Ethereum Classic Is Leading The Crypto Market With Recent 16% Surge

Ethereum Classic is leading the crypto market with a recent 16% surge as the market trended to the downside and ETC decided to take advantage so let’s read more today in our latest Ethereum Classic news.

The original Ethereum blockchain recorded double-digit profits on multiple timeframes and it is on track for future appreciation but at the time of writing, Ethereum Classic is leading the way. ETH trades at $30 with a 27% profit over the past day and 20% profit over the past week. The data shows that the ETC price was the best performing asset in the sector followed by the Lido DAO token.

The cryptocurrency recorded a high increase than the ETC prices in the past day and made 41% profits. Ethereum classic outperformed in the past week but it is noteworthy that these two cryptos are rallying. Lido DAO is a platform that offers ETH staking services and allows retail investors to lock their coins and get a portion of the rewards from the upcoming PoS migration. On the other hand, Ethereum classic is seen as an alternative for ETH miners for when the blockchain completes the migration to a PoS consensus, and this process is set to be completed n September 2022.

The event will combine Ethereum’s execution layer with the consensus layer and the core developers announced a fixed tentative data for the imminent launch with the blockchain seeing two implementations of the Merge on the Ethereum testnets already. The event represents the end of the ETH mining sector and the PoS blockchain will validate the transactions with a different mechansim. The miners will have to scramble and secure other PoW networks such as Ethereum Classic as the chances of the Merge mainnet implementation increase and the price of ETC is likely to follow.

The data from the Material Indicators shows an icnrease in buying pressure from investors with the bid orders of $1000 so the spike was recorded close to the Merge tentative mainnet launch announcement.