Ethereum is gearing up for one of the most ambitious software updates in history after years of delays. It seems that the news will bring rallies not only for ETH, but also for related altcoin projects.
This altcoin is on trending list as Ethereum merge approaches
Ethereum (ETH) continues to attract investors in anticipation of its upcoming merge upgrade. Interest has also spread to related projects such as Ethereum Classic (ETC), which has recorded a minor rally. As of September 5, Ethereum emerged as the most trending crypto leading the seven-day chart, according to CoinMarketCap data. At the same time, Ethereum’s legacy network, Ethereum Classic, has gained 3.83% in the past seven days. ETC thus reached the status of the fifth overall trending crypto, trading at $32.09.
Ethereum rises despite market sell-off
Ethereum’s rally came despite the overall crypto market experiencing a significant sell-off. However, we can attribute the rally to the excitement around the merge upgrade, which is seen as bullish sentiment for crypto. Specifically, the upgrade that will move Ethereum to the PoS mechanism aims to be a deflationary crypto. However, it is important to note that some of the market believes Ethereum can only sustain gains if the upgrade is successful.
At the same time, there are general concerns about the upgrade as it is the most complex update on the Ethereum network ever. The Ethereum Foundation also increased the Merge bug bounty bonus to $1 million to promote a smooth transition. Ahead of the September 15 event, all public testnet upgrades are complete and ready for Ethereum’s mainnet.
ETC gains from merge momentum
The upgrade is also partially responsible for the increased interest in Ethereum Classic. In this case, ETC becomes the new home for miners, while the merge with Ethereum mining disappears. As Merge gets closer, Ethereum miners will need minimal updates to start mining ETC. This came after Vitalik Buterin invited miners to switch to the ETC network, stating that it was “an all-good Blockchain” for PoW.
Similarly, ETC continues to receive support from different crypto players. As you follow on Kriptokoin.com, Leon Lv, CEO of the mining pool AntPool, which is associated with the cryptocurrency mining hardware giant Bitmain, announced that the organization has invested $ 10 million in the Ethereum Classic ecosystem.
Overall, the ETC rally has been historically consistent, recording upward price action in anticipation of Ethereum upgrades. This was highlighted in April 2021 after ETC increased significantly and coincided with Ethereum’s Berlin upgrade.
Ethereum is currently trading at $1,595.04. It has gained around 1.5% in value compared to the last 24 hours. Meanwhile, ETC, the 17th cryptocurrency by market cap, is rallying over 10 percent.
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