Home CryptocurrencyAnalysis Ethereum Classic (ETC) leads gains amid cryptocurrency market reversal

Ethereum Classic (ETC) leads gains amid cryptocurrency market reversal

by SuperiorInvest

The overall crypto market is showing signs of a price reversal from a downtrend, boosting investor confidence. For starters, the week started well for BTC as the market saw it price over 22 thousand dollars.

Bitcoin traded below $20,000 until the market closed on September 9, when it reached $21,381.15. BTC was able to maintain its stronghold on this price until Monday, September 12, when the market opened with an impressive rally.

Related reading: SEBA Bank will include Ethereum Staking in its services

Currently, BTC and many altcoins are trading on greenbacks. At the time of writing, Bitcoin is up 3.32% and now stands at $22,342.67. Other cryptocurrencies with commendable gains 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 3-5% in the last 24 hours. But what about weekly price increases? How do cryptocurrencies compare to their seven-day price gains?

ETC leads others in weekly gains

Currently, price ETC stands at $38.68, up 0.22% in 24 hours. Although this daily price increase is seemingly lower than others, ETC took the lead in the weekly increase. Its seven-day growth has surpassed many cryptocurrencies on the market.

ETC has gained 20.47% in the last seven days while others are still struggling to add value. For example, Bitcoin has added 3.36% in the last 24 hours, but its weekly price increase is still at 13.13%. Ethereum has not gained anything in 24 hours. Instead, it lost 0.18% today, September 12, even as the planned merger date is fast approaching. But there is still hope as the price of ETH is $1,744.66 and its weekly gain is 10.93%.

Ripple XRP has seen some price growth today and is currently trading at $0.3559, up 0.28%. Also, its weekly gain stands at 9.36%, which means that the gains for the coin over the past week have been significant.

Other cryptocurrencies with high weekly gains include Solana, Avalanche, Wrapped Bitcoin, Cosmos Atom, Near Protocol, Chainlink, Stellar XLM, Bitcoin Cash, terra Classic LUNC, ApeCoin, etc. Some cryptocurrencies have not seen significant price gains in 24 hours, but their weekly growth is impressive.

Ethereum Classic is currently above $38. | Source: ETCSD price chart from TradingView.com

Will The Merge Displace Ethereum Classic?

The upcoming Ethereum ETH Merge is expected to bring more recognition to Ethereum Classic. As the ETH network migrates to proof-of-stake, it will use staking as its transaction verification mechanism. Ethereum Classic still works with a proof-of-work mechanism, making it the choice for miners.

Related reading: Why the price of Ethereum is unlikely to drop after the “merger”.

However, analysts are still unsure of the merger’s impact on ETC. It is expected that if the price of ETC increases and miners see profitability, they could stay on the network. But if not, they can stick with ETH1 and ignore ETC and ETH2.

Featured image from Pixabay and chart from TradingView.com

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