ETC and ETH have respectively jumped 11.5% and 1% Monday.
Ethereum Classic Rallies on Merge Hype
Ethereum Classic is benefiting from anticipation for Ethereum’s landmark “Merge” event.
ETC rallied 11.5% Monday, rising from $32.12 to $36.10 at press time. The Ethereum fork has previously been ranging between $30.90 and $33.90. According to CoinGecko data, ETC trading volumes have soared from around $265 million to $1.1 billion over the past 24 hours, hinting that the breakout could persist.
While there’s no clear driver behind Ethereum Classic’s rise, it’s likely that it’s benefiting from Ethereum’s upcoming Proof-of-Stake upgrade. Dubbed “the Merge” by Ethereum enthusiasts, the highly-anticipated event will see the number two cryptocurrency ditch its Proof-of-Work consensus mechanism in favor of Proof-of-Stake. Currently slated for September 15, the Merge is expected to reduce ETH issuance by 90% and make the network 99.9% more energy efficient.
The main asset set to be affected by...
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