Oh yes, the Ethereum Classic (ETC) token, the forgotten and forsaken cryptocurrency that nobody cared about. It is actually coming back to life as a sad token of how disappointingly contradicting Vitalik Buterin’s hypocrisy can be. Ethereum Classic (ETC) was a shunned and exiled token since the embarrassing cyber-attack on Ethereum network in 2016. But now, in a time when the network is losing money, it has found its function in opposing whatever Ethereum stands for. While Ethereum is bracing for upcoming regulations by implementing the proof of stake algorithm to the network, ETC is printing money. Essentially, Ethereum miners are moving on to mine Ethereum Classic (ETC) since ETH is adopting PoS.
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Like a Phoenix!
ETC has been attracting strong capital in the past few weeks. This is due to Ethereum 2.0 upgrade coming in August. Essentially, Ethereum is adopting proof of stake consensus which puts miners out of business. Of course, the PoS provides much better scalability and energy consumption. For the most part, this will be a lot better for the environment since ETH has the second largest energy consumption in all blockchain networks. Obviously, the Ethereum marketing team is banking hard on saying how they love the environment and the trees. In the meantime, they are also bringing back the back sheep of the family to make sure that the miners remain happy.
During the last week of July, Ethereum Classic (ETC) managed to attract $1.7 billion or a 46% growth in market cap. Currently, ETC market capitalization stands at $5.33 billion.
Of course, with all the speculations, ETC has also been facing strong demand from the buyers. Ethereum Classic has had a 51% rally over the last week and is currently trading at $40 at the time of writing this article.
Time to Buy Ethereum Classic (ETC)
This seems to be a CLASSIC buy the rumor, sell the news case (pun intended). Reading this on our blog means that it’s the news and perhaps there is a correction coming. In short-term, the news of migrating miners to ETC can be a bullish sign for the investors. However, in the long run, Ethereum Classic (ETC) is far behind the innovation as a gas guzzling blockchain with bad scalability. In that regard, we should wait and see if Ethereum team is willing to make serious improvements to the ETC network.
For the most part, Ethereum is busy with the merger upgrade and they are eventually making a very big risk. If anything goes wrong with the 2.0 upgrade, the damages will be disastrous to say the least. That means less time and attention for the ETC. With that, the long-term outlook for Ethereum Classic is not something to be hopeful for. Fundamentally, the supply and demand moves the value. But, in case of ETC, the long term demand is not guaranteed. At this point, the massive hoard of miners desperately moving to ETC is all that’s pushing the price higher. Is that enough to bring you in?
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