The Crypto space has been slowly garnering the attention of industrial investors. In order to attract newbies, unique crypto projects are coming out in the market. Ethereum Classic (ETC) is one such project that thrives to enable developers to build and deploy smart contracts – autonomous.
Ethereum Classic is one of the oldest cryptocurrencies that happened to become familiar with the Ethereum hack. Precisely, Ethereum Classic is the older version of Ethereum, which switched to Proof of stake (PoS) with its smart contracts post a third party hack. This piece of Ethereum Classic price prediction projects forecast for 2021 and beyond!
See more: Ethereum classic stock forecast
Investing in this emerging cryptocurrency can be a sensible choice to make. But anxious about how the coin will perform in the coming days? To retort your inquiries we have made a complete analysis of this currency that will make your decision-making journey easier. Jump in to know more.
What is Ethereum Classic (ETC) token?
Ethereum Classic is the basic Ethereum token, created on the smart contracts system, which appeared in 2015. It was designed to help the developers to operate the application effortlessly, with heightened security.
Originally, Ethereum is the hard fork of Ethereum Classic which was officially launched in July 2016. It has the ability to host and support decentralized applications. The main aim of the Ethereum classic is to conserve the Ethereum blockchain after it got divided.
Ethereum, which was developed by Vitalik Buterin and Gavin Wood, experienced an occurrence of around 3.6 million Ether coins being stolen in 2016. Post this hack junction, the community split into Ethereum and Ethereum classic, with the latter holding the original blockchain. One of the main features of ETC is, anyone can participate in its global development community. The transaction fee is collected by the miners based on the work. It runs on a proof-of-work mining algorithm.
To buy/sell and trade ETC lookout for cryptocurrency exchanges that list the token. They are exchangeable for a range of fiat currencies and stablecoins too! According to Coinmarketcap, you can trade ETC on exchanges like Binance, Houbi Global, OKEx, and many more.
Like Ethereum, Ethereum Classic also allows the signing of agreements on transactions-Smart contracts. These contracts are said to host the Decentralized Apps made on the platform (DApps). A Proof-of-Work (PoW) consensus allows the ETC coins to be mined. Every transaction happening over the network requests a stipulated transaction fee to be paid. Further, miners receive incentives in the form of ETC for creating reliable blocks.
The network works on the original Ethereum blockchain that persisted before the DAO hack. However, it underwent some updates to restore security. Unlike Ethereum, which is planning to switch to PoS soon, Ethereum Classic has no such plans and would continue with PoW, coupled with scalability improvements in the near future.
Many misinterpret ETC to be a payment medium, when in reality it is only a decentralized blockchain domain, assisting the creation of DApps and smart contracts, without any third-party interference. Despite improvements made to boost security, Etheeum classic has experienced a number of cyber attacks in recent times. Last year from July to August, the network was subjected to more than a 51% attack.
The network has always been with open arms for new partnerships and collaboration posing to enhance its utility. Remarkable partner events are those with Chainlink, integrating their Decentralized Oracles onto Ethereum Classic in 2020. Moreover, the network has a consortium of development companies like ETC Labs, ETC Core, Godel Labs, and many more working for it.
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The official website of the network regularly posts regarding the updates they are working on. Pertaining to this month, Ethereum Classic has announced the Magneto upgrade and IOHK development!
Recent Updates on Ethereum Classic:
- Ethereum classic has got listed on the Sevenb application. Where Sevenb is a simple and straightforward crypto broker powered by Binance. This bridges transaction on a convenient app on iOS or Android with no registration to KYC for debits.
- The number of firms accepting Ethereum Classic reached 1000 on Cryptwerk in September.
Ethereum Classic Price Prediction 2022:
The Ethereum classic price is expected to rise above $45 until January. However, if a large chunk of buyers jumps into trade then ETC price would claim as high as $60 by the end of Q1. In the case of average buy and sell pressure the asset would end up trading at $48.
For the rest of the year, a rise in collaborations and adoptions would uplift the price up to a maximum of $65 by the end of the year. On the contrary, if bears predominate the market and inflation fears impact the price, then it would flip to $40.
Ethereum Classic Price Prediction 2023:
ETC has facilitated a fast, cost-efficient, and better user experience. These features could uplift the Ethereum classic price to as high as $100 in 2023. The average and minimum possibilities are being $80 and $61.5.
