Ethereum’s long-anticipated software upgrade has made the blockchain’s early offshoot an unexpected winner, pushing up the prices of the latter’s token in recent days.
Ethereum Classic, which was created after a 2016 software change known as a “hard fork” on Ethereum’s blockchain, saw its token’s price jump by as much as 29% on Wednesday. Ethereum also rose by as much as 18% as the crypto industry awaits the blockchain’s biggest transition, also called the Merge, which could take place in September after being kicked down the road for several years. Cryptocurrencies surged across the board Wednesday amid a broad rally in risk assets, with Bitcoin rising as much as 10%, the most in more than a month.
The Merge is set to take Ethereum to a system called Proof of Stake, in which staked Ether tokens will order transactions, from its current system called Proof of Work, a mechanism which uses powerful computers to order transactions.
The offshoot’s outperformance first came after...
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