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Ethereum Classic (ETC) is a legacy token that began trading on the Ethereum blockchain platform in July 2016. It is also known as Ethereum’s ‘hard fork’, which follows the network’s previous protocol.
Ethereum Classic’s blockchain platform primarily offers smart contract services to build and power decentralized applications (DApps). Its lower fee could be a bullish catalyst for ETC tokens, which happens to be its native coin.
The blockchain network is expected to launch its upgraded version, ‘Magneto’. This project will likely integrate better security along with a minimal gas fee, which is the bill that developers pay to use blockchain platforms to write smart contracts.
Currently, Ethereum Classic and Ethereum operate separately, with two different blockchain technology platforms. While Ethereum recently announced its plans to alter its proof-of-stake (PoS) computation, Ethereum Classic does not have any plans to change its mining operations as engineers continue to bolster its scaling.
After separating from Ethereum, Ethereum Classic is said to be operated by its developer community. Founding fathers Vitalik Buterin and Gavin Wood reportedly have no say in the network. Ethereum Classic is also known as a decentralized autonomous organization (DAO), which includes a group of developers and fan community.
The ETC community began gaining a huge fan base after Digital Currency Group chief Barry Silbert extended it his support.
Ethereum Classic (ETC) token price predictions and trading data
ETC token is currently trading at US$ 59.10 apiece, up 15 per cent in the last 24-hours. ETC is placed at the 19th spot among cryptos in terms of market cap, as per CoinMarketCap’s website.
ETC coins have been marching in the range of US$ 32 to US$ 72 apiece for the last one month. It posted an all-time high of US$ 176 in the first half of May. The token is trading in line with its parent platform’s native coin Ether.
ETC coin has swelled more than 165 year-to-date (YTD). In contrast, Ether has surged around 186 per cent this year.
As for ETC coin’s price predictions, it may rebound above US$ 100 apiece in 2021. The token could hit a record peak by 2025, led by a reasonable gas fee and smooth scaling.
However, crypto investors should also consider financial regulators’ directive that classifies cryptocurrencies as “high risk” assets.
Source: Pixabay.com
ETC has a one-day volume of US$ 5.7 billion and a market cap of nearly US$ 7 billion. Ethereum Classic has a total supply of over 116 million tokens, which is 55 per cent of its maximum supply of 210.70 million tokens.
Ethereum Classic coins have been trading on crypto exchanges such as Binance, CoinTiger, OKEx, and Huobi Global.
Please note: The above constitutes a preliminary view and any interest in stocks and cryptocurrencies should be evaluated further from an investment point of view.
