Ethereum Classic (ETC) is the hard fork of Ethereum and runs on the core of the original Ethereum blockchain. ETC was created to preserve the originality of the cryptocurrency, which was hacked after the launch of Ethereum based project – The DAO (Decentralized Autonomous Organization). The project caused a loss of 6.2 million ETHER, obstructing DApps development. Hence, at block 1920000, Ethereum mining nodes were forced to return the stolen Ether and the minority community created ETC. The cryptocurrency continues to work on Proof-of-Work consensus algorithm. Since it’s not backward compatible with the hard fork, users of ETC will not be able to enjoy the benefits of Proof of Stake protocol.
ETC coins are being traded at 7.28 USD on April 08 at 13:49 UTC for its relative MCap trading at USD 797,839,337. Based on stats, Ethereum Classic is the 17th largest currency in the crypto market. This is also evaluated based on the circulating supply of 109,562,935 ETC coins out of a maximum supply of 210,000,000 ETC and its corresponding 24h volume worth of $1,180,682,537. Coinmarketcap assesses the proximate return on investment for this cryptocurrency to be 861.71%.
Market Trend Analysis
Ethereum Classic’s overall market has been very stable with unsubstantial variations in the values. The market has been range bound USD 500 million from March 2019. The market faced a major variation when the price shot up from 4.83 USD on April 02 to 6.08 USD on April 04 along with the Mcap values increasing from USD 528,882,809 to USD 665,364,048 with the average increase by 25.85%. The cryptocurrency’s market capitalization peaked to USD 862,628,131 today on April 08 at 05:54 UTC. The price shot up to 7.87 USD offering good resistance support.
ETC’s Price Forecast
Beincrypto predicts that Ethereum Classic’s price will be ten times more than the current value in the future. It expects the price to reach between 50-100 USD by 2020 and further increase to 200 USD by 2024. Tradingbeasts expect the price might reach as high as 27.15 USD or as low as 18.46 USD by the end of 2019. Coinswitch forecasts a positive future for the cryptocurrency, with its price touching 34.252 USD by the end of 2019, increase to 79.393 USD in 2020 and by the end of 2023, five year investment period, the price per ETC coin will reach as high as 114.842 USD.
The current market trend is in favor of buyers. There has been a drastic increase in the price of ETC since the beginning of April 2019, and as the prediction suggests, ETC will turn out to be the most profitable cryptocurrency in the future.