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Ethereum (ETH) continues to record interest from crypto investors in anticipation of the upcoming Merge upgrade. The interest has also spilled over to other related cryptocurrencies like Ethereum Classic (ETC), which is also registering a minor rally.
As of September 5, Ethereum emerged as the most-trending crypto leading the seven-day chart, according to CoinMarketCap data. The asset trading at $1,564 has recorded gains of 8.13% in the last seven days.
At the same time, Ethereum’s old chain Ethereum Classic emerged as the fifth overall trending crypto with gains of 3.83% in the last seven days, trading at $32.09.
Ethereum’s rally has come despite the general crypto market experiencing a significant sell-off. However, the rally can be tied to the hype around the Merge upgrade, which is viewed as bullish sentiment for the crypto.
Notably, the upgrade that will transition the blockchain to a Pro-of-Stake (PoS) is also intended to make Ethereum a deflationary asset. However, it is essential to note that a section of the market believes that Ethereum can only sustain the gains if the upgrade is successful.
At the same time, there is a general caution regarding the upgrade as it is the most complex update ever on the Ethereum network. The Ethereum Foundation also raised the Merge bug bounty bonus to $1 million to enhance a smooth transition.
Ahead of the September 15 event, the upgrade of all public testnets is complete and ready for Ethereum’s mainnet.
Furthermore, the upgrade is also partly responsible for driving interest in Ethereum Classic. In this case, with the Merge putting an eliminating mining on Ethereum, ETC has emerged as the desirable destination for miners.
As the upgrade looms, Ethereum miners will need minimal updates to start mining ETC. This comes after Ethereum creator Vitalik Buterin has invited miners to switch to the ETC chain, noting that it’s “a totally fine chain” for PoW.
Similarly, ETC continues to receive support from different crypto players. As reported by Finbold, Leon Lv, the CEO of AntPool – the mining pool linked with cryptocurrency mining hardware giant Bitmain revealed that the organization invested $10 million towards the Ethereum Classic ecosystem.
Overall, the ETC rally has shown historical consistency, recording upward price movement in anticipation of Ethereum upgrades. This was highlighted in April 2021 after ETC rallied significantly, coinciding with Ethereum’s Berlin upgrade.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.
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