Ethereum Classic (ETC) price: opinion, evolution and prediction
Ethereum allows anyone to build decentralised applications. But did you know that Ethereum Classic is the original version of the Ethereum protocol?
Indeed, Ethereum was born from a divergence of ideas on how to react to a hack that had suffered the Ethereum blockchain. Consequence: the blockchain had been split in two with on one side Ethereum classic and on the other, a new chain which kept the name of Ethereum.
Today we are interested in Ethereum Classic (ETC). How does its blockchain work? What the course of Ethereum Classic? Should we buy some? Hang in there, we explain it all.
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How to get the Ethereum Classic?
To get Ethereum Classic coins, nothing more complicated. All you have to do is register with an online broker or a crypto-exchange that facilitates the exchange between cryptocurrency and fiat money, deposit money there and then buy your first ETC. That's all it takes to take advantage of the variation in the price of Ethereum Classic. Several online brokers offer this service. In addition, buying on an online platform is not the only way to get Ethereum Classic coins, it is also possible to get them through mining or through an ETC faucet.
Obtain Ethereum Classic via eToro
The best way to get hold of ethereum classic coins is through a reliable online broker like Etoro. The latter has an easy-to-use trading platform and offers its clients a myriad of assets including stocks, currencies (forex), commodities, etf and other cryptocurrencies including bitcoin, ethereum, etc. On eToro, it is possible to gain exposure to the ethereum classic via CFDs. But before that, you must ensure that you meet the following prerequisites:
create an account on the broker,
deposit funds there by credit card ($200 minimum) or by another means of payment,
Look for ethereum classic (ETC) on the list of cryptocurrencies available on the platform;
Exchange the deposited money for ethereum classic (ETC) coins (tokens).
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Mining Ethereum Classic
As we said above, buying from an online platform is not the only way to get ethereum classic. It is possible to obtain it in a more original way by mining. The action consists in involving powerful computers in the computational effort necessary to validate cryptocurrency transactions. This process also ensures the security of the network against attacks. Mining participants get freshly created cryptocurrencies and transaction fees as a reward. Like bitcoin, ethereum uses this same mechanism, the “proof of work” or proof of work in English.
To make profits with mining, you must have a specific machine that can quickly resolve the cryptographic problems offered by the network. In this race, it is the most powerful machine that has a lot of luck to find the solution to validate a block. Today, a block's validator gets 3.2 ethereum classic coins. This figure is reduced by 20 percent for every 5 million blocks. By April 2022, an ETC block mining reward will only earn 2.56 Ethereum classic coins, there is still time to refuel before that happens.
Ethereum Classic Faucet
A faucet (tap in French) is a site or an application that offers cryptocurrencies for free or in return for participating in a survey, watching an ad, etc. The sums paid are derisory; it would probably take more than a year to collect a single ETC token on a faucet. The only investment in this context is time, but few faucets are really reliable, which is why we cannot offer any in this article.
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Ethereum Classic price history
As with currencies in the forex market, stocks or ETFs, the price of ethereum depends on the law of supply and demand. It can still be influenced by several factors including the general trend of the crypto market, the improvement of its protocol, the halving (reduction of the mining reward), the growing adoption of the project, the quantity of coins in circulation, good news or bad news in the media, etc. All of these elements constantly influence the price of Ethereum Classic on the market. To understand this phenomenon, let's dive together into the history of the ethereum classic price.
Ethereum Classic (ETC) price in 2016
As of July 25, 2016 the price of an ethereum classic was 0.54 euros. A few weeks later, the price of ETC had reached its maximum threshold of the year at a price of 2.47 EUR before making a downward variation. Its minimum price for the year was 0.70 euros in November. The end of the year had been positive. Indeed, the ethereum classic had caught its breath to record its close at a price of 1.43 EUR with a total trading volume of 3.7 million euros over 24 hours.
Ethereum Classic (ETC) price in 2017
2017 was a bullish year for ethereum classic, bitcoin, ethereum (eth) and over 90% of the rest of cryptocurrencies. As of June 17, the price of ethereum classic had reached an all-time high of 20.76 euros before being corrected which brought its price to a minimum price of 7.6 euros. A rapid recovery followed, the price of ethereum classic peaked around 37.21 EUR, a few weeks before its annual close of 23.43 euros.
Ethereum Classic (ETC) euro price in 2018
2018 was a black year for bitcoin, ethereum (eth) and all cryptocurrencies. Ethereum classic was no exception. Like its peers, ETC had suffered a fairly violent purge, reducing its price to 3 euros (EUR). It was the worst time to make an investment in the crypto market. The year ended with a slight increase. In December, the price of ethereum classic was eyeing 4.4 euros with a daily volume of 87 million euros (EUR).
Ethereum Classic (ETC) price in 2019
The start of 2019 was bullish. At the time, the price of ethereum classic followed six months of increase, reaching a maximum price of 8.5 euros (EUR). A drop to 4 euros (EUR) followed. This was its annual closing. The daily trading volume had exploded from 87 to 763 million euros.
