Most crypto newbies know about Ethereum, but many have no idea that Ethereum Classic is actually the first form of the present-day Ethereum that we are more familiar with. So, what happened? Why and how did we get to have Ethereum classic Fork?
Well, will go into more details further into the post where we touch on the history and inception story. Timing is key in the crypto/digital asset markets, and many will like to know if the Ethereum Classic ETC is worth investing in and how should one go about it.
Look no further as we’ll cover the details of investing in the ETC, timing your entry, and why we think the ETC is a good investment for 2022 into 2027.
Ethereum Classic History: Inception story
The Decentralized Autonomous Organization (DAO) hack was what brought about the fork split which divided the Ethereum network into two major tokens—Ethereum and Ethereum Classic. After the hack, the developers came up with the tagline “Code is law” which is to assure users of the security of their transactions.
Let’s talk a bit about the hack. In April 2016, the DAO hack which was an Ethereum-based venture fundraised $150 million. The money was known as its initial coin offering and part of it was stolen a few months later. 3.6 million ETH was stolen from the funds. To resolve the issue and prolong the longevity of Ethereum, the hard fork split was implemented and it brought about the division.
Ethereum Classic is a token that works under a decentralized computing platform used to carry out smart contract transactions. A smart contract is a platform where applications and transactions are executed without third-party interference. This is from the Ethereum Blockchain and it’s a native currency of the Blockchain ledger. Like Ethereum, Ethereum Classic has an execution mechanism that’s designed to process smart chain transactions (also known as Ethereum Virtual machine). It also makes use of the proof of work consensus system.
Although it has some similarities with Ethereum, the mode of operation of Ethereum Classic is more defined and its inflation schedule is planned.
Market Size, Ideation, and the future of the Ethereum Classic Project
The ETC project is more like a subsidiary of ETH. The influence of ETH is part of what gave more recognition to the project. However, there’s always room for improvement. The developers can deploy strategic innovations to help the project gain more recognition. Currently, Ethereum Classic has a market capitalization of $2,887,094,993.99 and a fully diluted market capitalization of $4,512,191,129.40.
Fundamental Analysis
As stated earlier, ETC is used in the execution of smart contract transactions. ETC used for these transactions is called Gas, and the expenses associated with it are known as a gas fee. The initial supply of Ethereum was 72 million out of which 80% (60 million) was sold by the Ethereum Foundation between July 22 – Sep 2, 2014. Out of the remaining 20% (12 million tokens), 3 million tokens were allocated to a long-term endowment, 6 million were distributed to committed developers, and the remaining 3 million were used for the developers’ purchase program which made ETH developers able to purchase ETC at lower prices.
After the Fork distribution which brought about the split between ETH, and ETC, anyone with ETH can now get the same value of ETC.
ETC Price Prediction 2022
Looking at the monthly chart below, the ETCUSDT maintains an upward trend starting an impulse wave every time the RSI (4) exits the level-25, as noticed on December ’16 and March ‘19. The recent price decline started after a parabolic price surge that brought the ETCUSDT to an all-time high of $109.99 from the 01 September ’20 low, which sort of mirrors the price decline in January ’18.
If history should repeat itself, the ETC price could slip below the $12.867 support and head for the $4.60 support. An impending regular bullish divergence is building up at press time and a likely hood of the ETC price finding temporary support at the $12.867 price mark. Conversely, a price slump will bring the ETC to its lowest price for 2022 at $4.60, and its highest price at $46.80.
Ethereum Classic Price Prediction 2023
We are optimistic about a bullish crypto market and ETC coin price in 2023 irrespective of the worst-case scenario in 2022 where the price could slip lower to the $4.60 mark. As mentioned earlier, crypto prices including the ETCUSDT, generally resume an impulse wave upon exiting the level-25 of RSI (4). We predict the start of an impulse wave in 2023 when the RSI exits the level-25 and intensifies when it crosses above the level-75 confirming a bullish campaign for the ETC.
Following the Fibonacci extension and retracement levels, our projection is that the ETC will rise to $110.0 in 2023 with its lowest price at $46.80.
