Ethereum Classic (ETC) has its origins in 2016, when a smart contract (The DAO) running on the Ethereum blockchain collapsed due to a massive hack. The Genesis blockchain was then split in two, Ethereum and Ethereum Classic, similar to how Bitcoin was split into Bitcoin and Bitcoin Cash in 2017.
What makes ETC stand out
Ethereum Classic bills itself as an open-source blockchain-based distributed computing platform with smart contract capabilities.
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The basic functionality of Ethereum (ETH) and Ethereum Classic (ETC) are very similar. Ethereum Classic also provides access to most of Ethereum’s core features. However, there are some important differences between the two. Most importantly, the upgrade to the Ethereum blockchain is largely incompatible with Ethereum Classic.
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This was especially noticeable in September 2022, when the Ethereum blockchain completed its transition to a proof-of-stake consensus method of merging. As such, Ethereum Classic remained a proof-of-work chain.
The token took off early last year when the bull market was poised to begin, rising alongside other major cryptocurrencies. And despite reaching record highs, ETC prices have fallen significantly recently as a result of the recent pullback and ongoing turmoil in the cryptocurrency market.
Ethereum Classic (ETC) Long Term Price Prediction
At the time of writing, ETC was priced at $15.77, up 1% from the previous day, according to market monitoring portal CoinMarketCap. Cryptocurrency prices have almost doubled since last year, and his ETC transaction in December 2021 was around $34.
However, according to predictions from the website cryptopredictions.com, the price of ETC may rise again in the coming years.
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The data further predicts steady growth for cryptocurrencies in the absence of more black swan events.
According to current prices, if you invest $1,000 in Ethereum Classic, you will receive 63.33 ETC coins.
And if the price hits $100 in the next few years, this $1,000 investment will be $6,333, a 533% increase.
Disclaimer: This is not investment advice. Exercise extreme caution before investing in any asset.
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The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.
