After Ethereum Merge, Bears Hover Around Ethereum Classic Price! What Next?
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While the Ethereum network cherishes its successful merger, where the network has completed its transition from proof-of-work (PoW) to proof-of-stake (PoS), Ethereum Classic (ETC) is facing pressure. Amidst the ongoing bearish bet, the price of Ethereum Classic may drop further. While ETC’s volume and market cap are shrinking, its social media dominance and sentiment has grown.
At the time of writing, Ethereum Classic was trading at $27.98 after a 2.41% drop in the last 24 hours.
ETC price actions will not increase
Yesterday, September 22, analytical platform Santiment claimed via a Twitter message that there were huge bets against Ethereum Classic, especially after the merger. Such behavior suggests a lack of confidence among market participants in Ethereum Classic as a PoW alternative.
This is not the only reason not to believe in ETC's abilities, as another reason could be the decline in ETC mining revenue. Consequently, since miners have no incentive to mine ETC, the network can run into trouble. Eventually, this may force miners to lose interest in ETC mining and turn to other PoW chains.
At the same time, along with the ETC price, even the market cap is threatened by a bearish bet, which has led to a 29.27% decline in the last week. The volume of the currency also fell by 90% during the same period.
Social media dominance did not withstand Ethereum Classic's price action because social media pressure was not consistent. Overall, despite the positive developments, the ETC price has not benefited.
However, with the number of active addresses increasing by nearly 38.29% over the past month, it is likely that this increase in activity will have a positive impact on ETC price action.
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