While new cryptocurrencies have popped out this year, most investors have a strong connection to the old and primitive ones. Perhaps, it is because they feel confident about their moves in future and avoid risking exploring new cryptos. While Bitcoin and Ethereum have been ruling the Crypto world no matter what, let’s see about another former currency – ETC. This piece of Ethereum Classic price prediction projects forecast for 2021 and beyond!
Ethereum Classic is one of the oldest cryptocurrency that happened to become familiar with the Ethereum hack. Precisely, Ethereum Classic is the older version of Ethereum, which switched to Proof of stake with its smart contracts post a third party hack.
Ethereum Classic is an open-source, decentralized, blockchain-based cryptocurrency and has inherited significant Ethereum technologies. The only difference is with the smart contract. It works on the baseline ‘The code is law’ and makes sure to stick to philosophy and guidelines of the community. Ethereum Classic also resembles Bitcoin, and involves mining using Ethereum Virtual Machines to reward incentives to the user nodes. The token, called ETC, differentiates itself from ETH or Ethereum.
Did you know that Ether Classic is on the 11th place in top ranking cryptos due to the Code of law, which implies that transactions made are final and can never be undone?
Certainly, this year has seen a boom in Ethereum Classic’s price with many investors diverted to explore this currency. It even outperformed Ethereum this month and left most investors in a thunderbolt. In the last week of May, ETC climbed over 300% and is surging in all possible metrics.
Impressed by the current trends and strongly believe Ethereum Classic has a big part in the future market? If yes, investing in this thriving currency can be a sensible choice to make. But anxious about how well 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!
Table of contents
- What Is Ether Classic (ETC) token?
- Fundamental Analysis
- Ethereum Classic Price Prediction 2021
|All Time High||$176.16 May 06, 2021|
|All Time Low||$0.4524 Jul 25, 2016|
|Circulating supply||116,313,299 ETC|
|Total Supply||116,313,299 ETC|
What Is Ether 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 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. 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 look out 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 signing of agreements on transactions-Smart contracts. These contracts aid to host the Decentralized Apps made on the platform (DApps). A Proof-of-Work 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 creation of DApps and smart contracts, without any third-party interference. Contrastly, 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 on to 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.
The official website of the network regularly posts regarding the updates they are working on. Pertaining to this month, Ethereum Classic has announced about the Magneto upgrade and IOHK development!
Ethereum Classic Price Prediction 2021
ETC trading at the start of 2021 began with the trading price of $5.70. Further the price kept on surging and eventually entered a massive uptrend phase in the first week of April. The price rose like a giant and surpassed $50 in the beginning of May and also surpassed $100 within a couple of days.
Maintaining the bullish rally, the price is eventually expected to cross $150 in coming days. And if the bull run gets accelerated the price may also reach $200. On the contrary, if the price slashes, the price may retest the levels around $100 or below.
Lately this month, the crypto market crashed and Ether Classic was not an exception to this. When the ETC price was likely to reach its $100 milestone, a possible pull back occurred due to the market crash. The prime reason is Elon Musk’s thoughts on how crypto mining has affected the environment. This leads to a wipe off from almost all cryptos that are mined. From $88, the price dipped to $60.12 on May 19th making the $100 far off for ETC.
The current price trends are much true to what has been said above. Ether Classic smashed the market with its ATH of $176.16 lately this month. Many experts believe that the upward movement of this currency is because many investors have started to explore post a bullish rally encountered. Many others believe that since it is the season of altcoins, many are investing in ETC as well.
Currently, Ethereum Classic shows a bull flag, with a flag and pole indicating a strong uptrend hitting $60. Thus, positive sentiments are on board for ETC to close this year with a gradual bullish trend.
If such positive market movement continues and new investors investigate Ethereum Classic’s PoW, the ETC price may switch high up to $140.26 as the year ends. On the flip side, if the fact that Ethereum Classic will not undergo Ethereum updates leaves a retarded effect, then the price may fall. In that case, ETC token price might see its minimum of $44.43 as the year ends. However, being a primitive player, the average price figure for the year lies at $99.77.
Ethereum Classic Price Prediction 2022
If ETC closes this year hitting the lows, then it might resume next year’s trade with a bearish note. In that case, the Ethereum Classic price starting January may be near $45.0.
On the other hand, if 2021 hits new highs and closes, it might continue the same trend and commence 2022 with a bullish trend. If this happens, the ETC price may be at $88.5.
The altcoin has proved to be a stable priced investment all long! Despite the fact that Crypto markets are unpredictable, ETC has not flapped too much. If the token carries over this tagline further, it can draw investors who wish to have a safe play. And so, it might draw investors who wish to have a safe play. Thus, by the end of 2022, Ethereum Classic price can reach a high of $270.63.
On the flip side, Unlike new currencies that bagged a huge user base and community, Ethereum Classic still has a limited community circle. In the coming year, with increasing competition in the market, if ETC fails, it can drop to $168.01. However, considering regular buying and selling signals, the average price for 2022 may be $224.52.
5 Years Ethereum Classic Price Prediction
As the years pass, 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 $435.78.
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 next five years, ETC can slash to a minimum of $338.66. However, since ETC is the original Ethereum, it can move steadily with an average price of $391.54.
What Does the Market Say?
TradingBeasts.com predicts ETC might reach $53.698 by the end of 2021 and $101.33 by the end of 2024 on the higher note.
Longforecast.com predicts that ETC might end the year 2021 trading at $112.1. By the end of 2024, the price may plunge and trade near $50.2 And by the mid of 2025, the price may trade at $43.3.
According to DigitalCoinPrice, Ethereum classic may trade at an average of $90.44 by the year end and $175.79 by the end of 2025.
EXPERT’S CORNER | What Experts Say About ETC?
Many Crypto critics believe a possible breakout from the $50 mark for ETC in the coming days, after it broke the resistance mark at $42.22.
Know 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 $140.2.
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 $435.7 But negative sentiments like mining ban or a market collapse can pull a low of $338.6.
|Year||Potential High||Potential Low|
How Did ETC Perform Previously?
Ethereum classic started its journey with the 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 the mid December and later plunged to $26.93 to end the trade of 2017.
ETC initiated 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.
By 2021, ETC is expected to reach $140.
Yes. The long-term earning potential is quite high.
Ethereum runs on Proof of Stake consensus algorithm and Ethereum Classic works with smart contracts and Decentralized Apps.
ETC can be traded at the popular exchanges like Binance, OKEx, HitBTC, Upbit and many more.
Disclaimer: This piece of Article is only for informational purposes. It is not trading or financial advice.