Ethereum Classic ETC/USD was pulling back slightly for the second 24-hour trading period in a row after skyrocketing a whopping 75% higher between Tuesday and Thursday’s sessions. Benzinga pointed out on Thursday that a period of consolidation was likely to take place, at least for the crypto to print a higher low.
The surging prices could be in response to news that a tentative date is in play for Ethereum's merge, which was announced by the latter’s developers recently as likely to take place on Sept. 19. After Ethereum completes the change, the crypto will transfer from Proof-of-Work (PoW) mining to a Proof-of-Stake network, which will make mining Ethereum impossible. Miners may then take more interest in Ethereum Classic, the original form of the cryptocurrency prior to the Ethereum fork.
Investing $1,000 In Ethereum Classic: Ethereum Classic is trading up over 197% off the July 13 low of $13.34 but is still trading down about 77% off the all-time high of $175, which was printed on May 6, 2021.
For a trader lucky enough to have taken a $1,000 position just a few weeks ago at the $13.34 low, the gains if Ethereum Classic were to reach its previous all-time high, would come in at 1,211.84%, meaning $1,000 would be turned into a total of $13,118.44.
If a trader took a position in Ethereum Classic today at an average price of $39.80, and the crypto soars back to its all-time high, the trader would have a net profit of $3,396.58.
See Also: How Much $100 In Bitcoin Could Be Worth In 2030 If Cathie Wood's Price Prediction Comes True
Photo: Courtesy of ETC on flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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