Price Prediction For The Next 5 Years:
Many people may dive into the crypto market, and as newbies, they will look out for relatively low-priced yet worthy currencies. Ethereum Classic is affordable for beginners and also is familiar with its very own breakout from Ethereum. If such a scenario occurs, the ETC price can boom and even touch $300.78.
But, the fact that Ethereum classic is still an inactive network in the competitive space can have a negative impact on its price movements. So, by the end of the next five years, ETC can slash to a minimum of $198.66. However, since ETC is the original Ethereum, it can move steadily with an average price of $251.54.
Market Prediction For Ethereum Classic:
According to wallet investor, they believe the ETC price might continue the bull rally and may easily hit a maximum of $94.592. The minimum price is $69.052 and the average price would be $82.017 by the end of 2022. They anticipate that the price may hit the milestone of $249.156, the average ETC price is expected to smash $209.532. On a bearish note, the token would plummet to $171.
The website is hopeful of Ethereum classic price to reach a maximum of $63.818 by the year’s end. Average and bearish cases are being $51.054 and $43.396 by the end of 2021. The long-term prediction appears to be bullish for the altcoin as they predict to hit a maximum of $68.528. On the contrary, they expect the price to plummet to $46.599 and in the average case, it would end up trading at $54.822 by the end of 2024.
According to DigitalCoinPrice, Ethereum classic may trade at an average of $54.86 by 2022 and $69.79 by the end of 2025.
Gov. capital has revised their prediction for ETC price, they expect the token to hit a maximum of $61.100. On the contrary, they believe, trend reversals in the market would plummet the price to $45.166. And with average buy and sell pressures it would end up trading at $53.131. The website has also made a whopping prediction in the long term, they expect the price to surge to a maximum of $194.138. The average and minimum probabilities will be $168.816 and $143.49 respectively by the end of 2025.
Our Price Prediction:
IOHK’s relation with Ethereum Classic can impose a green signal for the altcoin in the coming months. According to Coinpedia’s formulated Ethereum Classic price prediction, if the network turns active with IOHK working on it, the ETC price for the year can hit a high of $104.452.
On the other hand, if the network fails to work on its security and falls prey to another cyber hack in the coming months, the price can drop to $44.4 with increasing FOMO. As a long-term forecast, if Ethereum Classic grows in price and shows good profit margins it can hit $315.78 But negative sentiments like a mining ban or a market collapse can pull a low of $207.66.
Historical Market Sentiments:
Ethereum classic started its journey with a trading price of $0.66. The price drastically surged to $2.14 by the end of July. With certain price variations, ETC managed to trade at $1.38 at the end of 2016.
ETC continued to trade at $1.40 by early January. The price steadily started to rise and dramatically the price hit $22.34 by mid of June and started to drop further. The price dropped around $10 by September and ETC started to surge further. However, ETC surged further and recorded its All-Time-High by reaching $47.77 by mid-December and later plunged to $26.93 to end the trade of 2017.
ETC initiated the 2019 trade at $41.70 and further plunged to $19.75 by early February. Later the price surged to $41.79 in February as bulls held the market. Further, the price initiated a downward move and arrived at $14.13 by April. ETC managed to be in the range between $12 and $16 until December. Later the crypto market crash led to the decline in the price of ETC as well as other altcoins. At the end of 2018, ETC was trading around the $5 mark.
ETC managed to trade at the range between $3 and $7 throughout the year.
During the start of 2020, ETC was trading at $4.86. Progressively, the price managed to reach the $11 mark by early February and further plunged to $5 by the end of March. The price continued to be stable throughout the year with certain variations. At the end of 2020, ETC traded at $5.66.
ETH classic gained massive profits this year. ETC began trading at $5.70. Further, the price kept on surging. And eventually, the price surpassed 3 digit milestone reaching ATH $176.06 on May 06, 2021. ETC was hit hard by a market crash. The price fell by 440% reaching $41.51 on July 21st, 2021. The ETC price has surged gradually from early July with a resurgence of more than 40%. Further, owing to the Chinese market turmoil in the first week of September, the price has fallen to $45.47.
The price was seen struggling to break out of crucial resistance between $50 to $55 in the final quarter. Yet woefully failed to achieve the same. With a prolonged bearish predominance, ETC’s price plummeted to $35.39.
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