Introduction to Cryptocurrency
The people and their dynamic choices make cryptocurrencies valuable in the market. So far, the intermediaries in the market have managed to keep a perfect distance between these two aspects and enjoy a great deal of power. This power can make the market dance at their whim and let them control the ins and outs. Although regulatory bodies are necessary for a market, they do not usually work on the side of people.
Cryptocurrencies are a digital phenomenon known well for decentralised finance systems. Bitcoin’s sensational growth since 2009 has proved to the world how powerful blockchain technology is in the financial sector. Furthermore, the lack of intermediaries and the array of benefits that ensued have made cryptocurrency the most preferred asset of recent times. The global cryptocurrency market slowly paced towards becoming a $4 trillion economy in 2022.
What Is Ethereum Classic (ETC)?
Ethereum Classic resulted from a network breach on the Ethereum blockchain in 2016 when $50 million worth of Ethers were stolen. The blockchain was split into two for security reasons. While the new blockchain is referred to as Ethereum, the older blockchain was renamed Ethereum Classic with the native ETC coin.
The split version of the blockchain was created to remunerate the investors as per the records before the breach. However, the two blockchains eventually had to exist concurrently. ETC is also powered by the signature program of Ethereum, known as smart contracts. This program can automatically run an action when the given criteria are met. After more than five years, the hard fork Ethereum Classic is still operational and is ranked among the top 20 cryptocurrencies in the market.
Key Points About Why Should You Invest in Ethereum Classic (ETC)
Here is a list of a handful of points that makes ETC investment-worthy.
- Despite the isolation, ETC still managed to post a growth of several thousandfolds in just five years.
- ETC is an affordable alternative for Ethereum that could post a growth closer to ETH.
- Ethereum Classic is considered a digital antique with a historical value and a supportive community.
- ETC has become the go-to option for those preferring old-school blockchain networks.
Benefits of Buying Ethereum Classic
Ethereum Classic was resurrected from the remains of the old Ethereum Chain. So there is a sentimental value to ETC in the Ethereum community.
The classic version of the blockchain is similar to that of Bitcoin as the coins are still being minted. The supply is limited to 210 million, with more than half of them already in circulation. The new 2.0 upgrade of Ethereum is reported to have no mining option.
Smart contracts can be used on the ETC blockchain. On the downside, newer adaptations of Ethereum, like the proof-of-stake concepts, cannot be accessed.
Although both the coins started in the same range, ETH climbed new heights. It is even accepted for trading in the futures market, a privilege only Bitcoin enjoyed for a long time. On the other hand, ETC is valued at $64, a 10000% growth from its starting value in 2016.
Now See, What Experts Say on Ethereum Classic Price Growth
Although the numbers seem to vary, the positive outlook for the long term remains solid with ETC predictions.
Here is what some popular names have to say about ETC price.
- According to WalletInvestor ETC would climb to $70 from the current dip and will have reached $223 by the end of 2027.
- As per ETC price prediction by CryptoNewsZ, It is anticipated to reach a maximum level at $42 by end of 2022.
- In the opinion of DigitalCoin, the coin would average at $42 in 2022 and rise to $69 by 2025. The coin would have soared to $111 as it reached 2028.
- As per charts of Gov Capital, ETC would have reached $200 in five years from the $50 average in 2023.
- Both CoinPrice and TradingBeasts agree that ETC would lurk just below $50 by 2025.
Future of Ethereum Classic
Ethereum Classic cannot compete with the cutting edge technologies of Ethereum or the newly emerging blockchain projects. The previously rolled out improvements also seemed to preserve its classic-themed blockchain’s structural integrity.
Everything proves that ETC is becoming an excellent old store of value. Bitcoin is the most popular of this kind in the cryptocurrency market. Following this lead, ETC is focused on the market rather than on innovative projects. Being a store of value means excellent accessibility and convertibility in the market. This, for the future of Ethereum Classic, means a great deal.
Ethereum Classic is still operational and ranks easily among the top 20 cryptocurrencies in the market. Even after five years, such a feat could not have been possible without a loyal community behind it.
Moreover, the predictions show it is less likely to lose value in the long term, despite some volatility impacts in the upcoming years. So, could ETC be the right coin for the portfolio? The answer would probably be a yes, with a universal disclaimer enclosed to all the cryptocurrencies out there.