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Ethereum Classic Price Summary
It’s important to note that until the blockchain fork from Ethereum in 2016, Ethereum Classic had the same price history as its parent. ETC has had a very erratic time on the markets since this event, but things look to be potentially improving for the cryptocurrency.
Upon its creation, one ETC was worth approximately $1.3. By August of the same year, the price tripled, as Ethereum Classic rose to $3.57. China’s discontent with Ethereum in 2016 helped Ethereum Classics price development on the market. The Chinese government was not happy with the direction that Vatalik was taking Ethereum. Therefore ETC prices surged, as the platform saw greater user adoption during this period.
By November 2016, Ethereum Classics value dropped to just $0.66. During this time, many investors used this as a perfect entry point into the market. In June of 2017 ETC rose to $23.1 but quickly fell, leaving investors worried. Six months later, in January of 2018, the digital currency experienced its all-time high of $44.34. Unfortunately, the economic downturn of 2018 could not be avoided, and ETC fell drastically to the $3 mark by December.
In 2019 Ethereum Classic suffered a price blow due to a 51% hack. During the hack, a single person was able to control 60% of the total mining power, enabling the hackers to double-spend on the blockchain. This adverse event led to Ethereum Classic trading being blocked until the issue was resolved, but the damage had been done, and the cryptocurrency’s price was negatively affected. However, ETC’s price has been showing improvements in the markets in 2020, so the event didn’t entirely disrupt Ethereum Classics’ reputation.
The coronavirus global event has seen Ethereum Classic attracting more investors and traders alike. It makes sense that such a significant international event would be affecting the price developments of the cryptocurrency. More investors are attracted to the stability that cryptocurrencies are offering. Despite the recent volatility that Ethereum Classic has been experiencing, investors are still intrigued by this digital currency’s potential. Due to this, Ethereum Classic has seen a slight increase in user adoption and stability in trading prices.
Ethereum Classic Price Prediction
Before we begin looking at the price predictions for ETC, it is incredibly important to consider all developing situations pertaining to this digital currency. There is much to be learned from examining past market trends and potential future predictions. However, remember that the crypto markets are incredibly volatile, and prices can often change suddenly and unpredictably. So therefore, caution and risk examination should always be employed.
Expert opinions, technical analysis tools, and global events should be examined to potentially predict how Ethereum Classic is going to progress in 2020 and beyond.
Many experts predict that ETC’s price is set to grow higher than the trading values that have been seen thus far this year. This is partly due to the proposed solution to the Ethereum Classic community by Dexaran, aiming to prevent future 51% attacks. Dexaran’s solution is based on PirlGuard’s framework and requires minimal coding which can be implemented relatively quickly. This would avoid any reorganisation that is deeper than one hundred blocks. Experts are optimistic and predict ETC to move in the price range of $6.56 to $9.67 by the end of 2020.
Suppose we look at what various analytical tools are showing. We can see that Ethereum Classic may, by the end of 2020, improve its scalability problems as well as its interoperability with other blockchains. This could lead to higher trading for ETC on the markets before the end of 2021 and beyond. Ethereum Classic has plans to conduct hybrid consensus research and aim to implement mesh networks into their system by the end of this year. Should this occur, the coin could be well on its way to becoming one of the most popular cryptocurrencies on the market. Ethereum Classics prices could potentially increase if more investment interest occurs due to these proposed changes.
Despite the global coronavirus pandemic creating favourable trading outcomes for ETC, a recent slew of 51% attacks has disrupted investor loyalty and caused Ethereum Classic prices to take a knock. However, newly announced partnerships with companies CainSafe and OpenRelay are sure to increase the ETC network’s security. In time, this cryptocurrency could regain its lost traders and investors and create a stronger, more secure image that will attract new users to its platform.
Expert Tip on the Price of ETC
After the recent attacks to the Ethereum Classic network, this cryptocurrency has, with immediate effect, moved to address the safety and security concerns by implementing a number of measures and partnerships with security companies. According to Digital Finance Group CEO Terry Culver, the ETC community still believes that the proof of work system works better than proof of stake, offering a truly decentralised network. However, this is not to say that Ethereum Classic isn’t incorporating elements of a proof of stake network to improve the safety, security, and innovation it provides for its users.
About Ethereum Classic
Ethereum Classic broke away from Ethereum in 2016 following a DAO hack that resulted in $50 million worth of stolen funds. ETC, as a derivative of Ethereum, therefore, can be said to have the same founders. Vatalik Buterin and Gavin Wood.
Ethereum Classic is an open-source blockchain-based distribution platform. ETC has no central authority of governance, and this allows the platform to conduct decentralised applications. Ethereum Classics’ aim and it’s primary purpose is to enable smart contracts and distributed applications that can be developed by third parties.
Ethereum Classics Studio launched in 2019 and offers support for new projects and use cases on Ethereum Classic. The program provides technical expertise on decentralised applications, project launches, and marketing promotions for start-up companies looking to deploy on a blockchain system.
Ethereum Classic is aiming for companies to realise and understand the potential that the ETC platform has. This has drawn investor interest and is expected to keep attracting interested investors, traders, and businesses to the platform. Ethereum Classics studio’s influence could potentially lead to price highs in the future as more interest is garnered.
Ethereum Classic Value Compared to Other Cryptocurrencies
Frequently asked questions
Ethereum Classics transaction fees are calculated nominally, and as such, may vary. However, ETC’s fees are usually relatively low.
Not in the immediate future. There is an ongoing debate within the community on which algorithm is the most secure. For now, ETC will remain as a proof of work consensus.
Volatility is inherent with cryptocurrency, as the market is still arguably in its infancy. Ethereum Classic is no exception; however, for many traders with their finger on the pulse, volatility can present an opportunity for profit.
At the time of writing, the trading volume was $535,567,591.
No. They are two different cryptocurrencies and, as such, have different market trading prices.