Delma Wilson
The crypto market is flashing green, and so are the majority of altcoins, including Ethereum and Ethereum Classic (ETC).
In the last 24hrs, Ethereum Classic (ETC) has risen by 31.79% and is selling at $43.29 currently. There has also been a surge of 30% in Ethereum’s market cap as it is positioned at $5.912 billion, surging beyond Litecoin and Wrapped Bitcoin. At present, Litecoin and Wrapped Bitcoin’s market cap stood at $4.535 billion and $5.675 billion, respectively.
A popular Analyst, MartiniGuyYt, claims that ETC’s bull run will continue until the Merger, which is scheduled for September.
Hence, after the merge, most of the mining companies will enter into Ethereum Classic. In support of this, Antpool, a mining pool affiliated with Bitmain (offering hardware solutions for Blockchain) has offered $10 million in order to support Ethereum Classic.
Along with this, there are also other reasons for the overall price surge in the crypto market.
The Federal Reserve’s interest rate hike of 0.75% and the US GDP report that plunged to -0.9%, indicating the beginning of the recession in the country, are major causes as well.
Additionally, the Q2 earning reports from Google, Amazon, Apple, and other large companies have also helped the current surge.
Miners To Shift To Ethereum Classic
On the other hand, the lead altcoin, Ethereum, is experiencing a strong bullish movement currently and the price has seen a rise of more than 5% over the last 24hrs.
While miners prepare to shift to Ethereum Classic, Ethereum network’s investors and traders will see the platform leaning towards enhanced decentralization and security.
Hence, the community members of Ethereum Classic have a bullish approach towards its price action and predict the currency to hit $50 soon.