Ethereum Classic Euro course in 2020
2020 was already feeling the start of a boil in the crypto market. The Ethereum Classic price was explosive for the first few weeks. It had peaked at a price of 11.21 euros on February 12. However, a few weeks later it was disillusionment. The covid crisis had collapsed all financial markets in the blink of an eye when no one is considering such a forecast. Ethereum Classic's price had undergone a strong bearish variation and an annual close at the price of 4.6 euros (EUR) with a total trading volume of 576 million euros per day.
Ethereum Classic price in 2021
So far 2021 has been a very positive year for the entire cryptocurrency market. The ethereum classic price has broken all resistance in its path. It hit an all-time high of 111 euros (EUR) with record trading volume. A total of 35.5 billion euros was exchanged in ETC in mid May. In addition, the recent fall in the market has brought the price of ethereum classic down to 33 euros. At the time of writing this article, ETC appears to be picking up again. We are curious to see what its price will be at the end of the year.
Ethereum Classic Price and Value Prediction
To make a future prediction of the price of ethereum classic, it is necessary to take into account various elements likely to influence its supply and demand on the market. Among these elements are the trend of bitcoin following its dominance in the crypto market, regulation, improvement of the Ethereum Classic blockchain, general market sentiment, etc. Unfortunately, these factors are not static, so everything can happen too quickly for the Ethereum Classic price.
Short-term Ethereum Classic price prediction
Too volatile, the price of ethereum classic crosses the roller coaster. It is evolving very far from the stability that we can recognise in stocks or currencies. Every morning, short-term investors ask the same question: Will the price of ethereum classic fall or rise? Certainly, we do not have a crystal ball to give a precise answer to this question. However, like most analysts, our opinion on the subject will be based on graphical analysis. The technique involves identifying key levels in the price of an asset on the rise as well as on the downside.
By zooming in on its price, we quickly see that the ethereum classic has been trending upwards since the beginning of 2021. At the beginning of the year, the price of an ethereum classic (ETC) was only 4.6 euros before to hit a peak of 111 euros a few weeks later. It oscillates today in a range between 53 and 41 euros. The 41 euros play the role of graphic support whose crossing from the bottom would open the door to a new bearish cycle. The resistance is between 53 and 66 euros. If the price breaks out of this zone from the top, this will be the starting point towards the conquest of the previous historic high.
Long-term Ethereum Classic price prediction
Long-term prediction of the price of Ethereum classic requires insight into the price of bitcoin. As we said a little above, the variation that takes place in the price of bitcoin often has an impact on altcoins (other coins besides bitcoin). On this side, enthusiasm is at the rendezvous. A forecast of the bitcoin price in figures before the end of the year is shared by a good number of investors. Such a movement on the bitcoin side would only be positive on the entire crypto market, more particularly on the price of ethereum classic.
Despite the recent correction, it looks like the uptrend in cryptos is far from over. In the meantime, it is important to establish several scenarios depending on the important levels of the Ethereum classic price from a chartist point of view. The important supports to hold to avoid a downward trend are 41 euros, 30 euros and finally 17 euros. On the side of major resistances before a bullish rally we have 66 euros, 90 euros and 111 euros. Once these levels are passed, there will be no other roadblocks in sight for the Ethereum Classic course. In the long term, this is a forecast that risks being made sooner than expected.
Definition: what is “Ethereum Classic” crypto?
Ethereum classic is a protocol that facilitates the development of decentralised applications based on smart contracts. These are lines of code that define actions to run automatically when certain conditions are met. More precisely, smart contracts or smart-contracts are traditional contracts concluded on a decentralised network. They are the fruit of a technological breakthrough at the base of decentralised finance, NFTs (non fungible tokens), etc.
The native cryptocurrency on the Ethereum classic network is called Ether like that of the Ethereum network (ETH). But their symbols differ on the exchange, ethereum is aggregated in ETH while ethereum classic is aggregated in ETC. The big difference between ethereum (ETH) and ethereum classic (ETC) is in the amount of tokens in circulation. On the one hand there is no emission limit on the Ethereum blockchain and on the other, on the Ethereum Classic side, the coin supply is limited to 210 million units.
Ethereum changed its name to Ethereum Classic due to an ideological and technical divergence within the community. In 2016, Stock.it, a German startup, launched its DAO (Decentralised Autonomous Organization) project on the Ethereum blockchain. Stock.it had crowdfunded to raise 11.5 million ethers, worth $ 150 million (usd) at the time. Unfortunately the hackers had exploited a loophole in the smart contract to steal more than $ 50 million in ETH. As you can imagine, this hack had enormous repercussions on the price of Ethereum (eth) to the point of generating a kind of civil war (without bloodshed of course) within the Ethereum community.
Vitalik Buterin and Gavin Wood had proposed to make a change in the code to recover the stolen money and to discourage other hackers from making the same choice in the future. The idea of the two co-founders of the project was to erase transactions already validated on the blockchain in order to return to the state before the hack. An outcry followed.
