Ethereum Classic (ETC), popularly known as the older version of the second-largest cryptocurrency, Ethereum (ETH), is on a bullish rally yet again. Another notable fact is that the coin is gaining on a ‘red’ day. Although the newer version of it was ‘green’ at the time of reporting.
The ETC token surged over 8% on Friday morning and even hit its 4-month peak, a sight that is hard to witness during a crypto market pull-back or bearish trend. Also, the gain might be induced by the fact that Ethereum Merge, an upgrade on the Ethereum blockchain, is inching closer. It is one of the most awaited upgrades in the crypto domain. The update was earlier expected to be launched on September 19 but Anthony Sassano, the Co-founder of the Ethereum research website EthHub, tweeted a contradicting statement saying:
“The Ethereum mainnet merge has been tentatively scheduled for around September 15th/16th.”
The estimated speedy arrival of the update is what ETC enthusiasts have been loving, which might have spurred the Ethereum Classic price gain today.
Ethereum Classic (ETC) Performance
According to data from CoinMarketCap, the Ethereum Classic price was up by 8.56% and traded at $41.69 at the time of writing on Friday, August 12, 2022. The market capitalization of ETC stood at $5.69 billion, up by 8.81%. Moreover, the 24-hour trade volume of the coin surged significantly by 95.66% and was at $2.77 billion. It recorded its 4-month high at $44.31 in the past 24 hours as the estimated time for the launch of Ethereum Merge shrank.
Earlier, towards the end of last month, the ETC crypto gained 27.06% and traded at $42.41 at the time of drafting on Friday, July 29, 2022. It represented a surge of about 54% from its value of $27.4 on Wednesday, July 27, 2022. The market valuation of ETC stood at $5.7 billion, up by 27.08%. Moreover, the 24-hour trade volume of the token increased considerably by 13.04% and was at $5.4 billion. At that time, the ETC crypto saw a prominent 7-day price hike as it gained 63.11%.