Ethereum Classic (ETC) altcoin, main Ethereum Prior to the Merge upgrade on its Blockchain cryptocurrency continues to attract more interest among investors.
With this interest, there was a buying pressure on crypto money, and thus a large capital inflow occurred.
Notably, as of July 30, the Ethereum Classic market cap was recorded at $5.33 billion, which represents an influx of $1.69 billion, or 46% growth, compared to $3.64 billion recorded on July 23.
Alongside the increase in market value, the value of ETC also rose, and the token gained over 50% in a week. At the time of this writing, ETC was trading at $40, gaining 51% over the past seven days.
Impact of Merge Upgrade on ETC Altcoin
Over the past week, ETC has displayed a generally rapid upward movement. Alongside the general crypto market rally, the Merge upgrade triggered ETC bulls. The upgrade will migrate the Ethereum Blockchain from the energy-requiring Proof-of-Work (PoW) protocol to the Proof-of-Stake (PoS) protocol.
Since Ethereum miners only need to make minor changes to mine ETC, there is a possibility that these miners will flock to ETC.
It is also expected that the current Ethereum hash rate will most likely migrate to the ETC network, thus preventing miners’ equipment from becoming useless, making it the most suitable option for migrating miners.
*Not investment advice.