Ethereum [ETH] It has seen significant movements in the last week and is now at $1,550. However, ETH doesn’t seem to be the only benefactor from the latest Merge update. Another face from the past reaps the benefits of the news.
Ethereum Classic [ETC] The stock has seen a significant upward trend in the last week.
What is the best place for ETC?
The ETC token is showing rapid upward movement this week. In addition to the crypto relief news, the Merge news has activated the bulls.
ETC is on the rise after a 79% price increase and was trading at a press price of $25.27 following the latest surge.
The Merge will likely see assets, such as ETC benefit from Ethereum’s shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in September.
ETC can accommodate migrating Ethereum miners, since they will only need minor upgrades in order to mine Ethereum Classic.
Reportedly, A majority of people believe that the current hash rate will be converted to the ETC network. This is the best option for migrating miners, as it keeps their equipment from being obsolete.
According to crypto reporter Colin WuTransitioning to the new hash rate ETC This can increase the chance of an attack at 51%. Miners might be inclined to create their own blockchain, which is highly unlikely. This is due the inability of miners build an ecosystem.
However, Wu believes ETC still remains the ideal platform for transitioning Ethereum’s hash rate. This process can be motivated by the presence of “mature DApps” on Ethereum.
The current relief rally has surely played its part in ETC’s sudden rise. ETC is likely to give in, as the whales appear to have stopped supporting the bulls.
Investors should be alert to the strong demand, which could ease the pain for the network. However, strong selling pressure could eventually cause a pullback.