Ethereum Classic (ETC) rocketed higher on the day of the week, from the $ 26.57 price level on Friday before touching the $ 40.88 price level yesterday.
The more than 54% jump, however, ended when at the time of writing, ETC was down almost 7% from its current trading value, $ 38.11 per unit.
This situation is a bit exciting for the crypto market as the ETC record is clearly different from the performance of Bitcoin (BTC) and Ethereum (ETH) which recorded 2% and 3% declines yesterday.
Analysts described the ETC surge as having something to do with the transition of the Ethereum network to Ethereum 2.0.
How?
It is understood ETH miners are switching to Ethereum Classic while Ethereum is moving from Proof-of-Work (PoW) protocol to Proof-of-Stake (PoS).
The expectation for Ethereum to fully implement PoS is by mid -June this year.
Be aware, when compared to the more advanced Ethereum, Ethereum Classic actually still remains with PoW.
The community believes the presence of PoW offers more decentralization features and maximum network protection than PoS.
Looking at this sentiment, there is a probability for Ethereum Classic to be bullish in the long run.
