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.
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
After the 2016 hard fork, the price of ETC was only 60-70 cents. The cost of ETH fell from $14 to $10 due to the DAO scandal.
However, very soon the Ethereum Classic coin appeared on the American Poloniex exchange and immediately rose in price to $1.4. The cryptocurrency market capitalization has grown to $250 million, which at that time was even more than Ethereum.
Despite the support of the well-known exchange and a significant part of the Ethereum community, for a long time, the price of ETC remained at the same level.
Only a year later, when the cryptocurrency community actively talked about Ethereum problems (reducing network bandwidth, increasing mining complexity, errors in launching smart contracts, and so on), many users turned their attention to Ethereum Classic again.
Some miners took their capacities out of the new chain and sent them to Ethereum Classic. Beginners were much more willing to choose the old chain, which required less investment than Ethereum.
Moreover, several development groups took up the development of Ethereum Classic at once, who began to actively promote the site.
The cryptocurrency position has further strengthened with the advent of the Ethereum Classic Investment Trust, access to the top Chinese options exchanges (BTCC and ETCWin) and cooperation with eminent figures in the blockchain market.
Well-known Chinese investor Chandler Gow said he was going to launch more than 100 projects based on Ethereum Classic. Barry Silbert, one of the creators of Digital Currency, began to promote cryptocurrency at Bloomberg Terminal.
By June 2017, the ETC price rose to $20, and the level of market capitalization reached $1 billion, which brought the currency to the top 10 of the CoinMarketCap world rating.
By November, the hype surrounding Ethereum Classic had noticeably subsided. The success of Ethereum affected it. The project developed successfully, launched new promising projects and attracted large investors from all over the world.
By the end of autumn, the market value of ETC did not rise above $12.
In winter, the price of a coin surged up sharply. In mid-January, it peaked at $46.
The growth of market capitalization was not long in coming either. The indicator has already overcome the barrier of $3 billion (nevertheless, cryptocurrency is no longer in the top 10).
Ethereum’s market indicators are higher, and the level of confidence in Buterin’s main brainchild is also very high. However, Ethereum Classic embodies the standard of “ideologically true”, as many fans of the old branch, cryptocurrency, as it is called.
In addition, today the old branch is actively interested in China and other Asian countries, the region, which feeds the entire cryptocurrency market.
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 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 technology for sending transactions off-chain, alongside some less important new features and fixes.
Ethereum Classic (ETC) Technical Analysis
Well, there is not actually any technical analysis expertise of Ethereum Classic cryptocurrency. However, here is the aggregate rating for ETC from several traders & analysts on TradingView.
Ethereum Classic Price Prediction for 2020, and 2025
Ethereum Classic is now in the dark period. The coin got through a controversial attack and a prominent price drop. Experts show very different views in their ETC predictions. Let’s find them out!
#1. WalletInvestor Bearish ETC Price Prediction for 2020, and 2025
Ethereum Classic is a bad, high-risk 1-year investment. The price may drop from $5.97 to $0.48. In 2020, the ETC coin price can go up to $9.565. Moreover, in six years, the coin can help to make a good profit due to the price increase up to $47.8.
#2. DigitalCoinPrice Ethereum Classic Prediction for 2020, and 2025
ETC price will increase according to predicted data by the source. Also, ETC is a profitable investment. In 2020, the average price of ETC piece will range from $5.08 to $10.3. The long-term prediction is actually blurred. In 2025, the ETC coin will be equal to the range from $6.34 to $25.09.
#3. Coinpredictor Ethereum Classic Price Forecast for the End of the Year
In 2020, the Ethereum Classic cryptocurrency rate will probably go down to $4.21.
#4. TradingBeasts Ethereum Classic Price Prediction for 2019, 2020, 2022
According to the source, ETC coin price won’t change significantly. The rate will change gradually. In 2020, the coin price will increase by $1 to $6.49. In 2022, ETC will cost $10.93.
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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.