About Ethereum Classic (ETC)
Ethereum Classic (ETC) is a blockchain project that is open-source and developed by a coding team from all over the world. Any official entity does not head it. Although Bitcoin is the pioneer of blockchain technology, Ethereum Classic is a close competitor with almost the same price as Bitcoin. It is a blockchain project of the second generation.
Ethereum Classic, like its sibling: Ethereum, is a more broadened decentralised application that allows people to create and host apps related to smart contracts. Ethereum Classic’s native coin is ETC which is used for transaction fees and blocking rewards to sustain the security of the blockchain network.
History of Ethereum Classic
Ethereum was instrumental in gaining people’s trust in blockchain technology and made it more flexible. It was made possible by Ethereum to automate and devise contractual agreements or smart contracts, which changed the concept of digital finance forever. In decentralised finance, more than $71 billion in cryptocurrency assets are held in multiple projects.
These decentralised finance protocols run on Ethereum. The separation of Ethereum from Ethereum Classic began in July 2016. The cause of separation is, however, complicated. Some developers wanted decentralised autonomous organisations to participate centrally in the Ethereum blockchain. These organisations would allow clients to pool Ethereum to boost Ethereum development soon. After collecting $150 million coins, a hacker pilfered $50 million, which was a considerable sum in 2016 for developing technology. Therefore, Ethereum developers changed the code back to avoid theft.
The hacked money was returned to the investors, and Ethereum Classic is the cryptocurrency that perpetuated the former with the autonomous organisations. Thus, since it is the original code without any changes, it is known as Ethereum Classic. Users of Ethereum Classic felt that the exploited funds should not be given back to the former holders, and therefore, the parties separated into two chains.
Potential Growth of Ethereum Classic (ETC) So Far!
The price of one ETC coin was $2.08 during the separation of Ethereum from Ethereum Classic. It fell to $0.75 in November 2016, then reached a higher value of $46 in December 2017, and then lost $3.76.
After that, the value steadily escalated to $9.33 till June, and then it fell to $3.54 by the end of the year. The price again rose to $12.34 in February 2020, which was the highest until 2018. However, in March 2020, the price dropped to $4.51 by March 2020, and for the remaining year, the value remained between $4-$6. 2021 saw a rise in the price of the cryptocurrency. One massive success for Ethereum Classic was that NOWPayments added ETC. Ethereum Classic has the scope to attract users that prefer the original version of Ethereum.
The Ethereum Classic price topped on 6th May 2021 with $176.16 and then suffered a sharp fall as the cryptocurrency prices crashed. On June 22nd, the price dropped further to $32.51. The ETC coin value rose to $62.01 on June 30th but dropped again to $37.95 before a new rally. On 15th August, the price reached $76.94, dropping by 12% in October. In January 2022, the price was $31, which is 77% lower than in May.
Now See, What Experts Say on Ethereum Classic
According to experts, Ethereum is one of the best technologies to exist and has gained the trust and support from numerous entrepreneurs of the finance and technology industries. McCann believes that the price of Ethereum will rise upto $50000 per coin by March 2022. Sassano, the co-founder of ETH Hub, maintains that the price of Ethereum might rise to $150000 in 2023. Simon Dedic feels that the price of ETH might be $9000 per token, despite the market crash.
Ethereum Classic Price Forecast for Coming Years
The price of ETC is predicted to be $70.5 by next year and reach $225 by the beginning of 2027 by WaletInvestor. DigitalCoin estimated that the price of ETC will be $42.8 on average in 2022. By 2025, the price of ETC could reach $69, and by 2028 the value of the coin is expected to rise to $111 on average. Gov Capital predicts the price of ETC coins to be $55.6 in 2023 and rise upto $226 in five years.
Coin Price Forecast also has high hopes for the coin’s price to almost double from $44.79 in 2022 to $59 by the end of 2024 and $123 by the end of 2030. Trading Beasts estimates that there will be little growth in the value of ETC from $27.5 in 2022 to $38.7 in December 2023 and then rise to $54 in December 2024. According to ETC prediction, the value will rise to $48 in December 2025.
When Will Be the Right Time to Invest in Ethereum Classic (ETC)?
The right time to invest in Ethereum Classic is when you feel you can afford to invest money in Ethereum Classic without having to fear a financial crisis. The price of cryptocurrency is volatile, and there may be ups and downs in the price of Ethereum, so before investing, you need to have a clear idea about the market.
Final Thought
Ethereum Classic is the original brand from where Ethereum emerged, and it forced some investors to use the prior blockchain technology. But there is little scope for long-term development when compared to Ethereum. You can buy ETC from any crypto exchange you feel like when you are ready to invest. There may be some spikes in the speculation of ETC price, but when competing with smart blockchains, it does not measure up.