ETC Prices Rise 30 Percent on Tuesday, Impact of Merge Ethereum?

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The price of Ethereum Classic (ETC) has also received a “positive impact” from the Ethereum merger, which was up 30 percent when the Bellatrix update began.

For your information, Ethereum Classic is a coin derived from the hard fork of Ethereum which was launched in July 2016.

The main function of Ethereum Classic is as a network of smart contracts, which can accept and support decentralized applications (dApps).

However, the real merge only affects Ether coins. Then, why did the price of ETC go up?

ETC Price Rises Ethereum Merge?

According to a Bitcoin News report, the start of the first phase of the Ethereum merger has not only had a positive impact on the price of Ether (ETH), but also on the price of ETC.

The price of ETC shot from a daily low of US$32.20 to over US$40, but at the time of writing fell back to the US$33 range as the US dollar sentiment shrank risk appetite still negatively impacting the crypto market.

Through the merge update, the Ethereum network will switch consensus to proof of stake (PoS), which will no longer use mining to mint coins.

Of course, this will deactivate proof of work (PoW) miners, so Ethereum Classic, which still uses PoW consensus, looks like heaven to the miners.

According to a Cointelegraph report, since the merge, there have been many miners switching to mining ETC, which even increased the network hashrate to a record high of 41.81 Terrahashes per second, two days before the Bellatrix update started.

The merger had an impact on ETC, but not directly, so this has led some observers to believe the price of ETC is still capable of going higher in the long term.

In addition, support for ETC also comes from mining pool provider Ethermine, which has offered mining pools for Ethereum Classic coins.

The attention paid to ETC has improved the prospects for its ecosystem, thus increasing the attractiveness of a coin that has long received little attention from the media and investors.

Now, investors are looking forward to the next stage towards the merge, namely Paris, which is expected to occur around September 10 to 20, 2022. Let's see.