, blockchain-based, open-source computing platform, as well as a cryptocurrency. It allows developers to build and deploy smart contracts, self-executing code blocks that trigger certain actions based on predefined conditions. Since Ethereum Classic preserves the old code of the Ethereum blockchain as it was until the DAO attack, it is often regarded as the “original” Ethereum crypto.

What Prompted the Gain?

Ethereum Classic Increases Double Digit; What's Driving the Surge?

According to CoinMarketCap, Ethereum Classic is nearly 42 per cent in the last seven days, placed as number 20 largest cryptocurrency in terms of market value. ETC is the native cryptocurrency of Ethereum Classic, the blockchain project that was created in 2016 when Ethereum’s blockchain split into two separate chains following a disagreement among members of its community.

ETC, which still uses the ‘Proof-of-Work’ (PoW) mechanism, may be one of the biggest beneficiaries of the Ethereum’s migration, which is expected to cut off earnings for as many as one million people. Miners who are looking for a platform for their costly mining equipment may turn to Ethereum Classic. 

On the other hand, ETH, is gearing up for one of the biggest upgrade called the Merge, which could take place in September after being kicked down the road for several years. It is believed that the Merge will take Ethereum to a system called Proof of Stake (PoS), in which staked Ether tokens will order transactions, from its current system called Proof of Work, a mechanism which uses powerful computers to order transactions.

ETC Gaining Support

Ethereum Classic Increases Double Digit; What's Driving the Surge?

Vitalik Buterin, an Ethereum co-founder, revealed that the Ether network will be 55 per cent complete once they finish the upgradation of Merge. Earlier this month, Ethereum Foundation member Tim Beiko suggested September 19 as the provisional launch date for the Merge.

Recently, Antpool, announced a $10 million investment to back quality projects built on Ethereum Classic (ETC). Backed by mining hardware manufacturer Bitmain, Antpool is the third-largest Bitcoin mining pool and 14th-largest Ethereum mining pool, according to data from Antpool, tweeted early Wednesday morning,

“Let’s support the ETC ecosystem and incubate high-quality PoW projects together!”

On July 21, Buterin, showed support to Ethereum Classic, specifying,

“If you like proof of work, you should use Ethereum Classic.”


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