Price Analysis

Ethereum Classic (ETC): Growth Analysis of Ethereum Hard Fork’s Market

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ETC is the original ethereum block which allows the implementation of decentralized applications (dApps) and smart contracts. It believes in the importance of the cryptocurrency being fungible and an unchangeable blockchain over time. Ethererum Classic is a hard fork of Ethereum, which was established to roll the blockchain back to block 1920000, forever changed by the Decentralised Autonomous Organisation (DAO) leading to design flaw on the smart contract and a loss of over 3.6 million Ether. The majority of the community that continued to mine and support the original block did not want any outside influence on the immutable blockchain, and since then Ethereum Classic has blazed its trail in the crypto world.

ETC’s blockchain majorly consists of Smart Contracts which primarily focuses on eliminating innumerable intermediary services in banking, file storage, insurance, identity and reputation services. These smart contracts are executed by the Sputnik Virtual Machine- a turing complete machine. ETC is completely distinct from Ethereum in mining and coins supply. Whilst Ethereum works on Proof of work consensus with an in-built difficulty bomb, which makes mining harder over time, ETC intends to stick with Proof of work algorithm without the difficulty bomb. The block times are short, 10-14 second block times with a reward of five ETC per block, which makes the transaction fees relatively low with an average of about one cent. ETC is a safer investment place as the value of the coins will not decrease over time due to its never-ending supply.

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Ethereum Classic Chart

 

Ethereum Classic (ETC) stands in the 18th position in the crypto market. According to the stats from CoinMarketCap, ETC is trading with its MCap value of $465,678,891 USD for a 24h volume of $210,025,057. The price of the cryptocurrency as on February 26 at 13:34 UTC is $4.29USD. This is based on the circulating supply of 108,558,616 ETC coins out of a max supply of 210 million ETC coins. The market, on the whole, is unstable and has been majorly on the downtrend. The Mcap value has been found to range between USD 400 million and USD 600 million. It reached its pinnacle on January 07, where the MCap value reached USD 590,640,098. In a month, on February 06, the currency touched it were lowest of USD 398,331,878 and traded for USD 3.69. However, the market has been gradually increasing, and the current value is 16.91% higher than that on February 06. The 20- day EMA also shows an uptrend with the increase in MCap value from $403,642,687 to the current value, a hike of 15.37%. This pushes the market into the bullish trend.

CoinMarketCap has analyzed and deduced the pricing moments and corresponding MCap values of the ETC cryptocurrency. According to the analysis, the prices of USD and BTC as on February 26 at 13:34 UTC are $4.29 and 0.00111473 respectively.  Both the prices have been dangling with massive variations. In the recent past, the MCap value of ETC surpassed BTC and has remained stable, but the price of BTC has been more on the downtrend. The cryptocurrency reached a milestone between February 17 and February 24 when the price of USD rallied from 4.09 and 4.94, with a 20.78 percent hike within seven days. During this period, the price of USD exceeded the price of BTC too.

Based on the stats, the 14-day moving average rose by 4.04% from the MCap value of USD 447,610,031 on February 12 to the present day value. Since both the averages show a positive sign, the overall market of the digital currency is pushed under bullish pressure. But, the percentage rise of the moving averages is not significant enough, hence points the market in favor of sellers. The investors and the traders with the idea for long term investments will have to observe the market trend until it reaches a static uptrend before investing. However, short term investments are welcome; this will increase the value of the cryptocurrency in the future and will benefit the investor.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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