What is Ethereum (ETC)? What are the factors that affect its growth? How can you get the most out of it? ? Find expert opinions about the Ethereum (ETC), price for this decade.
What is Ethereum?
Ethereum Classic (ETC), a cryptocurrency, was launched July 2016 as a hardfork of Ethereum (ETH). Different decentralized applications (DApps), and smart contracts are available on the Ethereum Classic platform. ETC has grown steadily over the years. It saw a sharp price rise in the first half 2021.
Investors are therefore very interested in the future performance and prospects of this coin. Is it likely to gain in value over the next few years? Do you think ETC is worth your investment? It’s possible to find out more in our Ethereum Classic price prediction.
History of Ethereum Classic (ETC).
Due to disagreements among participants over how to respond to a hack, the original Ethereum blockchain was split. This led to the theft of 3.6M ETH coins (equivalent of $55 million) in June 2016.
The Ethereum leadership decided that the blockchain would be restored to its original state before the hack. The stolen funds would then be recovered. Some community members and developers disagreed with this move. It was viewed as a violation to the principles of decentralized cryptocurrency. The Ethereum community was split.
Ethereum Classic was created in July 2016 and has worked hard to distinguish itself from Ethereum. The technical differences between Ethereum Classic and Ethereum become more apparent as the years go by. The Ethereum blockchain is being updated. It is now moving towards the so-called Ethereum 2.0. One of the most significant updates to the Ethereum blockchain is the adoption and validation of proof-of–stake (PoS), instead of proofof-work (PoW).
Ethereum Classic, for its part, doesn’t plan to abandon PoW. Ethereum Classic does not have an official developer team, unlike Ethereum. Instead, several volunteer programmers work together to update the source code.
A 51% attack on the Ethereum Classic blockchain occurred in January 2019. The attack led to the double spending of $1 million worth of ETC coins by Coinbase, a major cryptocurrency exchange. Coinbase and other exchanges stopped all transactions involving ETC. As a result, the price of this coin fell.
Ethereum Classic continued to grow despite this. The ETC price started to rise at the beginning of 2021. This led to an all time high on May 6, 2021. Since this price rise, Ethereum Classic has been a hot topic.
What makes Ethereum different from other cryptocurrencies?
Ethereum Classic is the oldest blockchain-based, decentralized cryptocurrency platform for running smart contracts. However, it is not the most widely used. Ethereum is the most widely used smart contract platform. The Ethereum Classic community is known for its commitment to decentralized cryptocurrency principles. The Ethereum Classic community stood up for fungibility, immutability and opposed the restoration of funds taken during the June 2016 hack.
What can Ethereum be used for?
Smart contracts can be run on the Ethereum Classic network. It can host DApps. ETC, the native token of the platform, stores value and can also be traded for fiat currency or other cryptocurrency. You can exchange ETC on LetsExchange.io for more than 260 coins and tokens.
Analysis of the Ethereum (ETC) price
When ETC was launched in July 2016, its value was less than $1. ETC reached its lowest point on July 25, 2016, when it was worth $0.4524. The coin was worth more than $1 by the end of 2016. Ethereum Classic saw a rapid growth in 2017. Each ETC coin traded for more than $7 by May 2017. It had reached $20 by the end of May 2017, and has remained at that level for many months.
The bullish run on this coin had slowed to a halt by September 2017. Its price fell and it was traded at $10-12 over the next few months. This coin experienced a new rally in November that saw it rise to $40 by the end 2017. The ETC coin reached a record high of $47.77 on December 21st 2017.
Through February 2018, the bullish trend continued. ETC’s price dropped soon after. It fluctuated between $15 to $20 over the next six months. After that, the coin began to fall. It was trading below $5 by early 2019. During the remainder of 2019, there were no major changes.
The ETC price was just $12 at the beginning of February 2020. It fluctuated between $4-$7 for the remainder of 2020. ETC began to show signs of an upward trend at the beginning of 2021. It quickly gained in value and reached a record $176.16 on May 6, 2021. The ETC price fell to $69.73 two weeks later. The price of this coin remained steady at $50 for the next few months, and up to October 2021.
What is the Impact of Ethereum Classic’s Growth?
Ethereum Classic’s future depends on its ability attract more users. Ethereum is currently the most used platform for hosting DApps and running smart contracts. Ethereum Classic is able to perform these functions. Many more people would switch to Ethereum Classic if it offered something extra. The ETC price would rise if this happened.
How do I get ETC?
There are several ways you can add this cryptocurrency to your investment portfolio.
- Mining. You can mine this coin as long as Ethereum Classic uses PoW validation. The rewards for miners have increased as the network grows, after the 51% attack on the network. Incentives to become miners are higher and users will be more inclined to join. The network will be more secure if it has more miners.
- Buy from a custodial Exchange Most major exchanges list ETC. This coin can be purchased using fiat money with no problems.
- Swapping cryptocurrencies. You can also swap cryptocurrencies you have. A crypto-to-crypto trading platform like LetsExchange.io is available. We support over 260 digital currencies. You will therefore be able swap your crypto holdings for Ethereum Classic.
Prediction of Ethereum’s Price in 2021
ETC’s price has risen to $50 by mid-October 2021. It’s still far below its record high of $176.16. Will it rise? Experts are optimistic about the cryptocurrency’s performance for the rest of 2021. Analysts predict a maximum price of $120 at the end of 2019.
Prediction of Ethereum’s Price 2022
The bullish trend that started in January 2021 will continue into 2022. Analysts expect ETC to reach $135 in 2022. The ETC price is likely to fluctuate around this mark throughout the year.
Prediction of Ethereum’s Price in 2025
Analysts agree that ETC’s price will rise to $250 by 2025. There will be ups and downs. Experts believe that ETC’s price will fall in 2023. It will rise to $160 by the end 2023. The price could reach $200 in the following year, 2024. A new record high of $270 per ETC coin can be achieved in 2025.
Prediction of Ethereum’s Price in 2030
What is the ETC’s price in 2030? It’s difficult to predict accurately. Each ETC coin could still be worth $373.67 by the end. It is possible that long-term predictions about the price of any cryptocurrency could be incorrect at the end. It is important to monitor price fluctuations to decide if you should keep your ETC coins.
Conclusion: Should you Invest in Ethereum?
You should. This cryptocurrency has seen a renewed interest due to its excellent performance in 2021. Our price forecast shows that the bullish trend that started this year will likely continue for many years. It is up to you to decide whether or not you want ETC in your investment portfolio.
What are the advantages of Ethereum Classic?
Ethereum Classic isn’t much different from Ethereum. With its “Code is Law” philosophy you can be sure of the integrity and security of your transactions on this blockchain. Ethereum Classic is truly decentralized.
Is Ethereum Classic a good investment?
It is likely. The cryptocurrency has had a great performance in 2021. Experts predict that the coin will continue to gain value over the next few years.
Can ETC be mined?
ETC uses PoW validation so you can mine it with the right hardware and software.
Keep in mind that this information is solely based on our observations. It is only intended for informational purposes. This information does not constitute financial advice or a forecast. You are investing at your own risk in cryptocurrency because it is volatile.