Ethereum Classic Hits 4-Month High As Merger Approaches

With anticipation of the Ethereum merger next month, the price of Ethereum Classic (ETC) hit a four-month high of $42.29 per coin today, an increase of 15% in 24 hours. , before settling slightly lower for the day, according to CoinMarketCap.

Ethereum Classic is a hard fork of the Ethereum blockchain co-founded by Vitalik Buterin and Gavin Wood. While both Ethereum forks point to 2015 as their launch, the Ethereum blockchain was canceled and relaunched in 2016 after the DAO project hackcausing a split within the Ethereum community.

Those who did not support the relaunch kept the original Ethereum blockchain, renamed Ethereum Classic. Unlike Ethereum, which has no cap on the total number of coins, Ethereum Classic is capped at 210.7 million ETC.

Currently, ETC is the nineteenth largest cryptocurrency with a market capitalization of $5.6 billion.

Although no longer part of the larger Ethereum network, ETC is seeing a spike in activity thanks to increased interest in the shift from proof-of-work to proof-of-stake that Ethereum will soon undertake.

Notably, as the merger nears, some members of the Ethereum community are once again debating whether to run another hard fork of the Ethereum blockchain to preserve the proof-of-work approach. Chinese cryptocurrency figurehead Chandler Guo recently suggested the creation of ETHPOW.

Stay up to date with crypto news, get daily updates delivered to your inbox.

Valerie J. Wallis