Guest post by Coingabbar: ETH and ETC top crypto trend list ahead of September merge upgrade

Ethereum (ETH) continues to attract crypto investors in anticipation of the upcoming merge upgrade.

Interest has also spread to other related cryptocurrencies, such as Ethereum Classic (ETC), which is seeing a slight surge.

According to CoinGabbar statistics, Ethereum was the most trending cryptocurrency on September 5, dominating the seven-day chart. The asset, which is currently trading at $1,565, is up 8.45% over the past seven days. At the same time, Ethereum Classic, Ethereum’s legacy chain, emerged as the fifth cryptocurrency with an overall trend of 4.02% over the past seven days and is trading at $32.

Ethereum recovers despite market sell-off

Ethereum’s surge has come despite a significant sell-off in the broader crypto market. However, the surge could be due to the excitement surrounding the merge upgrade, which is seen as bullish sentiment for the cryptocurrency.

In particular, the upgrade, which will switch the blockchain to a Proof-of-Stake (PoS) mechanism, is also said to make Ethereum a deflationary asset. However, it is important to remember that some market participants believe that Ethereum can only maintain its gains if the upgrade is successful.

At the same time, there is considerable skepticism about the upgrade as it is the most sophisticated update to the Ethereum network ever. To ensure a seamless transition, the Ethereum Foundation increased the merge bug bounty incentive to $1 million.

Ahead of the September 15 event, all public testnets have been updated and are ready for the Ethereum mainnet.

ETC benefits from fusion dynamics

Additionally, the upgrade is primarily responsible for generating interest in Ethereum Classic. In this case, ETC has emerged as a preferred target for miners as the merger effectively eliminated mining on Ethereum.

As the upgrade approaches, Ethereum miners will only need minimal modifications to start mining ETC. This comes after Ethereum developer Vitalik Buterin asked miners to switch to the ETC chain, stating that it is an excellent PoW network.

Similarly, ETC continues to receive support from various crypto players. As CoinGabbar previously reported, Leon Lv, CEO of AntPool, a mining pool affiliated with cryptocurrency mining hardware giant Bitmain, claimed that the company invested $10 million in the Ethereum Classic ecosystem.

Overall, the ETC rally has been historically consistent, with prices rising in anticipation of Ethereum upgrades. This became evident in April 2021 when ETC surged dramatically along with Ethereum’s Berlin upgrade.

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