The Ethereum merge announcement ignited the rally in several layer-1 cryptos, including Lido Dao (LDO), Ethereum Classic (ETC), and Optimism (OP). Analysts are assessing whether the rally in these cryptocurrencies is sustainable as the merge approaches.
These 3 altcoins are in demand before merger
Ethereum merge started rally in Lido Dao (LDO), Ethereum Classic (ETC) and Optimism (OP). These cryptocurrencies have made huge gains over the past two weeks based on the success of the merge. The successful Goerli testnet created a bullish sentiment among Ethereum holders regarding the outcome of the merger. This has had a positive impact on the prices of the PoW network Ethereum Classic (ETC).
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Vitalik Buterin supports the Ethereum Classic (ETC) network. He also advised miners to switch to ETC. On the other hand, ETC developers criticize the risk of forking the Ethereum chain. They wrote an open letter asking network participants of ETH Blockchain to avoid a PoW fork. The letter was sent to Chandler Guo and explains why a PoW fork is not working. We have quoted a portion of the open letter below.
Has the date been clarified for the Etehreum merge?
Ethereum developers do not expect any further delays at the event. They expect Merge to be released on September 19, 2022. In response to the announcement, Ethereum price also gained momentum and climbed to the $2,000 target. It then hit a two-month high after the Goerli update.
Lido DAO is a leading staking platform in terms of total value locked in merge’s official smart contract. Lido has raised 4.15 million ETH on the ETH2 contract and staked around 1.55 million ETH on behalf of its clients. Therefore, the Lido DAO has gained about 15% in the last two weeks. LDO is currently struggling with sales and is posting almost double-digit losses overnight.
Ethereum Classic becomes a bull magnet for the altcoin market
Meanwhile, Ethereum Classic, with its PoW consensus mechanism, has caught the attention of bulls in recent weeks as the merge is approaching. Vitalik Buterin’s advice and growing infrastructure in ETC make him a favorite with investors. ETC gained 20.6% last week.
The PoW network is currently one of the first havens for miners on the Ethereum network. The closer the merge gets, the more likely the event will be priced. Therefore, the rally will not last that long. However, given that miners have the option to switch to ETC, the likelihood of a continued uptrend remains high.
Optimism (OP) gave a lot to its investors before the merge
Optimism, an Ethereum aggregation service that collects aggregated transaction data, has gained 10% over the past two weeks. The Tier-2 solution leverages Ethereum’s roadmap for scalability and efficiency, which is largely aggregation-centric. The OP price has given its investors a 250% gain since the announcement of Ethereum’s transition to PoS. As Kriptokoin.com, we have mentioned the top 5 rising altcoin projects of the week in this article.
Analysts specifically identify a bullish target of $2,245 for the OP price. As OP price crosses the $1.54 level, the altcoin is poised to rally towards $2,245 in an uptrend.
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