The current circulating supply for Ethereum Classic is 139,797,976 ETC. Ethereum Classic ETC currently has a market cap of $2,651,453,411. Deposit crypto to our exchange and trade with deep liquidity and low fees.
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— Emy (@EmyDonavan) March 8, 2023
If another extended rally, it should test the next major resistance level at $24.12. In March 2020, the second ETC reduction event slashed block reward by another 20% to 3.2 ETC. In April 2022, another 20% block reward slashing (from 3.2ETC to 2.56 ETC) was implemented. Based on the 5 million block emission schedule, the next reward reduction event will occur in 2024. The price of ETC has historically been heavily LINK etc value correlated to ETH price movements, according to OKX’s ETH and ETC charts.
Latest Ethereum Classic (ETC) Price Prediction
https://www.beaxy.com/ Classic can be a solid short-term investment in the wake of network attacks. It can be sold short in the midst of network attacks in order WAVES to profit from price falls, and it can be bought long as the price recovers and the attackers sell their gains. The value of Ethereum Classic as an investment is highly dependent on how you invest in the token. As a long-term investment to buy and hold, Ethereum Classic is a risky investment.
Technical analysis examines the price history of Ethereum Classic. It looks for patterns in the historical data to identify potential trend reversals in the future price movement. As with many other crypto assets, Ethereum Classic price may experience major upswings often followed by major dips, depending on active market trends. Ethereum Classic’s price history can be analyzed with the same techniques used in the stock market.
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Ethereum Classic utilizes the Proof-of-Work consensus mechanism that Bitcoin first introduced. Proof-of-Work or PoW enables a miner-based validation and emission system where participants are incentivized to confirm that new transactions do not contradict or invalidate the data existing on the blockchain. The attacker exploited a flaw in The DAO’s code and made off with $50 million worth of ETH at the time.
The demand for Ethereum Classic is closely related to the number of listings that ETC has on various exchanges, and is expressed through trading volumes. The balance between buying and selling activity will eventually form the price and define a market cycle as bearish or bullish. Sentiment analysis measures opinion data and categorizes it as positive, negative, or neutral. This technique studies the overall sentiment in the market, revealing how investors and traders feel about certain crypto.
It enables lesser fees and a plethora of digital assets to pick and choose from. These upgrades and successful tie-ups have accelerated the momentum for ETC, creating the ecosphere of smart contracts far and wide. The upgrade has elevated the Ethereum Classic price rise on exchange substantially.
While ETC price aims to broaden space for transparency, it allows users to scrutinize contracts and data. One is at liberty to go for encryption before one disseminates it on the network. However, the last year brought a lot of good for Ethereum Classic. The year 2022 might have seen the ETC price hovering between the range of $13 to $49.
Ethereum Classic traded at $0.98 when it was created and launched to the market in June 2016. ETC price went on to increase by nearly 3000% after hitting its ATL. In August of the same year, Ethereum Classic price broke the psychological level of $1 for the first time and traded at $1.79.
This could increase the on-chain activity of the blockchain, drive the Ethereum Classic price higher, and make ETC more valuable to invest in and hold. You can also use your existing cryptocurrencies to buy ETC on the KuCoin exchange. Transfer the funds from your digital wallet and into your KuCoin trading account to use them. Also known as Ether, ETC is mined to generate rewards for nodes within the network that validate transactions in the blockchain. Regulations of the cryptocurrency market also develop on a regular basis, and this has the potential to change Ethereum Classic’s level of operation in the future.
Ethereum Classic priceETC
Please also note that data relating to the above-mentioned cryptocurrency presented here are based on third party sources. They are presented to you on an “as is” basis and for informational purposes only, without representation or warranty of any kind. Links provided to third-party sites are also not under Binance’s control.
This metric can be used as a predictive indicator of the asset’s future market capitalization. With the intervention by Ethereum’s team, the platform was able to return all of the stolen funds to their owners. Hackers stole $50 million worth of funds and a split was performed as a way to return the stolen funds to their original owners.
