Ethereum Classic (ETC) makes gains amid crypto market reversal

The overall crypto market is showing signs of a price reversal from the downtrend, boosting investor confidence. To begin with, the week has started well for BTC as the market has seen. The price is over $22,000.

Bitcoin was trading below $20k until the market closed on September 9th at $21,381.15. BTC managed to hold the fort at that price until Monday, September 12, when the market opened with a spectacular rally.

Related Reading: SEBA Bank To Include Ethereum Staking In Services

Currently, BTC and many altcoins are traded in the greenback. At the time of writing, the price of Bitcoin has increased by 3.32% and now stands at $22,342.67. Other cryptos with commendable gains in 24 hours are Golem GLM by 52.43%, NEAR by 10.10%, Solana by 8.84%, Ravencoin RVN by 6.42%, and AVAX by 5.52%.

Uniswap, Quant, eCash, AAVE, BTC, GRT and others gained 3 to 5 percent in the last 24 hours. But what about weekly price gains? How do cryptos compare in their seven-day price growth?

ETC leads others in weekly gains.

currently, The price of ETC It stands at $38.68, which shows an increase of 0.22% in 24 hours. Although this daily price increase appears to be smaller than the others, ETC has been leading the way in weekly increases. Its seven-day growth has surpassed that of many cryptos in the market.

ETC has gained 20.47% in the last seven days, while others are still struggling to add value. For example, Bitcoin is up 3.36 percent in the last 24 hours, but its weekly price increase is still at 13.13 percent. Ethereum has not gained anything in 24 hours. Instead, it’s off 0.18% today, September 12, even though the planned merger date is fast approaching. But there is still hope. The price of ETH is $1,744.66, and the weekly profit is 10.93%.

Ripple XRP showed some price increase today and currently represents 0.28% at $0.3559. Also, its weekly gain reached 9.36%, which means that the coin’s rallies last week were significant.

Other cryptos with high weekly gains include Solana, Avalanche, Wrapped Bitcoin, Cosmos Atom, Near Protocol, Chainlink, Stellar XLM, Bitcoin Cash, Terra Classic LUNC, ApeCoin, etc. Some cryptos have not registered a significant price increase in 24 hours. Their weekly progress is amazing.

The price of Ethereum Classic is currently above $38. | Source: ETCUSD price chart from

Will Merger Push Ethereum Classic?

The upcoming Ethereum ETH merger is expected to bring more recognition to Ethereum Classic. As the ETH network transitions to proof-of-stake, it uses staking as a transaction verification method. Ethereum Classic still works with a proof-of-work mechanism, making it an alternative for miners.

Related Reading: Why Ethereum Price Can’t Drop After “The Consolidation”

But analysts are still unsure about the merger’s impact on ETC. If the expected ETC price increases and miners see profitability, they can stay on the network. If not, you can stick with ETH1 and ignore ETC and ETH2.

Featured image from Pixabay and chart from

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *