We are approaching September. While speculation is rife, and some are convinced that a fork is inevitable after the Merger, Ethereum Classic (ETC) from the previous fork of the Ethereum network, curiously attracts more interest than the mainnet Ethereum.
Interest from mining players for Ethereum Classic
The transition to proof-of-stake will lead the Mainet Ethereum to no longer need mining. Ether miners are therefore already turning to Ethereum classic, which has remained in the complex calculation validation system.
Moreover, the mining pool Antpool, declared to have invested some 10 million dollars in the Ethereum Classic network. Antpool being closely linked to the miner Bitman, this investment becomes a relevant indicator of the interest that miners have for ETC.
Renewed interest from investors
As reported by ” […] Merger speculation has made ETC one of the best performing cryptocurrencies in 2022, up 18% YTD, while BTC and ETH are down nearly 50% their value. Specifically, the price of ETC has been climbing as the announced date for the Merger approaches. The ETC has increased by more than 200% between the date of the announcement of the Merger, July 14 and now.
It must be said that not everyone is betting on ETC’s ability to maintain its growth over the long term. For Dunleavy, one of Messari’s senior analysts, ” The price of ETC has been rising rapidly, but looking at the fundamental metrics, nothing has changed on this channel. Volumes and users have been largely unchanged for years. Apps are non-existent “. This prediction is quite understandable since the increase in the price of this cryptocurrency has been accompanied by a boom in sales, according to data from Coinglass.
Ultimately, ETC has so far proven to be the unsuspected beneficiary of ETH. However, this trend does not seem likely to continue over time.
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