The origin of Ethereum Classic (ETC) dates back to 2016 when the smart contract operating on the Ethereum blockchain called, The DAO, collapsed due to a massive hack. The genesis blockchain was then split in two, Ethereum and Ethereum Classic, similar to how Bitcoin split into Bitcoin and Bitcoin Cash back in 2017.
What Sets ETC Apart
Ethereum Classic describes itself as an open-source, blockchain-based distributed computing platform featuring smart contract functionality.
The fundamental functioning of Ethereum (ETH) and Ethereum Classic (ETC) is quite similar. On Ethereum Classic, the majority of Ethereum’s key functionalities are also available. However, there are a few significant distinctions between the two. The most crucial being the fact that, upgrades to the Ethereum blockchain are predominantly incompatible with Ethereum Classic.
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This became particularly notable in September 2022, when The Merge took place, where the Ethereum blockchain finished transitioning to a proof-of-stake consensus method. As, Ethereum Classic still remained a proof-of-work chain.
At the start of last year, when the bull run was ready to commence, the token took off and rallied along with other major cryptocurrencies. And, despite having reached record highs, ETC’s price recently had a significant fall as a result of recent pullbacks and ongoing turmoil in the crypto market.
Ethereum Classic (ETC) Price Prediction For Long Term
At the time of writing, the price of ETC is $15.77, up by 1% over the previous day, according to the market monitoring portal CoinMarketCap. The price of the cryptocurrency was almost double the last year with ETC trading at around $34 in December of 2021.
But according to projections made by the website cryptopredictions.com, the price of ETC might increase again in the coming years.
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The data further predicts a steady growth rate for the cryptocurrency in case there are no more black-swan events.
Now, according to today’s price, if you invested $1,000 into Ethereum Classic, you would receive 63.33 ETC coins.
And in case the price hits $100 in the next few years, this $1,000 investment of yours would become $6,333, which is an increase of 533%.
Disclaimer: This is not investment advice. Please do your due diligence before investing in any asset.
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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.