Ethereum Classic Jumps Nearly 12% as Hash Rate Hits All-Time High
Because The DAO accounted for so much of the total Ethereum in circulation in 2016, there was a split in the community about how to fix the problem. One camp believed that it was necessary to wipe off the attack from Ethereum’s history by reverting the chain so that they could maintain the network’s long-term viability. However, the opposing side argued that doing so was not in line with the ethos of cryptography and thus refused to support a ledger rewrite. Ultimately, the Ethereum developers decided to create Ethereum Classic as a hard fork from Ethereum in July 2016.
However, the miners and users, aggrieved at this move, decided to stay on the original Ethereum blockchain, which later metamorphosed into the Ethereum Classic network. Users can transfer values denominated in ETC on Ethereum Classic. Additionally, it can be used to pay for fees, particularly when executing smart contract-enabled applications or transferring Ethereum Classic-based tokens. Although a vast majority voted for the hard fork, a few community members disagreed due to philosophical and ideological differences. They argued that blockchains should be immutable, meaning that transactions cannot be reversed, upholding the “code is law” ethos.
Ethereum Classic Price (ETC)
The percent change in trading volume for this asset compared to 24 hours ago. A loophole in the code allowed someone to repeat a refund request multiple times for the same DAO tokens before the transaction could be registered on the system. The recursive function was able to run until a third of DAO’s funds were siphoned off. Senate hearing and said the central bank will likely need to raise interest rates more than anticipated.
Also, the emission of ETC was modified such that the block reward reduces by 20% every 5 million block intervals. ETC anchors the mining economy of the Ethereum Classic ecosystem. The network rewards miners with ETC whenever they GALA add a block of transactions to the blockchain. Through all of the excitement of the mid-August market recovery, Ethereum Classic had seen tremendous support from the crypto market.
Ethereum is the new blockchain created after the hard fork while Ethereum Classic is the original Ethereum blockchain. The two networks have different technical roadmaps and upgrades to Ethereum don’t affect Ethereum Classic. The live price of Ethereum Classic is in constant flux, with frequent radical changes that can bring major gains or major losses. The price is defined by the activity of traders who buy and sell ETC and other cryptocurrencies on various exchanges. Events like news, partnerships, new listings on exchanges, adoption by companies or users, upgrades and updates, and dev team activity can affect the price of ETC and other cryptos.
The ETC average price is expected to reach minimum and maximum prices of $55.85 and $63.97 respectively. Considering current bearish trend in Ethereum Classic price movements, it is expected the cryptocurrency will continue meeting price decline. Please, invest wisely and don’t forget to DYOR when investing in any type of asset.
Ethereum Classic Price Chart (ETC)
This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely. A decentralized platform that runs smart contracts, created in 2016, when Ethereum underwent a ‘hard fork’.
Instead, it was created due to a changing Ethereum landscape that birthed two independent blockchains. In a bid to refund the lost money, Ethereum hadhard-forked to send the hacked funds to an account available to the original token owners. They were provided an exchange rate of1 ETHto 100 DAO tokens, similar to the initial offering.
Crypto analysts expect that in October 2023, the ETC price might fluctuate between $25.39 and $28.89. In the middle of the year 2023, the ETC price will be traded at $23.23 on average. June 2023 might also witness an increase in the Ethereum Classic value to $24.26. It is assumed that the price will not drop lower than $22.42 in June 2023. Get daily alerts on price changes of the top 10 cryptocurrencies.
Is it worth keeping Ethereum Classic?
Is Ethereum Classic a good investment? It might be. On 17 August 2022, the coin was worth significantly less than it was 12 months earlier but, with the market having gone down recently, it could be suggested that it was in a dip, despite recent recoveries.
Conversion rates are based on CoinDesk’s Bitcoin Price Index and the price indices of other digital assets. World currency prices are based on rates obtained via Open Exchange Rates. Ethereum Classic is primarily used to deploy new smart contracts. The key principle of the platform is that the smart contracts are not altered or censored in any way after they’re launched to ensure network integrity and adhere to the principles of Code is Law. The Ethereum Classic crypto network is based on the principles of “Code is Law” and “Build Unstoppable Applications”. It aims to maintain complete decentralization and does not alter its protocol.
What is EthereumClassic?
However, traders looking to trade with the trend can wait for a bullish trend before beginning to buy the altcoin. If ETC does see movement in any direction, using the Relative Strength Index and Directional Movement Index will help traders. A drop from $39.32 to $20.75 was seen towards the beginning of 2022, with strong bearish momentum sustaining itself since. Since the price has been on a downtrend, the weekly price chart showed the RSI was under the neutral 50 line, and the Awesome Oscillator was below the zero line.
