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Ethereum Classic (ETC) is up 90% since the announcement of the Ethereum upgrade

Ethereum Classic (ETC) is up 90% since the announcement of the Ethereum upgrade

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Answer Ethereum Classic (ETC) is up 90% since the announcement of the Ethereum upgrade

The price of Ethereum Classic (ETC) increased by more than 90% after the announcement of the merger date of the Ethereum network.

The price of Ethereum Classic has almost doubled from $17 to $32.

The rally comes after fresh support from the largest mining pool AntPool and growing sentiment about the migration of Ethereum miners to Ethereum Classic.

In fact, Ethereum Classic is currently backed by Vitalik Buterin, the co-founder of Ethereum, Digital Currency Group, and Grayscale.

Over the past 24 hours, the price of ETC has increased by 22%, with the price currently trading at $32.

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Ethereum Classic shines after announcing the date of the Ethereum upgrade:

AntPool, a mining pool linked to mining giant Bitmain, on July 27 committed $10 million to support the Ethereum Classic ecosystem and promises to invest more in the future.

AntPool CEO, believes that the Ethereum Classic ecosystem can benefit from high-quality Proof of Work (PoW) and Layer 2 scalability through scaling solutions.

Bitmain has announced that it will accept Ethereum Classic payments for all of its Antminer devices.

The company recently started selling the Antminer E9 Ethereum mining model.

Additionally, Vitalik Buterin expressed his support for Ethereum Classic at the Ethereum Conference, while announcing plans for the upcoming merger.

Buterin claims that Ethereum Classic is a “totally cool chain,” and people can use the Ethereum Classic blockchain if they prefer the PoW mechanism.

Since the transition of Ethereum to PoS will render Ethereum miners obsolete after the merger, miners are likely to switch to Ethereum Classic.

Migrating miners to Ethereum Classic will solve a 51% attack issue due to improved security.

Read:IBM says it is ready to work with Facebook to develop blockchain technology

However, the price action will not be the same as Ethereum.

At the moment, the community is waiting for the long-awaited integration of Ethereum on September 19th, and the price movement of Ethereum will inevitably be much different than it is now.

Ethereum will be deflationary after the merger and the circulating supply will decrease due to the EIP-1559 burning mechanism.

It will likely drive prices higher under the right conditions as the project continues to develop.

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