BCGAME - Free 5BTC Daily Bonus!The price of classic ethereum (ETC) retreated after reaching its highest level since late May early last week. In the meantime, the price of ether (ETH) also fell, pulling other altcoins down. However, while ETH dropped nearly 3% of its value last week, ETC lost more than 10%, outpacing the decline.
So what is the difference between ETH, which runs on blockchain Ethereum, and ETC? And what has driven the value of Ethereum Classic so far in 2021?
This article reviews the latest developments in cryptocurrency ETC and predictions for its long-term price.
In this article, we will discuss:
The original Ethereum blockchain diverges after splitting
The blockchain Ethereum was released in 2015 after two years of development by co-founders Vitalik Buterin and Gavin Wood, along with Charles Hoskinson and Anthony Di Iorio.
Ethereum Classic was created from a hard fork, or split, in the Ethereum blockchain in July 2016, when blockchain participants disagreed on how to respond to a decentralized autonomous organization (DAO) hack that resulted in the theft of 3,6 million of ether coins.
Ethereum Classic is a continuation of the original blockchain as it did not reverse the blockchain to cancel the impact of the hack. Participants maintained the principle that “code is law”, while what is now the blockchain Ethereum was created by the division. Miners and Exchanges supported both blockchains, allowing the legacy Ethereum Classic network to continue with ETC as its native currency.
The two block chains diverged as the Ethereum block chain moves toward a series of updates to create Ethereum 2.0, including a change from the proof of work (PoW) algorithm to the proof of bet (PoS) mining algorithm .
There are no plans to convert from Ethereum Classic to PoS. There is also no official development team for Ethereum Classic, instead several development groups are working on updates to open source. Recent attacks have affected the ecosystem, leading blockchain infrastructure research and engineering firm IOHK, founded by Charles Hoskinson, to launch the Mantis project to implement updates and support the community.
Ethereum Classic operates as an intelligent contract network and can host decentralized applications (dApps). As the price of the ETC increases, the rewards miners receive for checking blocks increase, encouraging more miners to join the network and increase network security.
As activity on the Ethereum Classic blockchain dropped, it became more vulnerable to attack. In January 2019, there was a double $1 million ETC spent on exchanging Coinbase cryptocurrencies in a 51% attack, which can only occur if an entity or collective owns at least 51% of the network. Coinbase and several other exchanges halted ETC transactions and the price dropped in response.
ETC price rises to a new high in 2021
An ETC was worth $2,08 when the blockchain split in July 2016. The price dropped to $0,75 in November 2016, when it hit rock bottom. It then had an uptrend, accelerating to reach $46 in December 2017. The subsequent drop pushed the price back to $3,76 in December 2018.
After the 51% attack in January 2019, ETC rose steadily to reach $9,33 in June, then dropped to $3,54 later that year. The price rose to $12,34 in February 2020, its highest level since 2018. A wide settlement in cryptocurrencies dropped the price to $4,51 in March 2020, and ETC traded in a range between $4 and $6 for the rest of the year.
Rising cryptocurrency prices and renewed development activity on the Ethereum Classic blockchain have dramatically increased the ETC price since early 2021. Emergency updates by protocol provider Core-Get and the relaunch of the Mantis Client have increased confidence in blockchain stability . On April 26, NOWPayments cryptocurrency payment gateway added the ETC.
Upgrading to the Ethereum blockchain provides opportunities for Ethereum Classic to choose users who may prefer the older version. The Mantis IOHK Twitter account tweeted before the hard fork Ethereum on August 5th: “The move from Ethereum to PoS and Sharding could hurt many in the community who prefer PoW and a strong base layer approach to blockchain security. This is where #EthereumClassic becomes a viable alternative for migrating #Ethereum projects. ”
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 is where #EthereumClassic become a viable alternative for #Ethereum projects to migrate to.#ETC @InputOutputHK #blockchain pic.twitter.com/CPKtGQbFzx
— Mantis IOHK (@Mantis_IO) July 30, 2021
On July 24th, Ethereum Classic ran a hard fork called Magneto to implement a number of features from the Berlin hard fork in the Ethereum blockchain earlier this year, as these features offered network security improvements.
The classic price of ethereum peaked at $176,16 on May 6 this year, then dropped sharply as the cryptocurrency rally faded and prices plummeted. As with other encryption prices, the market bottomed out on June 22, dropping to $32,51.
The ETC price rose to $62,01 on June 30, but fell to $37,95 before starting a new high. ETC hit $76,94 on Aug. 15, its highest level since retreating from May highs. The price dropped again, trading between $60 and $70 last week, but has remained up more than 1.000% since the beginning of the year, when it was trading around $5.
So what's next for the classic ethereum price? Will he retreat further or return to previous heights?
Ethereum's Classic Price Forecast: Will the Price Rebound?
CoinCodex's classic short-term ethereum price forecast suggests the price will drop to $64,66 on August 28th. On August 22nd, the website's technical analysis showed that with the ETC price trading at $67,04, there was support at $65,53 to $62,14 and resistance at $68,92 to $72,31.
For a longer-term perspective, the ETC currency forecast from the forecasting website based on WalletInvestor's algorithm shows the price returning to the $70 level in early September and rising to $84,56 by the end of the year. He predicts the price will reach $122,27 by the end of 2022 and will nearly double to $235,25 by the end of 2025.
DigitalCoin predicts that the ETC price will average $105,94 in 2021. Its ETC forecast estimates that the price will nearly double from the 2021 average to reach $205,94 in 2025. forecast to average $306,97 in 2028.
The forecast for Coin Price Forecast's classic ethereum futures price is also optimistic, more than doubling from $129,75 at the end of 2021 to $294,20 at the end of 2025 and $373,67 in 2030.
Trading Beasts' ETC/USD forecast is less optimistic, predicting an average price of $58,04 for September, rising to $60,43 in December, $72,80 in December 2022, $87,62 in December 2023 and $102,57 as of December 2024.
It's important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a currency's price will be in a few hours, and even more difficult to provide long-term estimates. As a result, analysts and online forecasting sites can make their predictions wrong. We recommend that you always do your own research and consider the latest market trends, news, technical and fundamental analysis and expert opinion before making any investment decisions. And never invest more than you can lose.
How to buy ETC coins in 2021
If you plan to invest in ETC now, you can buy the currency on cryptocurrency exchanges such as Binance and Kraken. You can then withdraw the coins to a secure software or hardware wallet for safekeeping.
Frequently asked questions
Will the price of ETC increase?
The classical price direction of ethereum will depend on how the protocol develops and its adoption, as well as the price direction in the cryptocurrency markets. Cryptocurrencies are highly volatile assets, making them riskier than other forms of investment. Whether ETC is a good investment for you depends on your personal circumstances. You should assess the level of risk you are prepared to accept before investing and never invest money that you cannot afford to lose.
How much will ethereum classic be worth in 2025 and 2030?
Forecasts for the ETC price in 2025 vary, with some analysts indicating that the price will rise above $200, while others expect it to make smaller gains. The currency price forecast is optimistic in the long term, predicting that the price will reach $373,67 by the end of the decade. Note that predictions can go wrong and they do. You must do your own due diligence before investing.
