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Ethereum Classic Price - ETC Price Index & Live Chart

Ethereum Classic is an open-source blockchain-based decentralised platform that provides smart contract functionality. It has retained the original version of the Ethereum network launched in 2015. The attack on DAO on June 17th, 2016, created a rift in the community. There were members who were against the rollback of transactions as they felt that it betrayed the core values that the blockchain was founded upon. Ethereum Classic is based on the philosophy that “code is law” and should not be compromised. 

ETC is the native currency of the network. 

Key Ethereum Classic Price Metrics

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Ethereum Classic Price Graph & Exchange Rate

Ethereum Classic (ETC) Price History

The original Ethereum was launched with an initial coin offering of $2.77. After the DAO incident, Ethereum split into two – Ethereum and Ethereum Classic. Even though Ethereum was not to be blamed for the DAO incident, it did shake the foundation of the platform. Ether’s value nosedived from $20 to $11 almost immediately. 

ETC achieved a high of around $46 during the month of December 2017 riding the wave of the cryptocurrency boom. However, it plunged drastically in 2018 losing more than 90% of its value, with the price valuation showing strong resistance at the $20 mark. Ethereum Classic did not show much recovery from the $20 mark in the following years. The coin has experienced some short-term peaks in price over the years. However, ETC has not gained the required momentum as compared to its counterpart ETH. 

During the early months of 2020, ETC had gained some traction showing a more than 300% increase in value. This could primarily be attributed to the Agharta and Phoenix upgrade. However, the market crash due to COVID-19 did no favours for the coin. A series of 51% attacks on the platform has had a negative impact on the overall trust. ETC did, however, surge with the rest of the market in 2021, hitting its all-time high of more than $167 in May of that year.

The attacks have acted as a wake-up call for the ETC labs. The company has announced partnerships with ChainSafe and OpenRelay which are deemed promising developments for the platform. This would hopefully bolster growth within the platform and push the coin price up.

3 Key Instances for the Evolution of Ethereum Classic Price

1

Attack on the DAO

DAO or the “Decentralised Autonomous Organisation” was a popular decentralised application built on the Ethereum platform. Unfortunately, on 17 June 2016, DAO was hacked and the hacker managed to steal more than 3.6M coins into a “child DAO”. The community was split in terms of the remedial action proposed. The hard fork resulted in a new blockchain which retained the name of Ethereum while the old network was renamed Ethereum Classic. The hack and the controversy of the split led to Ether’s value plunging to almost $11 within two days.

2

The COVID Crisis

The cryptocurrency market saw a downward spiral during March 2020, due to the financial uncertainty caused by the COVID-19 pandemic. Ethereum Classic showed a promising start at the beginning of the year but was one of the first to take the plunge. After the crash, the value of the coin was around the $4 mark. After the market crash, ETC tried to regain lost ground but the coin seems to have stagnated around the $5 mark.

3

51% Attacks

Blockchain works on the principle that each transaction must be approved by 51% of miners. However, hackers were able to gain majority control of the ETC network three times in a month. This means that the hackers can make significant changes to the blocks altering transactions to their favour. These consecutive attacks were possible because Ethereum Classic has lesser computational power compared to Ethereum and Bitcoin. This has negatively impacted the community’s trust on the platform and the value of the coin.

Key News for Ethereum Classic Price

The consecutive 51% attacks on the Ethereum Classic network in August 2020, has shaken the trust of the community. This strongly impacted the value of ETC.

On 28 October 2020, the Ethereum Classic Labs and ChainSafe systems announced the launch of a bridge between Ethereum Classic and Ethereum in order to link the DAI stablecoin to ETC. The partnership ensures that DeFi is accessible to the ETC community. 

Ethereum Classic Price Technical Analysis: How to Identify Good Entry/Exit Points when Trading

Before venturing into the cryptocurrency market, it is imperative that you identify good entry and exit points. The entry point is the price where you choose to buy Ethereum Classic, and the exit point is the time you choose to sell all or part of your investment into Fiat currency or another cryptocurrency. Research and analysis of market trends and patterns are crucial for good investment decisions. Before you invest in Ethereum Classic, try to understand the history of the platform and coin and investigate the future ventures and initiatives of the platform. A deep analysis of the coin and overall cryptocurrency market will empower you to make the right decisions. 

Have a Clear Goal

Mapping out your end goals and future vision is a critical factor to enable an unbiased decision-making process. It is important to analyse the various possible outcomes before investing in ETC or other cryptocurrencies. Is the target of your investment a short term ROI or is it a long term investment plan where you are willing to be patient before exiting the investment? The coin you choose to invest in would be dependent on your objectives. 

Make Use of Analysis Tools

There are numerous tools and techniques available at your disposal for doing technical analysis. Visually mapping the historical price of the coins onto graphs and charts is an effective tool to help predict recurring patterns and trends. Candlesticks patterns is one such useful representation of price movements where the declining price is usually indicated by a red candle while a rise in value is often depicted by a green one. Doji candlesticks are a good tool to indicate changes to reversals in market trends. For example, when a dragonfly Doji appears after a long downward trend, it could be signalling the flip to an upward trend. Additionally, there are several technical indicators that can be used to do research. Moving averages is another important indicator used to make investing decisions. For example, decisions can be made based on the price movements above or below, say a 100-day moving average. 

Fundamental and Sentimental Analysis

Sentimental analysis is often underestimated while doing research on investment prospects. It should be considered as a great add-on technique rather than a stand-alone one and could strengthen your decision-making process. Be on the lookout for social media posts as well as mainstream news. There are several sentimental data analytics tools available that will help you gauge the emotions of the investors in the crypto world. For example, there are indicators like crypto fear and greed indicators, and bull and bears indicators that could complement your investment research. 

Fundamental analysis uses key metrics associated with cryptocurrency to make investment decisions. Analysing information like the use cases provided by the platform, the security of the platform, any recent upgrades to the system would help to make long term investment decisions. Also, key metrics like transaction count, on-chain metrics and transaction value can be used for better trading insights. 

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Frequently Asked Questions

  1. No. Though many argue that Ethereum Classic represents the original project that Ethereum was founded upon, they are now two individual cryptocurrencies.
  2. As a cryptocurrency project, Ethereum Classic has suffered almost every hurdle a digital asset can face and has still retained a place in the top 50 cryptocurrencies by market cap. ETC has also demonstrated some resilience against the economic crisis caused by COVID-19. Ethereum Classic is showing some very promising growth.
  3. Again, this is impossible to answer with any certainty. What we do know, is that the community of Ethereum Classic have made significant upgrades to the network following the last attack. This has vastly strengthened the security of the blockchain.
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