Merge-Driven Ethereum Classic Price Rally Won't Last, Says Analyst

Ethereum Classic (CRYPTO: ETC) has rallied 140% over the last month, but Messari analyst Tom Dunleavy isn't convinced about its long-term value as an investment. What Happened: “ETC price rose quickly, but looking at fundamental metrics, nothing has changed about this chain,” said Dunleavy in an analyst note earlier this week.

Timeline of Ethereum-classic

On Monday (August 1), Ethererum ($ETH), the second-most valuable cryptoasset by market cap, is trading around $1,675, after an excellent performance in July (despite the fact that we are still in a bear market). According to data by TradingView, on crypto exchange Coinbase, the $ETH price went from $1091.56 to $1687.

Ethereum Classic is up over 150% in July as ETH 2.0 nears and a merge is slowly becoming reality. After Ethereum (ETH) developers revealed the date for The Merge, interest in Ethereum Classic rose.

Ethereum Classic's (ETC) value increased by over 150% in July, making it one of the top performing digital assets of the month. The post Ethereum Classic up over 150% in July as ETH 2.0 draws closer appeared first on CryptoSlate.

Ethereum blockchain's potential transition from proof-of-work to proof-of-stake (Merge) has triggered a buying hysteria around the hype. Well, not just for ETH, but also for related cryptos such as Ethereum Classic.

Crypto Space is undergoing a roller coaster ride as most of the assets are currently hovering within an upper consolidation. The asset which maintained a notable upswing a couple of days before now appears to have exhausted to some extent.  On the other hand, the popular DeFi token Yearn.

As the overall cryptocurrency market sees their rise, Ethereum Classic gains massive profit outshining other currencies on CoinMarketCap platform. Over the last 24hrs, Ethereum Classic (ETC) has claimed 23.26% as the price jumped towards $41.

Ethereum Classic has put on a show for the crypto market in the last two weeks. The rallies which have seen Bitcoin and Ethereum hit one-month highs have propelled the altcoin to some of the largest gains recorded in the market.

Ethereum Classic's metrics have seen a significant increment this month due to Ethereum's merge being scheduled for mid-September. Ethereum Classic hashrate has increased by 23.90% since the beginning of July.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer's opinion. Ethereum Classic [ETC] saw exponential growth after a streak of green candles from its 15-month support near the $13.6-mark.

Ethereum Classic (CRYPTO: ETC) was soaring more than 18% on Thursday after skyrocketing over 30% during Wednesday's 24-hour trading session. The two-day surge was due to a break up from a bull flag pattern, although the move was propelled by bullish days in both the general markets and the cryptocurrency sector following the release of the Federal Reserve's monthly minutes, where the decision was made to hike interest rates 0.75%.