As in Ethereum, one needs to pay gas fees for the execution of smart contract functions and coin transactions. This payment goes to miners who validate transactions, perform smart contract computations and add new blocks to the chain. Besides being a payment mechanism for blockchain transactions, ETC, owing to its deflationary nature, is also used as a store of value. Ethereum Classic generate tokens and handles transaction in a similar manner to Bitcoin. However, it has the additional feature of handling smart contracts, and this enables Ethereum Classic to be used as a development platform.
Pages Related to Ethereum Classic
So it all depends on if this investment will hit your trading goals. According to our analysis in the short term, Ethereum Classic price prediction for May 2023 shows the average price of ETC at $35.05 and the highest possible price for May 2023 would be $37.50. Ether is the native token of Ethereum, whereasETC is the native cryptocurrency of Ethereum Classic. Post the split,ETH holders at the time received the same amount of ETC in their wallets for free. You can buy ETC from various reputed crypto exchanges, by paying in a fiat currency, or with other cryptocurrencies, through trading pairs like ETC/USDT, ETC/XRP, ETC/BTC and ETC/ADA. Yes, since Ethereum Classic is a Proof-of-Work blockchain, you can mine ETC coins using computers and specialized hardware including GPUs.
ETC price went on to increase by nearly 3000% after hitting its ATL. In August of the same year, Ethereum Classic price broke the psychological level of $1 for the first time and traded at $1.79. How do Ethereum Classic price movements correlate with market trends? Check our comprehensive cryptocurrency LTC ethereum classic all time high price page for information at a glance.
The percent change in trading volume for this asset compared to 1 hour ago. Binance has the lowest transaction fee rate amongst all major trading platforms. The current Market Cap ranking of ETC is #26, with a live market cap of $2,759,560,499.49 USD. Most Ethereum users moved on to the new hard fork, leaving Ethereum Classic with a significantly smaller community.
- The minimum trading cost might be $20.89, while the maximum might reach $22.50 during this month.
- For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction.
- In August 2020, the Ethereum Classic network fell victim to another 51% attack.
- Ethereum Classic’s price for 31 Mar 2023 according to our analysis should range between $29.33 to $33.74 and the average price of ETC should be around $31.53.
- But even though the two coins initially had the same future supply projections, differences came about over time as each coin evolved.
It does not express the personal opinion of the author or service. Any investment or trading is risky, and past returns are not a guarantee of future returns. Extreme volatility in combination with other factors like ETC’s capped supply, exchange listings, and market trends affect the price of ETC on a daily basis, causing gains and losses.
- Market Capitalization is the overall value of all coins/tokens that have been mined or issued until now and are in circulation .
- ETC, the native coin of Ethereum Classic, is used to pay for using its computational resources.
- Select ETC and the desired fiat that you would like to convert to view the estimated live conversion price.
- Rather, the general crypto market conditions and specific events within the Ethereum Classic ecosystem influence the price.
It is smart contract compatible and allows developers to build dApps on its network. Ethereum works in a very similar way to its predecessor, Bitcoin. It is an open-source blockchain network that handles smart contracts. These smart contracts are automated agreements between parties that are handled and protected by the encrypted security of the blockchain network.
Ethereum Classic’s Hashrate Taps Another All&Time High Following Ethereum’s Hardened Merge Timeline https://t.co/a16WwqNJnG
— Blackhat ™ (@blackhat_TM) August 26, 2022
As its gains rose, so did the https://www.beaxy.com/ on the network, and the hashrate quickly hit a new all-time high in mid-August. Ethereum Classic’s price for 2034 according to our analysis should range between $264.42 to $396.63 and the average price of ETC should be around $330.53. Ethereum Classic’s price for 2033 according to our analysis should range between $204.98 to $307.47 and the average price of ETC should be around $256.22. Ethereum Classic’s price for 2032 according to our analysis should range between $158.90 to $238.35 and the average price of ETC should be around $198.62. Ethereum Classic’s price for 2031 according to our analysis should range between $123.18 to $184.77 and the average price of ETC should be around $153.97. Ethereum Classic’s price for 2030 according to our analysis should range between $95.49 to $143.23 and the average price of ETC should be around $119.36.
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What is the daily trading volume of Ethereum Classic (ETC)?
The trading volume of Ethereum Classic (ETC) is $138,022,560.15 in the last 24 hours, representing a 30.00% increase from one day ago and signalling a recent rise in market activity.
Based on the Learn and Earn principles, crypto newcomers, students & researchers are enabled to gather core crypto knowledge by collecting incentives while they learn. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place. ETC uses the Proof-of-Work consensus mechanism to mine new blocks. However, since the Ethereum Classic price is influenced by the asset being deflationary, the reduced rewards may not strongly impact the value.