Ethereum Classic (ETC) is a decentralized digital currency and smart contracts platform that was created in 2016. A breach in the Decentralized Autonomous Organization (DAO) in June 2016 resulted in a contentious hard fork in the following July, effectively splitting Ethereum into two: Ethereum (ETH) and Ethereum Classic (ETC). Ethereum Classic is the original version of the Ethereum blockchain. The Ethereum Classic community says that Ethereum (ETH) compromised on the immutability of blockchain. To them, “Code is Law.”
Ethereum Classic has a maximum supply of 210,000,000 ETC and touched its peak at $47.7 in December 2017. It’s the 11th largest cryptocurrency with a market cap of $1.4 billion at the time of writing.
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Buying Ethereum Classic is easy thanks to its availability for purchase on almost all major cryptocurrency exchanges and brokers across the globe. Many platforms give you access to Ethereum Classic price live charts, history, volume and other information useful to anyone looking to buy, sell or trade ETC.
In 2016, an attacker exploited a vulnerability in the DAO and stole $50 million worth of Ether. In the months that followed that hacking, the Ethereum community disagreed over a proposed bailout plan meant to refund DAO victims.
On July 20, 2016, the Ethereum hard fork split the blockchain to form Ethereum (ETH) and Ethereum Classic (ETC). Ethereum Classic started to gain traction much slower, one of its biggest letdowns being the lack of a major ETC wallet. An announcement about the Emerald wallet was one of Ethereum Classic’s biggest news in 2017.
The Emerald ETC wallet was to enable trustless transaction verification and to make it easier for developers to build decentralized applications (dApps). With the Emerald project in the pipeline, the Ethereum Classic community rallied support for the blockchain. On May 24, ETC prices spiked 75% from $12 to $21. On July 31, 2017, the ETCDEV team released the wallet’s first alpha version.
Is Ethereum Classic (ETC) a good asset to buy in 2020? ETC price forecast and prediction suggest so. But how does Ethereum Classic compare with other potential trading instruments?
At the time of writing, the Ethereum Classic price stands at £7.39 per token. Ethereum Classic value has jumped 13.56% against the Pound in the past 24 hours. On the all-time price charts, ETC/GBP price peaked at £36.58 on Dec 21, 2017. Ethereum Classic is nearly 230% up in the last 30 days – from a low of £3.22 GBP to a high of £9.12 GBP and now £7.39 GBP. Outlook for ETC/GBP is bullish for the short-term and a nice bump could take it beyond £15 in the first few months of 2020.
Comparatively, the GBP has remained strong against the EUR and USD, touching a high of 1.30114 and low of 1.2879 against the U.S. Dollar. Outlook for GBP/USD is neutral near term. However, in the medium-term, lack of a UK-EU trade deal after Brexit could result in GBP sell-off pressure.
Ethereum Classic’s value in Euros is currently €8.75 (Jan 27th, 2020), with the cryptocurrency 13.82% up in the past 24 hours. Ethereum Classic price history versus the Euro: a low of €0.410144 on July 25, 2016, before rallying to an all-time high of €43.31 on December 21, 2017. Ethereum Classic is up 121% and 132% against the Euro in the past one and 12 months respectively.
The Euro (EUR) is the second most traded currency after USD. The currency has been adopted by 19 European states and was valued at 1.1686 against the U.S. Dollar on December 31, 1998. Trading saw it reach a high of $1.60 on April 22, 2008. The current value of EUR/USD is 1.103 and among major currencies, the EU currency has struggled as traders go for high yields.
Ethereum Classic price analysis returns bullish signals for ETC long-term and the price forecast for the coin puts it around $25 by end of the year.
ETH and ETC share ledger history up to the 2016 hard fork. Ethereum is currently the 2nd largest cryptocurrency by market cap and Ethereum Classic ranks 11th at the end of January, 2020. Ethereum Classic, which uses PoW (Proof-of-Work), has seen its hash rate increase considerably over the past year. That means it’s unlikely to suffer another 51% attack. Ethereum (ETH) plans to switch from the Proof-of-Work consensus to proof of stake (PoS).
Both coins have seen massive price dips since their peaks, with Ethereum (ETH) touching a low of $102 while Ethereum Classic (ETC) slipped to $3.43. But ETC currently outperforms ETH, gaining over 110% since the start of 2020. Over the past year, ETC is up 121% while ETH has gained about 45% on its value at the start of 2019. The long-term prognosis for both coins is positive.
Ethereum Classic price analysis and historical price performances tell us that this digital asset’s value can fluctuate wildly several times within a single day.
In some instances, prices have shot up, as much as 40% within hours, only for a price dump to take prices downhill almost as quickly. But while this kind of volatility may frighten some traders, others ride it for huge profits. Ethereum Classic future price might explode again, given it jumped over 110% already over the past month.
A crypto market bull run, such as that of 2017, could see the value of Ethereum Classic climb exponentially. Our Ethereum Classic price prediction for 2020 looks at ETC price history, its key news and other indicators. These factors help forecast whether prices will fall or rise. But, given wild swings and market unpredictability, it is best for anyone looking to invest in ETC to also look at diversifying their portfolio.
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