ETC Price Prediction in the next 5 years
In five years, Ethereum ETH should have completely migrated to proof of stake and Ethereum Classic ETC would be the miner’s choice, as we predict a hike in the hash rate of ETC, and consequently a hike in demand for the Ethereum Classic. According to our analysis, the ETC price is predicted to trade at a maximum price of $1500 and a minimum price of $700 in five years.
Experts ETC Analysis for 2022 and beyond
It is obvious that the main contender of Ethereum Classic (ETC) is Ethereum (ETH), as the latter forked its code and made it backward compatible to resolve issues with the DAO hack. Although Ethereum ETH happens to be the gold standard for Defi, smart contracts, and DApps, it is also believed that first movers often carry arrows on their backs and so, the team at Ethereum Classic ETC can learn from the mistakes of ETH as they look to transition to proof of stake.
Another important shift to look out for is that while ETH looks to move to PoS, miners will have no choice but to switch their focus to mining the ETC, which would increase the hash rate of the ETC network and consequently increase its security.Also worth mentioning is that the ETC follows the steps of Bitcoin BTC by capping its supply to 210 million coins, unlike ETH with an unlimited supply.
The Ethereum ETH may have set the pace for major developments in present-day Defi, the ETC however may benefit a lot from the ETH upgrade to PoS.
Years | Max high | min low |
2022 projection | $46.80 | $4.60 |
2023 projection | $110.0 | $46.80 |
| 2027 projection | $1500 | $700 |
Market Predictions for the Ethereum Classic Token
Next, let’s move on to get the views and predictions of other media outlets to further guide our opinion of building a long position on the ETC coin.
Wallet Investor Predictions
The team at WalletInvestor has been timing the entry and reversal levels of the market with a remarkable level of accuracy on major crypto assets. They have made a very optimistic prediction that the Ethereum classic would yield a 575.12% profit on a hundred dollar investment when buying the ETC at $20.043, bringing your $100 investment to around 675.12 USD in 2027.
DigitalCoinPrice Prediction
Analysts at DigitalCoinPrice (DCP) anticipate a crossing of the $29.10 level to a minimum price of $24.73 and a maximum price of $29.71 in 2022. As per their 2023 forecast, they expect the ETC price to cross the $33.08 mark dropping to a minimum price 0f $26.93 and a maximum level of $35.37. Lastly, five years from now, the DCP project a crossing of the $52.78 level to a minimum price of $38.55 and a maximum price of $57.79 in 2027.
CoinArbitrageBot Experts Prediction
Following the ETCs historical price, the CoinArbitrageBot price prediction system predicts that the ETC price could hit a target of $54.122 by the end of Q4 2022. Furthermore, they also predict a three years highest price of the ETC at $316.829 and the lowest price at $6.10017.On the other hand, their 2025 ETC closing price is predicted to attain the $229.254 level.
Longforecast Prediction
Analysts at Longforecast (LF), project a -30.4% price slump of the ETC coin in May, with an average price at $23.05 by the end of May 2022. Their end-of-year prediction brings the ETC to a minimum price of $10.12 and a maximum price of $12.09 at the 2022 closing bell.
LF analysts further forecast the lowest ETC price at $8.54 and a maximum price of $10.93 in May 2023, followed by a more optimistic 2024 with the price-setting a minimum price of $13.02 and a maximum price of $15.01.
FAQ
Q: What is the current price of Ethereum Classic?
As of today, Ethereum Classic has a value of $21.4165. This price is gotten from more than 70 exchanges’ average prices.
Q: What will be the price of Ethereum Classic at the end of 2022?
According to predictions from market analysts, Ethereum Classic might have a price of $55.2724 at the end of 2022.
Q: Is Ethereum Classic a good investment?
The forecast from Predictors shows that Ethereum isn’t a good investment when you’re investing for the short term. On the other hand, Ethereum Classic is a good long-term investment.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/ethereum-classic-price-prediction-2022-heres-what-to-except-from-etc-price/