The market of cryptocurrency has expanded vastly in the past few years. Today hundreds of cryptocurrency investors invest to earn big. One such open-source and decentralized Blockchain crypto coin running on smart contracts is Ethereum Classic.
Launched in 2016, this Blockchain-based Cryptocurrency uses smart contracts within the distributed ledger. It is a split version of Ethereum Blockchain.
Soon after the establishment of Ethereum, the Blockchain got hacked, resulting in the stealing of $50 million funds. It resulted in the split version, which performed the work of returning the stolen money to owners.
Over the years, Ethereum Classic has generated sizable returns to investors. Currently, this Blockchain is estimated to have a market capitalization of $800 million with the current price of $6.92.
What is Ethereum Classic?
Ethereum Classic is a complete open-source Blockchain-based Cryptocurrency. Conceptualized by Vitalik Buterin and Gavin Wood, it features a smart contract and supports a modified version of Nakamoto.
In addition, it provides decentralized Turing- complete Virtual Machine, the official Ethereum Virtual Machine (EVM) executing scripts using the International Network of Public Nodes. Similar to Ethereum, the classic version also runs on the Proof-of-Work algorithm.
Advantages of Ethereum Classic
Ethereum Classic over the years has been the most undervalued asset in the crypto industry. However, it carries some advantages which make it worth investing in cryptocurrency. Some benefits of Ethereum Classic are-
It is Completely Decentralized: Like other crypto coins, ETC is decentralized, having nodes spread over different parts of the world. This means all the crypto transactions are executed without any delay and dependence on third parties.
Supports Smart Contracts and dApps: Technologically, ETC is similar to Ethereum, so the user will get the benefits of smart contracts and dApps, which carry wide applications across industries.
Cheaper than ETH: Ethereum Classic is relatively cheaper but finds it a hard time to be ahead of ETH.
Key Points About ETC
If you are a Blockchain enthusiast and believe that these blockchains cannot be altered, investing in ETC is a good idea. Moreover, in the coming future, many improvements will be made in the ETC. For instance, Ethereum will be switching over from Proof-of-Work (POW) to Proof-of-Stake (POS).
Points to Consider While Investing in ETC
High Volatile Nature: The Cryptocurrency market has earned the reputation of being volatile, and so has the Ethereum Classic. Digital assets have been regularly fluctuating in double-digit amounts in a single day. For short-term traders, this is the chance to capitalize on fast market movement.
The market Condition: The market condition of the ETC isn’t that great compared to its partnering coin. One of the reasons the market of ETC keeps falling is because of rising attacks on its network. In recent times, it suffered multiple attacks disrupting more than 10,000 bucks.
Experts Opinion on Ethereum Classic Price Growth: Long Forecast, an online forecasting service in its ETC price forecast, said that the coin would face a struggle shortly. In 2021, the highest price it will reach is $8.44 in the initial year and $5.62 by the end of the year.
Similarly, the Ethereum Classic Price Prediction by Investing Cube also says that there is a fluctuation in price. Currently, the trading price is $28.87, which is 50% below last week’s number. Experts believe that the cryptocurrency industry is soaring.
Other currencies, including Bitcoin, Binance Coin, and others, are facing a downfall. You can also check the ETC price forecast on https://www.cryptonewsz.com/.
Future of Ethereum Classic
The future of Ethereum Classic is shaky compared to Ethereum. One of the reasons is the security concern in ETC. Due to a lack of system and too many hack cases, investors have lost confidence in ETC. The classic version of Ethereum may have challenges, but it entirely depends on how smart contracts will be developed for its use.
ETC has the circulation of 116.3 million coins, and market capitalization is $3.9 billion. Although the future of ETC isn’t clear, it will still hang around as long as its community keeps supporting it.