Ethereum Classic Gains 60% In One Week, Why The Merge Could Push Its Price Higher

Ethereum Classic moves to the upside and recorded impressive performance over the last week. ETC bulls have been making this push as Ethereum prepares for one of the most important events in its history, The Merge. Related Reading | Ethereum Whales Purchase Over $6 Million Worth Of APE Tokens Set to combined Ethereum’s Proof-of-Work execution layer with its Proof-of-Stake consensus layer. The Merge will finalize the launch of this network’s PoS chain. At the time of writing, Ethereum Classic (ETC) trades at $43 and records a 10% and 66% profit in the last 24 hours and 7 days, respectively. The Merge is expected to reduce Ethereum’s energy usage by almost 100%, contribute to making ETH a deflationary asset, and provide stakers with rewards for securing the network. In addition, this event could mark a new step in the network’s adoption curve as users will leverage layer-2 scalability solutions, reducing network transaction fees. The Merge also means no more ETH mining sector. These operations will need to use their hardware to mine a different cryptocurrency. Ethereum Classic seems like the most logical option. The Merge will: Drop Ethereum's energy usage by ~99.95%Drop Ethereum's issuance from ~5.4M ETH/yr to ~0.5M ETH/yrProvide ~5-15% APR on staked ETH (as TX fees will go to stakers) The Merge will not lower transaction fees. L2s and EIP-4844 will take care of that. pic.twitter.com/8cwslEQtgM — pseudotheos ...