Is Ethereum Classic still relevant after Ethereum Merge? AI Analytics provide insights

As the Ethereum blockchain transitions from a proof-of-work protocol to a proof-of-stake , the cryptocurrency market watches in anticipation. With the Ethereum Merge bringing about significant changes, the future of ETC remains uncertain, ing questions whether it is still relevant after the Ethereum Merge. Fortunately, Avorak comes in handy with its advanced algorithms.

Ethereum Classic Price Prediction

Ethereum Classic (ETC) came as a hard fork from the original Ethereum blockchain after a hack on the DAO platform. While Ethereum developers chose to reverse the hack, part of the community continued with the original blockchain and created Ethereum Classic, which functions similarly to Ethereum but with a smaller market capitalization and developer community. Since Ethereum transitioned to Proof-of-Stake, some miners have migrated to ETC, but without organic demand, Ethereum Classic price prediction notes that ETC’s long-term prospects are uncertain. As such, AI analytics by AvoraK AI can provide valuable insights including the Ethereum Classic Price Prediction for investors and traders looking to make informed decisions

Ethereum Merge

The Ethereum Merge is the transition of Ethereum’s consensus mechanism from proof-of-work to proof-of-stake, resulting in a 99.95% decrease in energy consumption. This upgrade is significant because it makes the framework more sustainable offering greater crypto-economic security, as well as making it easier for anyone to participate in securing the Ethereum network. The Ethereum Merge is a software upgrade that essentially changes the verification of the blockchain, which establishes a decentralized method to validate transactions and eliminates the need for intermediaries like banks.

Since the transition of Ethereum to a Proof-of-Stake (PoS) consensus mechanism, Ethereum Classic (ETC) has seen a massive surge in mean hash rate as some miners migrated to ETC. However, there has been no increase in on-chain activity on ETC, ETC mining profitability has plummeted. Without organic demand for ETC, it is likely to struggle from continued sell pressure from miners. ETCG shareholders own 8.5% of the ETC in circulation, which is a highly concentrated crypto by the top 100 address ownership. The lack of user demand for the network or the ETC coin, in general, makes the long bet on ETCG a bet that Grayscale will dissolve the trust and distribute the proceeds from the coin sales for a larger value than where the fund shares are currently trading.

The Ethereum Merge involves retiring miners and introducing stakers, which is expected to result in a significant drop in Ether’s value. This shift will impact Ethereum’s native coin’s economics by cutting back on its issuance, reducing its total supply through burn mechanisms, and introducing staking. The Merge’s impact on ETH, in terms of its dynamics, is likely the most significant aspect for investors and traders. The reduction in supply is equivalent to three Bitcoin halvings.

Avorak AI

Avorak (AVRK) provides investors with an investment and business opportunity with simplified AI solutions, including chatbots, trade bots, text generators, and image creators. The question of whether ETC will remain relevant after the Ethereum Merge remains unanswered. AI analytics can provide insights into the future of ETC. By analyzing market trends, on-chain activity, and social media sentiment, AI algorithms can identify patterns and predict potential outcomes for ETC after the Ethereum Merge.

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Wrap Up

While the long-term prospects of ETC are uncertain, AI analytics can provide valuable insights for investors and traders looking to make informed decisions. By analyzing large amounts of data and generating predictions based on complex algorithms, Avorak AI can be a useful tool in navigating the ever-changing cryptocurrency market and identifying potential investment opportunities.

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