ETH - Post-Merge Ethereum Ethereum Classic and Ravencoin Are All Getting Hit Hard
Today's price action in the world of cryptocurrencies has once again reflected the bearish sentiment of a broad swath of growth investors. As of 10 a.m. ET, Ethereum (CRYPTO: ETH) , Ethereum Classic (CRYPTO: ETC) , and Ravencoin (CRYPTO: RVN) plunged 6.7%, 10.5%, and 7.9%, respectively, over the past 24 hours. This move follows last week's completion of Ethereum's The Merge, posing a critical question to investors with respect to whether this major upgrade as a "buy the rumor, sell the news" event.
For Ethereum, this thesis may make sense. After all, Ethereum did more than double from June's low to August's high (approximately around the time we got confirmation that Ethereum's The Merge would take place in September). However, since then, this token has declined from slightly more than $2,000 per token to around $1,350 at the time of writing.
For Ethereum Classic and Ravencoin, two proof-of-work networks that still require "miners" to solve complex mathematical problems in order to validate transactions and secure these blockchains, expectations that Ethereum miners would shift to these networks, resulting in better security and greater awareness, also led to surging token prices. That said, in recent days, these two proof-of-work tokens have given up most of their August gains, as investors appear to be selling indiscriminately right now.
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Post-Merge, Ethereum, Ethereum Classic and Ravencoin Are All Getting Hit Hard