Hence, buy Classic or sell Ethereum Classic by your choice. Ethereum Classic is the unforked, original history-containing version of Ethereum, supported by advocates – but not the core team of Ethereum developers. Due to a $60m hack of a third-party project in 2016, the Ethereum Foundation made the decision to hard-fork the network and restore the lost funds. However, the original network continued – renamed Ethereum Classic – championing the philosophy that smart contracts shouldn’t be interfered with, regardless of how painful a hack may be.
The cryptocurrency allows for a decentralized, highly secure digital transfer of payments with very low transaction fees. Now existing as two separate blockchains, Ethereum Classic remains true to its brand while remaining the “original Ethereum” with smart contract functionality even as Ethereum evolves further. The ETC average price is expected to reach minimum and maximum prices of $55.85 and $63.97 respectively. According to the technical analysis of Ethereum Classic prices expected in 2023, the minimum cost of Ethereum Classic will be $27.19. Lack of funds, security, miners’ interest, team draining out could lead to disruption.
Likely applications include database management, auditing, etc., internal to a single company. So public readability may not be necessary in many cases at all, though in other cases, public audibility is desired. Having just locked in 10% with our Long trade on #ETC we’re looking at a small but well-worth-doing Short trade, expected returns of around 10%.
Can Ethereum Classic reach $100?
Ethereum Classic Price Prediction for 2024
Moving ahead, the second half of 2024 is believed to ignite a bull run but with a lowered pace than that of 2021. The prices are believed to rise beyond $100 in a short time and quickly gain levels beyond $110.
The Enterprise Ethereum Alliance , which consists of JP Morgan, Credit Suisse, ING, Mastercard, Accenture, AMD, and more, also offers support. However, most of the interest from the EEA has shifted to Ethereum after the hard fork, leaving a relatively lower interest in developing Ethereum Classic. In addition, today, the old branch is actively interested in China and other Asian countries — the region that feeds the entire cryptocurrency market.
Another major factor is the oracles of ETC price are of complex nature even though high in demand. The launch on Ethereum mainnet was a respite for investors who have been long waiting for it. These factors have increased the use of this protocol in the decentralized finance sector, thereby boosting Ethereum Classic’s adoption.
- This aspect of ETC tokenomics was meant to boost the coin’s long-term sustainability to a great level.
- Amid the resurgence of buying momentum in 2021, ETC’s price skyrocketed to an all-time high of $134.
- However, Ethereum Classic differs significantly as it is incompatible with any ETH update.
- However, it is unlikely that the Ethereum Classic ecosystem could ever compete with Ethereum, which remains the largest ecosystem hosting dApps.
- Here you can find answers to the most commonly asked questions, explore Ethereum Classic’s potential, check an ETC coin price prediction for the coming year, and more.
Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry’s research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining. With the upgrades on the Ethereum Classic blockchain, we expect an era of growth in hosting more innovative projects and applications as more and more integrations with the physical world is made. ETC is one of these innovations that provide a better base value in the cryptocurrency sector. However, like Ethereum, the Ethereum Classic blockchain offers more functionalities than Bitcoin, as users can access smart contract-enabled applications. Ethereum Classic is one of the oldest and largest cryptocurrencies by market cap and enjoys considerable attention from investors.
Is ETC a good investment?
Ethereum Classic has a lot of potential and is considered one of the most profitable cryptocurrencies for long-term investments. Due to its unique technology and continuous development, ETC is expected to grow even more in the next few years and could reach new heights.
ETC, the native coin of Ethereum Classic, is used to pay for using its computational resources. As in Ethereum, one needs to pay gas fees for the execution of smart contract functions and coin transactions. This payment goes to miners who validate transactions, perform smart contract computations and add new blocks to the chain. Besides being a payment mechanism for blockchain transactions, ETC, owing to its deflationary nature, is also used as a store of value. Ethereum Classic is an open-source decentralized computing platform and cryptocurrency that launched as an alternative to the Ethereum network in 2016. Much like Ethereum, Ethereum Classic offers smart contract functionality and supports the deployment and use of decentralized applications .