Ethereum Classic price has risen by 177 per cent since hitting lows of 13.34 on July 13. Today, the aggressive push to the upside is looking poised to continue, with prices already up by 6 per cent.
The events leading up to the start of the current aggressive rally, however, has nothing to do with the Ethereum Classic and everything to do with its more popular Ethereum token. On July 14, Ethereum announced that it would be migrating from the proof-of-work (PoW) approach to a more eco-friendly proof-of-stake (PoS). The migration is currently scheduled to happen on September 19.
The much anticipated Ethereum upgrade has also pushed the Ethereum token by more than 50 per cent. However, when compared with the Ethereum classic, it seems the much-anticipated migration of the Ethereum platform has not been translated with the same enthusiasm.
Since its founding, the migration to a PoS approach to cryptocurrency has been a point of discussion. In its roadmap released in 2015, Ethereum indicated that, if they were to be competitive, they needed to transition from PoW, which consumes more energy, and takes up more computer power to compute and complete a transaction, to a more eco-friendly PoS. The transition will see Ethereum become able to scale and increase its current dozen transactions per second to be competitive with other payment solutions such as Visa, which can handle as many as 60,000 transactions per second.
Looking at the current price action, there is only one question that most Ethereum Classic investors have in mind, how long the Ethereum PoW-PoS migration will continue driving Ethereum classic up? However, for now, the price action shows that the prices will continue pushing up.
There is a high likelihood that we may see prices breaking a recently set price high of $45; it is also possible that we will see prices trading above the $50 price level again. However, a bearish trend is possible if the prices fall below the $30 price level. My bullish analysis will also be invalidated.
This post was last modified on %s = human-readable time difference 15:19