The market sings a classical tuneYou know what they say, you can’t go wrong with classic. Well, that’s what the market seems to be thinking anyway as people steer away from Ethereum to its OG rival.
🔍 Key points:
- Ethereum Classic hummed ahead by 20% on Tuesday and continued its rally into Wednesday morning with a further 6% to take its seven-day gains to a whopping 90%. There are a couple of things at play here.
- One of them is Ethereum’s shift to ETH 2.0, which will take the blockchain to a PoS model. While that’s more environmentally friendly, it means no more ETH mining center and could disenfranchise the whole PoW model that some miners still prefer – so Ethereum Classic is sponging up the migrating users.
- The other is its upcoming“fifthening”, which is an upgrade that reduces block rewards by 20% after every 5m blocks that are mined, adding value to the token. This is its third fifthening since the proposal was first introduced in 2017.
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