$1.7 billion inflows Ethereum Classic market cap in a week as ETC gains momentum - BitcoinEthereumNews.com
Ethereum Classic (ETC) continues to attract more interest among cryptocurrency investors ahead of the Pagsamahin upgrade on the main Ethereum blockchain. The interest is highlighted by the ETC buying pressure that has culminated in significant capital inflow into the token. In particular, as of July 30, the Ethereum Classic market capitalization stood at $5.33 billion, representing an inflow of $1.69 billion or a 46% growth from the $3.64 billion recorded on July 23. ETC one-week market cap chart. Source: CoinMarketCap Besides the market cap surge, ETCs value has also been on the rise, with the token at some point gaining by over 50% within a week. By press time, ETC was trading at $40 with gains of 51% within the last seven days. The Merge upgrade impact on ETC Over the past week, ETC has generally exhibited a rapid upward movement. Besides the overall crypto market rally boost, the Merge upgrade has triggered ETC bulls. Notably, the upgrade will transition the Ethereum blockchain from relying on the energy-intensive Proof-of-Work (PoW) protocol to a Proof-of-Stake (PoS) mekanismo. Therefore, ETC has the potential to accommodate migrating Ethereum miners since they will need minor changes to start mining on Ethereum Classic. It is also expected that the current Ethereum hash