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After the Ethereum (ETH) network upgrade, it promises to significantly improve speed, efficiency and scalability without sacrificing security and decentralization, and has always attracted public attention in the currency circle. With the recent official launch of the Kiln test network for a preview of the merger, and several community leaders also stated that Ethereum will be merged within a few months, the community's expectations for seeing the upgrade completed within this year have also increased.

But at this time, an interesting data is: the price of ETC, known as Ethereum Classic, has risen by more than 68% in one month from a low of $24 on February 24, and once exceeded $40 earlier today. There is currently a slight correction, and it was temporarily trading at $37 before the deadline.

Note: In 2016, TheDAO, a crowdfunding platform based on Ethereum smart contracts, was stolen by hackers with 3.64 million ETH. At that time, in Vitalik
Under Buterin's proposal, the Ethereum community voted to conduct a hard fork, hoping to recover losses by backdating transactions. However, this decision, which goes against the spirit of the immutability of the blockchain, has been opposed by some people. Diehard supporters insist on mining on the original chain. This original chain is ETC, also known as Ethereum Classic.

 **The community speculates on the reasons for the rise against the trend**

As for the reason why ETC has been so strong recently, even rising against the trend when Bitcoin fell? Some people in the community speculated that it might be because they were worried that the prospect of Ethereum's transition to PoS was still unclear and uncertain, causing the currency price to fall, so they were hedging in advance.

The ETC wallet Mantis, launched by the blockchain research and development company IOHK, previously issued an article stating that the upgrade of the Ethereum blockchain may provide an opportunity for users who prefer Ethereum Classic.

“Ethereum’s move to PoS and sharding may disrupt many in the community who prefer PoW and a strong base layer approach to blockchain security. This makes ETC an alternative to the migration goals of ETH projects.”

Community users who are keen to promote ETC in the community recently posted that the market value of ETC will soon exceed BCH (Bitcoin Cash). Soon, it will also surpass LTC and DOGE to become the second largest proof-of-work token in the world.

Some even expect that $500-$1,000 will be the new high record reached by ETC this summer.

 **Will the Doomsday Chariot show its power? **

Another interesting point of view is that ETC is often nicknamed the Doomsday Chariot in the community because its price fluctuations show a strange pattern in the market. According to historical trends, when ETC goes out of an independent upward trend, the mainstream currency BTC , ETH has experienced severe setbacks many times.

Take last May as an example, when ETC experienced an astonishing rise in early May. After hitting a record high of $134 on May 6, Bitcoin fell from a high of $55,000 to $30,000 just two days later. dollars near.

On the other hand, although ETC has a pure Ethereum pedigree, it has not improved since the fork, and its market value has also been declining. Perhaps this is another reason why it is called the Doomsday Chariot.