In brief:
The Ethereum Classic (ETC) upgrade known as Pheonix, is now approximately 10 days away and has been expected to occur on the 1st of June this year. The upgrade will be triggered on block 10,500,839 and the current countdown
indicates that there are approximately 62,000 blocks to go at the time of writing this.Many crypto traders and investors are always on the lookout for network upgrades for they is usually a high chance that new coins will be airdropped to holders of the coin as a new blockchain with a new digital asset is created. However, in the case of the ETC Phoenix upgrade, the team has clarified that there will be no new coins minted during the Phoenix upgrade. The tweet by the team at ETC Labs explaining this event can be found below.
Further checking the daily ETC/USD chart courtesy of Tradingview.com, we observe the following.
In conclusion, with the upgrade less than 2 weeks away, it is likely that Ethereum Classic will have a mild rally leading up to the event. However, traders and investors are also advised to have an eye out for any sudden move down by Bitcoin in the coming days. Major moves by BTC affect the entire crypto markets. Additionally, stop losses are advised to protect trading capital.
(Feature image courtesy of Unsplash.)