At the recent EthCC conference, Vitalik Buterin commented on Ethereum Classic and its community. FXStreet analyst Ekta Maurya draws conclusions from Buterin’s statements about why the altcoin project will be a sleeping giant.
Three reasons why Ethereum Classic is a sleeping giant
Ethereum co-founder Vitalik Buterin discussed the long-awaited transition to PoS at the EthCC conference. In this talk, he highlighted the features of the original Ethereum, Ethereum Classic. Buterin says that Ethereum Classic is the original Ethereum that did not change after the attack.
In 2016, an application on the Ethereum Blockchain (known as DAO) was hacked in 2016 worth 3.6 million ETH worth about $50 million. At that time there were about 72 million ETH in circulation. After this attack, Ethereum Classic chose to keep the original Blockchain and continue with the loss of the stolen ETH. However, Ethereum forked and wiped the blockchain to bring the affected parties back together.
Vitalik Buterin emphasized this decision at the conference:
The original Ethereum, Ethereum Classic (ETC), is one of many Blockchains. A fork of The DAO [por causa] It’s a kind community that doesn’t compromise on the project’s mission while creating it, and I’m sure Proof-of-Work supporters will be warmly welcomed.
Altcoin surpasses Ethereum in terms of weekly growth
Meanwhile, ETC price eclipsed ETH in weekly gains before Buterin’s speech. Therefore, Buterin says that Merge is still in demand on the PoW Blockchain if we succeed. One of Ethereum’s main defenses is that the SEC has yet to reveal its policy regarding cryptocurrency. Once the SEC’s position on Ethereum is known, if ETH is treated like a security after switching to PoS, ETH investors will be eligible to receive a dividend on the tokens stored in the team’s wallets.
As a result, there is a strong financial incentive for the Ethereum community to hold on to ETH pending regulatory action after the merge.
Ethereum merge approaching, miners move to ETC
On the other hand, Ethereum researcher Vivek Raman is confident that the upcoming PoS transition will meet the goals of surpassing Bitcoin. Ethereum will have a chance to displace Bitcoin as the most popular cryptocurrency. Raman has this to say on the subject in his recent statements:
From a purely economic standpoint and the impact of the supply shock, Ethereum is likely to overtake Bitcoin.
cryptocoin.comAs you follow, Ethereum is expected to switch to PoS in September 2022.
An analyst predicts the altcoin price could rise 35%
This prediction came from crypto analyst Akash Girimath, who predicted that ETC would rise 35% to $32.62. Girimath predicts that ETC will reach $32.62 specifically under two specific conditions.
- If the $24.03 support is held
- If the h4 trend below is maintained
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