Several supporters of the project had refused this proposal, advancing the principle that data validated on a blockchain is not supposed to be editable. Given the differences, a vote was held on July 20, 2016. Those who were in favour of changing the code won 89 percent. So the Dao was dismantled so that the stolen money could be returned to the victims.
The opposing party, not having accepted the modifications, had remained on the original chain which was renamed Ethereum Classic. The pro modification, them, had removed the traces of the DAO by creating a new blockchain which kept the original name: Ethereum. This is why many people in the community consider Ethereum Classic to be the original Ethereum.
What is it for?
Ethereum classic (ETC) and Ethereum (ETH) are similar in terms of basic functionality. Developers can deploy smart contracts there and create ERC-20 tokens. These applications can be used in insurance, voting, finance and more. Ethereum classic can also be used as an investment and trading instrument. Indeed, some investors buy it in the hope of obtaining a return.
Ethereum Classic blockchain: how does it work?
The Ethereum Classic blockchain allows data to be stored and transmitted in a secure, transparent, and immutable manner. It also allows the development of decentralised applications.
Ethereum classic uses the same type of mining algorithm as that of bitcoin: proof-of-work. With the latter, the miners compete to validate the block in order to receive the rewards in the form of ETC token. Ethereum (ETH) also uses the same type of algorithm, but it is in the process of transitioning to a proof-of-stake system in order to make its transactions cheaper and faster.
The Ethereum classic blockchain provides users with a platform that gives access to Ethereum Virtual Machine (EVM): it is the platform that allows decentralised applications to be developed using a public network of nodes.
Ethereum Classic wallet: how to go about it?
In terms of wallet, there are many options available to secure, send, receive and store ETC coins or other crypto. Each option strikes a balance between security and ease of use. It is therefore up to the user to choose the option that best suits him. We will cite a few:
Web Wallet: These kinds of wallets allow the user to access their tokens anywhere, just by logging into the web. It is advisable to use this type of wallet only for storing small amounts. Ex: MyEtherWallet, Atomic Wallet, Coinomi, etc.
Hardware wallet: This is a physical device allowing offline storage of private keys. A hardware wallet is recommended for keeping large amounts of crypto and for long-term investment. Among the physical portfolios we can mention the French Ledger, Trezor, etc.
Software Wallet: These are applications designed to back up public and private keys on a smartphone or computer. Ex: Ethos, Atomic wallet, Trust Wallet, etc.
Notice: should you invest in Ethereum Classic?
Perhaps you are wondering whether to take action to invest in ethereum classic. The decision to be made must correspond to your investor profile. A trader can easily speculate on the Ethereum Classic price while a long-term investor looks at the fundamentals of the project before placing a few marbles. In both cases, the most important thing is to be aware of the risks and the investment opportunity that ethereum classic represents.
A payment method is not enough to define what Ethereum Classic is. The latter is above all a network that allows the deployment of smart-contracts and ERC-20 tokens. Launched on the stock market for less than a dollar, Ethereum Classic brought in an explosive interest rate to early investors. As we saw above, it is possible that the price of classic ethereum will explode before the end of this year.
ETC surely represents an investment opportunity but what matters is how you gain exposure to its price. If you are good at trading it is possible to use graphical analysis to get the most out of the volatility of the Ethereum Classic price. If it is the long-term investment that interests you, there too it is possible to pull the pin of the game. Indeed, since its creation, ethereum classic has remained a profitable project. Interestingly, ETH's migration to proof of stake rids Ethereum Classic of a cumbersome opponent. If the transition to ETH 2.0 is unsuccessful, ETC could capture a very significant market share. If this happens, long-term ETC investors may be rubbing their hands. This situation should be closely monitored.
There is no investment without risk. The Ethereum Classic price is extremely volatile, sometimes too much even for traders who swear by volatility to make a profit. And that's not all, writing smart contracts can have flaws if they aren't proofread or audited by competent people. A hacker can exploit a loophole to divert funds blocked in a contract on Ethereum Classic. Such incidents usually have a significant impact on prices.
Another existential risk for Ethereum Classic is 51 percent attacks. These are situations where a miner with more than 51% of the computing power on the network is using it to double spend or outright mint new coins ETC. It is the most dangerous attack that a proof-of-work-based blockchain can suffer. Ethereum Classic has been the victim of these kinds of attacks several times since 2019. In terms of numbers, more than 53,000 ETCs have been obtained by attackers on the network, which at best creates inflation and at worst can trigger a complete loss of confidence in ethereum classic (ETC) tokens and cause the price to collapse.
Like Ethereum, Ethereum Classic is a blockchain that fills some of the shortcomings of bitcoin. Vitalik Buterin embarked on the design of this technology to allow anyone to create decentralised applications through smart contracts. Ethereum quickly established itself in the cryptocurrency sphere by becoming a simple means of payment. Granted, Ethereum Classic doesn't enjoy the same popularity as ETH, but it's offering is almost no different.
Obviously, updates that aim to thwart 51% attacks can eliminate doubts about the future of this token. Today, ETC is evolving in an uptrend and the possibility of seeing it reaching new highs cannot be ruled out.