Ethereum Classic (ETC) Leads Gains Amidst Crypto Market Reversal
The overall crypto market shows signs of price reversal from the downtrend, boosting investors’ confidence. To start with, the week started well for BTC as the market saw its price above $22K.
Bitcoin had traded below the $20K price mark until the close of the market on September 9, when it hit $21,381.15. BTC managed to hold down its fort at that price until Monday, September 12, when the market opened with impressive rallies.
Related Reading: SEBA Bank To Include Ethereum Staking In Services
Currently, BTC and many altcoins are trading in the greens. Bitcoin price has added by 3.32% at the time of writing and now stands at $22,342.67. Other cryptos with commendable increases in 24 hours include Golem GLM with 52.43%, NEAR with 10.10%, Solana with 8.84%, Ravencoin RVN with 6.42%, and AVAX with 5.52%.
Uniswap, Quant, eCash, AAVE, BTC, GRT, and others have gained between 3 to 5% in the past 24 hours. But what about the weekly price gains? How are the cryptos comparing in their seven days price growth?
ETC Leads Others in Weekly Gains
Currently, the ETC price stands at $38.68, indicating a 0.22% increase in 24 hours. While this daily price increase is seemingly lower than others ETC has taken the lead in weekly increases. Its seven days growth surpassed many cryptos in the market.
ETC recorded a 20.47% growth in the past seven days, while others still struggle to add value. For instance, Bitcoin added 3.36% in the last 24 hours, but its weekly price increase is still at 13.13%. Ethereum has gained nothing in 24 hours. Instead, it lost 0.18% today, September 12, even though the slated merge date is fast approaching. But there’s still hope since ETH’s price is $1,744.66, and its weekly gain is 10.93%.
Ripple XRP has shown some price gain today and is currently trading at $0.3559 representing a 0.28%. Also, its weekly gain stands at 9.36%, meaning the past week’s rallies for the coin 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 haven’t recorded notable price gains in 24 hours, but their weekly growth is impressive.
Will The Merge push Ethereum Classic?
The upcoming Ethereum ETH Merge is expected to bring more recognition to Ethereum Classic. Since the ETH network will migrate to proof-of-stake, it will use staking as its transaction validation mechanism. Ethereum Classic still operates with the proof-of-work mechanism making it an option for the miners.
Related Reading: Why Ethereum Price Is Unlikely To Dump After “The Merge”
But analysts are still not sure about the effect of the Merge on ETC. The expectation is that if ETC price increases and miners see profitability in it, they could stay on the network. But if not, they might stick with ETH1 and ignore ETC and ETH2.
Featured image from Pixabay and chart from TradingView.com