Ethereum Classic (ETC) jumps 79% as PoW Ethereum miners start to jump ship

Ethereum Classic (ETC) jumps 79% as PoW Ethereum miners start to jump ship

By Motiur Rahman - min read

Ethereum Classic (ETC) has been one of the main crypto performers of the last 7 days. Experts argue that much of this surge has been triggered by a hefty migration of Ethereum Proof of Work miners into ETC. Here is what we know:

  • Ethereum Classic (ETC) has surged by almost 80% over the last 7 days.

  • Ethereum Proof of Stake Miners are shifting to ETC in huge numbers.

  • This comes as the Vitalik led chain looks to launch its Proof of Stake Ethereum 2.0.

Data Source: Tradingview 

How will the Ethereum 2.0 shape ETC?

The sudden jump in ETC seen in the last week is expected to continue. In fact, many experts feel that the sooner we get to Ethereum 2.0, the higher ETC will surge. According to current estimates, Ethereum is expected to shift towards a Proof of Stake fully by the end of 2022. This will provide huge opportunities for crypto investors to earn.

“For the industry as a whole, we expect staking to become a big business,” says David Lawant, director of research at Bitwise Asset Management. The Firm has over $1.3 billion in assets, including a portfolio of crypto. There is also talk that tokenomics on Ethereum and other chains will dominate crypto investment.

“Tokenomics will play a huge part of the world's future commerce with blockchains in the driver's seat” says Adrian Pollard from HollaEx.

But the shift towards ETC could also put pressure on Ethereum itself. Just recently, ETH managed to steer above $3000 and has stayed there for a few days. The shift towards Ethereum 2.0 is likely to be a bit destabilizing, but eventually, the long-term value of ETH still remains promising.

Is Ethereum Classic (ETC) a good buy?

The shift towards Ethereum 2.0 will be completed this year, so there is still a lot of time before it happens. We expect ETC to continue surging during this period. So, at least in the short term, the coin is indeed worth buying. We could be getting very high gains before the year is out.