Table of contents
- ETC Price History Analysis
- Ethereum vs Ethereum Classic
- 51% attack
- Ethereum Classic Price Predictions for 2019 & Further
Ethereum Classic is a cryptocurrency born as a result of the Ethereum’s fork happened on July 20, 2016. The fork was performed by the Ethereum (ETH) community in order to restore the funds that were stolen using the exploit found in the DAO code.
A part of the community did not agree with such drawback and eventually the ETCDEV team was founded and the story of the alternative blockchain called Ethereum Classic had begun.
We won’t stay for long on the topic of the Ethereum blockchain split. If you’d like to read more about the DAO, visit the corresponding Bitcoin Wiki article.
Ethereum Classic is a controversial coin. It is not supported by the Ethereum Foundation but has some significant approval within the crypto community as it stands for the rule of “You’re your own bank”.
What are the Ethereum Classic price predictions? What are the Ethereum Classic predictions for the coin’s technical side? Let’s find out!
ETC Price History Analysis
The coin got through a very tough year losing around 90% of the price per coin since January 2018 being around 5,5 USD per coin.
ETC price is now at its historic low since May 2017 and the Ethereum Classic future is very obscure. Despite not being as financially successful as ETH, Ethereum Classic has a market capitalization of over half a billion USD and is a prominent part of the market.
ETC coin’s price is one of the most volatile on the cryptocurrency market. Initially, after the fork, Ethereum Classic price predictions were not positive at all.
The community was unsure if the coin could work without Vitalik Buterin and other members of the Ethereum development team. This uncertainty is clearly reflected in the ETC price chart. That was until the summer of 2017 when the cryptocurrency hype started to rise.
Ether Classic price started rising with the other prominent market participants. The blockchain community was hopeful towards the future of the industry, ETC team managed to get significant funding. Both ETC coin’s price and it’s market capitalization were on the rise.
However, even on the uptrend, the coin was very volatile. ETC price shifts its direction many times even throughout the day, not to mention larger time periods. You can see how the ETC price dropped several times from Summer to the late Autumn of 2017.
Still, the fact that ETC price history is the one of volatility is not necessarily a bad one. The volatility of Ethereum Classic is one of the main reasons behind some of the ETC coin predictions.
This currency is very useful for gaining speculative profit. Even on the constant downtrend, Ether Classic price showed several peaks that could’ve provided artful traders with significant income. Some of the peaks were even sustained for a couple of days.
Such an unstable price helps cryptocurrency traders in their craft. ETC is a good short-term investment when talking about constant control over the market movements. It also makes the coin a very risky long-term investment.
To sum up, the ETC coin price shows turbulent movements in both long term and short term. When talking about trading and speculating on the price, the Ethereum Classic is great.
If you seek to place your assets in long term investment, ETC may be a bad choice. ETC price history shows large increases either when the whole market is growing or when the market is most unstable.
Ethereum vs Ethereum Classic
ETC is as a blockchain continues the original network of the Ethereum platform. In fact, Ethereum (ETH) is a fork, a new cryptocurrency. Ethereum Classic, on the other hand, is the original chain, that ran since July 30, 2015.
As of now, the differences in the code base are not huge. Ethereum Classic supports smart contracts and shares its the Ethash mining algorithm with ETH. Most of the other technical features are also present in both cryptocurrencies.
ETC is vastly different from Ethereum financially and community wise. Most of the prominent leaders of the Ethereum community picked the new coin as the main Ethereum platform. Additionally, the development team of the Ethereum foundation also decided to support the fork. As a result, ETC lost a major part of users and creators.
As a result, ETC is less advanced, has more significantly fewer issued DApps and much-much lower hashrate. A smaller community can’t manage to keep up with the number of active addresses and sent transactions. You can read more about the differences of Ethereum Classic vs Ethereum in the article by SFOX Edge.
51% attack on Ethereum Classic
In January 2019, the Coinbase cryptocurrency exchange announced that it detected a double spend attack on ETC. Such an attack can be performed only if 51% of the network is owned by one entity or a cooperating collective.
As a result, around $1 million worth of ETC was spent twice. Coinbase, alongside some other exchanges, decided to halt the transactions of Ethereum Classic. The ETC price dropped around 7% which is not such a huge drop in the cryptocurrency market. The development team of the coin confirmed that the attack took place.
Such an attack is pretty hard to do, but the relatively low hashrate of the coin made it possible. Still, this attack didn’t lead to any significant consequences for the network. Indeed, 51% attack is not really an attack on the blockchain as it doesn’t damage its maintenance.
The network users are damaged because of losing funds, but not the network itself. As a crypto that stands on the immutability of blockchain as a core principle, no forks or reorganization happened to restore the funds.
Interestingly, this move didn’t lead to any outrage in public. Despite several magazines and individuals have spoken on “blockchain being hacked”, Ethereum Classic mostly got a positive reaction in the community. ETC didn’t break its rules, hashrate didn’t drop, as well as the market cap of the coin.
Despite the success of the attack, the ETC dev team made a number of moves to secure the blockchain. The main one is ETC building a technology for sending transactions off-chain, alongside some less important new features and fixes.
Ethereum Classic Price Predictions for 2019, 2020
Ethereum Classic is now in the dark period. The coin got through a controversial attack and prominent price drop. Experts show very different views in their ETC predictions. Coinpedia made a ETC price prediction of $35 by the end of 2019 🤷♂️.
Smartereum’s Ethereum Classic price prediction advice to invest in the coin for long-term gains. tokenMantra made a prediction of ETC trading at the price of $0.0187 at the end of 2019 and not breaking $0.3 in 2020.
Ethereum Classic will not likely show rapid price gains. The price of around $0.01 is also very unlikely. Most reasonable outcome for the ETC is a price of around its current values with a pretty big trading range from $3 to $7-8 USD per coin.
Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. While price analysis is a useful tool, it should not be considered predictive for the future performance of any investment vehicle.
Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment. Website personnel and the author of this article may have holdings in the above-mentioned cryptocurrencies.