Ethereum (ETH/USD) is making the switch from the Proof-of-Work (PoW) consensus model to the Proof-of-Stake (PoS) consensus model, which means that the cryptocurrencies will no longer require powerful hardware to be mined.
Ethereum Classic (ETC/USD) is a popular fork of Ethereum, originally launched in July of 2016; that aims to be a smart contract network with the ability to support decentralized applications (dApps) but will also retain many of the original consensus mechanism used in Ethereum.
This means that when miners attempt to migrate to another network, after mining Ethereum ends as an option, they could do so in Ethereum Classic.
ETC’s price could explore ahead of the mergeEthereum Classic developers aim to continue the unaltered history of the original Ethereum blockchain.
What this means is that they have no desire or plans to make the switch from the Proof-of-Work (PoW) consensus mechanism.
The price of ETC could explode as a result of the merge, which is scheduled for September 2022.
Should you buy Ethereum Classic (ETC)?On July 19, 2022, Ethereum Classic (ETC) had a value of $25.34.
To get a better perspective as to what kind of value point this is for the Ethereum Classic (ETC) cryptocurrency, we will be going over its all-time high point of value, as well as its performance throughout the previous month.
The all-time high of Ethereum Classic (ETC) was on May 6, 2021, when the token reached a value of $167.09.
Looking at its performance throughout the previous month, Ethereum Classic (ETC) had its highest point of value on June 1 at $24.09. Its lowest point was on June 18 at $12.77.
This gives us an indication that ETC decreased by $11.32 or by 47%.
However, from June 18 to July 19, ETC has increased in value by $12.57 or by 98%.
With this in mind, we can expect ETC to reach a value of $50 in September, when “The Merge” occurs on the Ethereum mainnet and miners migrate to Ethereum Classic.
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