- This hard fork token has outperformed Ether this year.
- It has posted three-digit growth in the past one year.
- The core team of this smart chain provider is expected to launch an advanced version this year.
The crypto industry has noted an unprecedent expansion this year. Presently, there are over 11,000 decentralized virtual tokens available on crypto exchanges.
While the overall crypto market still holds gains on a year-to-date (YTD) basis, the top virtual currencies have declined by more than 50 per cent since the May 19 crypto crash.
Amid such market conditions, there is one crypto token investors may want to explore in 2021.
Ethereum Classic (ETC)
Ethereum Classic’s native token, aka ETC, continues to be one of the popular investment options among crypto holders.
Ethereum’s legacy token, or hard fork coin, commenced its trading journey five years ago. It is an alternative platform for Ethereum’s blockchain to offer smart contract services. Developers use ETC tokens to pay for creating decentralized apps.
In line with Ethereum 2.0 launch, the smart contract provider is likely to unveil its advanced project, ‘Magneto’. ETC has swelled 659 per cent this year to outperform Ether, which is up 154 per cent in 2021. But while Ether yielded over 699 per cent in the past year, the hard fork token has zoomed 618 per cent.
Ethereum Classic is operating independently, reportedly managed by its fan community-based blockchain developers. It works based on the proof-of-stake (PoS) model and is a decentralized autonomous organization (DAO) that provides anonymous swapping options with other crypto tokens.
ETC coin’s price performance
ETC was marching at US$ 43.30 apiece, having climbed two per cent in the last 24-hours. At US$ 5.53 billion, it ranks on No. 17 among its crypto peers in terms of market cap, according to CoinMarketCap. ETC had a market dominance of 0.44 per cent as of July 19.
The crypto coin has dropped almost 40 per cent in the last one month after achieving a 30-day high of US$ 72 per token. It recorded a lifetime high of US$ 176.16 in May 2021, propelled by the frenzy of crypto buying.
What is ETC token’s price prediction?
Some market analysts believe that ETC may recover above its all-time high by the end of 2022. It could also achieve a US$ 200-mark by 2023, guided by the rising demand of smart contracts from mainstream financial institutions.
There are some sceptics, however, who believe that ETC is a fan-made fiction project that imitates Ethereum’s blockchain, although they have not provided any substantial proof.
ETC has a fully diluted market cap of US$ 9.234 billion. In total, it has about 129 million tokens in circulation as against a maximum supply of 210.70 million.
ETC token is available for trade on crypto exchanges like Binance, Huobi Global, CoinTiger, and OKEx.