What are the alternatives to Ethereum since the Merge's difficulties? On September 15, Ethereum implemented one of its biggest initiatives since its inception. Indeed, the project leaders have made an update to the Ethereum (ETH) blockchain network. Through this operation called The Merge, Ethereum has moved from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS) consensus mechanism.
However, this change in direction was not shared by all members of the Ethereum community. While the majority of miners, disadvantaged by the PoS system, opted to fall back on ETH alternatives like Ethereum Classic and EthereumFair, others decided to create an entirely new cryptocurrency by forking ETH. They thus gave birth to EthereumPoW (ETHW).
However, since the successful operation of The Merge, ETH has significantly outperformed the new ETHW fork, the old Ethereum Classic (ETC) fork, and the other alternative EthereumFair (ETHF).
A potential increase in the value of EthereumPoW (ETHW)
While it is true that currently, the original Ethereum cryptocurrency, ETH, far exceeds its alternatives, the latter present quite varied levels of performance. So, while Ethereum Classic (ETC) and EthereumPoW (ETHW) are showing signs of breaking their resistance zone, EthereumFair (ETHF) is trading at an all-time low. ETHW is the result of the collaboration between several former ETH miners and some talented developers.
After the Ethereum (ETH) merger, they came together to perform a hard fork of the Ethereum blockchain to design an ETH alternative still using the Proof of Work (PoW) consensus mechanism. According to estimates, ETHW currently has more than 20 active mining pools.
However, although ETHW soared to a high in value at the time of its birth, its price has fallen sharply over time and is currently well below its all-time high of $49.81.
Note, however, that ETHW is up 31% in the last 24 hours and is currently trading at $11.79. For many experts, this is an almost certain sign that ETHW could break through its current resistance zone to head towards the next one.
The price development of Ethereum Classic (ETC)
Ethereum Classic (ETC) is one of the very first forks made from the Ethereum blockchain. Although it failed to surpass the original cryptocurrency, it still represents a good alternative for community members.
A reason probably justifies why many miners chose to fall back on this cryptocurrency when Operation The Merge was announced.
Indeed, the ETC's trading value rate hit a new all-time high in early September. A considerable increase in the value of the token is justified by the migration of miners from ETH to ETC.
However, this increase in value was short-lived as the ETC declined a few days later. After peaking at $41 at the start of the month, it fell to $27.57 on September 23. For many analysts, the movements recorded on the cryptocurrency's blockchain indicate that it is currently in a resistance zone.
It is very likely that an upward movement will start soon and as soon as the value of the token expands above its current resistance zone, an eventual breakout is expected.
The fall of EthereumFair (ETHF) price
EthereumFair is another alternative to the original Ethereum cryptocurrency. It is also part of the first Ethereum hard forks. According to its developers, the cryptocurrency is committed to preserving the Proof of Work consensus mechanism model previously used by Ethereum.
They also claim that EthereumFair (ETHF) has recorded around 6.7 million total transactions since its inception and 1.8 million wallet addresses.
However, the price of ETHF has seen a massive decrease since September 5th. Its current value is around 91% below its opening price. Last week, ETHF hit one of its all-time lows.
Nevertheless, although the price was following a descending resistance line, the cryptocurrency showed signs of a potential bullish reversal.
Following The Merge, the SEC takes a different view of Ethereum and could redefine how this cryptocurrency would be taxed in the future.
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