It appears that Ethereum’s much-awaited transition into Proof of Stake (PoS) is benefiting one of the most unlikely cryptocurrencies today — Ethereum Classic (ETC). In just a month, ETC has shifted from being one of the most underperforming coins into one of the most dominant today.
Read CRYPTONEWSLAND onAt the time of writing, ETC price is changing hands at $40, as per CoinGecko. Last month, ETC experienced hitting rock bottom at $13.90. Today, ETC is now occupying the 19th spot on CoinGecko with a market capitalization of $5.4 billion. For a better perspective, Polygon (MATIC) has a $6.7 billion market cap and is at #16 — only three positions higher than ETC.
As seen on the chart above, ETC has pretty much flipped the resistance range into support. It is also only $12 shy of reaching the highest recorded price in 2022. Since the start of August, ETC has been trading way above the 50-day and 200-day Simple Moving Averages (SMA).
For those who may be baffled by this price movement, this came after the estimated date of The Merge has been announced. Specifically, Ethereum’s fateful PoS transition has been predicted to happen on or around September 15.
This event has caused the Ethereum community to split into two factions, with the majority supporting PoS. The other camp, however, wants to stick to Proof of Work (PoW). Some of these have instead looked to Ethereum Classic, which also enables smart contracts. Hence, there has been a renewed interest in Ethereum Classic, both as a cryptocurrency and as a community.
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