Ethereum Classic Price ETC Price index, Live Chart & Marketcap

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. The price of Ethereum Classic depends on a wide variety of specific factors that help form its market value.

Due to the novelty of The DAO and the perceived viability of its use case, it raised $150 million worth of ETH during its crowdsourcing MATIC campaign. But unfortunately, there was a vulnerability in The DAO’s smart contract. On the same day the network deployed the Gotham update, the ETC emission reduction protocol implemented the first block reward slash. As a result, the block reward awarded to miners was reduced from 5 ETC to 4 ETC. The emission rate is designed to shrink over time in the hopes that its supply will gradually fall below the demand and boost the token’s value. The Ethereum Classic to USD chart is designed for users to instantly see the changes that occur on the market and predicts what will come next.

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For example, developers can make use of the open-source code to develop and run decentralized applications and ERC-20 tokens can also be created for use on such applications. Ethereum Classic traded at $0.98 when it was created and launched to the market in June 2016. Its price then touched an all-time low in July, dipping to $0.61. ETC price went on to increase by nearly 3000% after hitting its ATL.

• As the original version of Ethereum, for a large part, the ETC crypto network adheres to the initial protocol.
• This text is informative in nature and should not be considered an investment recommendation.
• The percentage of Binance customers who increased or decreased their net position in BTC over the past 24 hours through trading.

Due to the availability of smart contracts on Ethereum Classic, it is possible to host tokens and build decentralized applications on the ETC blockchain. In other words, applications launched on Ethereum Classic can issue and manage their native tokens. This system is similar to what we have on the Ethereum blockchain. It aims to be the go-to platform for smart contract development which helps developers create unstoppable applications.

Ethereum Classic FAQ

The higher the demand the higher the price, while the value of Ethereum Classic would decrease in the case of negative sentiment, bearish market cycles, negative trends, and major market dips. The use of smart contracts is a major advantage of Ethereum Classic. However, ETC has to compete with the ambitious upgrades of Ethereum as its closest crypto peer in the sense of technology and blockchain architecture. Ethereum Classic was created as a hard fork of Ethereum in 2016 as the result of a hack on the Ethereum network in which DAO security was breached and 50 million dollars were stolen. To prevent potential future security breaches, the Ethereum network performed a hard fork which resulted in a split and a new cryptocurrency, Ethereum Classic.

• The old blockchain was renamed and Ethereum Classic was born, and with it, a new cryptocurrency joined the market.
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• The attacker exploited a flaw in The DAO’s code and made off with $50 million worth of ETH at the time.
• Ethereum Classic is considered to be among the longest-running smart contract platforms.

However, the new network that emerged, Ethereum , is currently the dominant one in the market. They’re used to trace website activity & growth within the project. DR metric is a sign of the project’s website reputability that is ranked from 0 to 100 . Organic Traffic – is a metric of how many monthly users visit the project’s website via search engines. All these metrics are used for determining active or passive projects despite the artificial hype. The quantity of all coins/tokens that have ever been issued , minus all coins/tokens that have been removed from circulation .

Every year, cryptocurrency experts prepare forecasts for the price of Ethereum Classic. It is estimated that ETC will be traded between $251.20 and $298.29 in 2029. The experts in the field of cryptocurrency have analyzed the prices of Ethereum Classic and their fluctuations during the previous years. It is assumed that in 2026, the minimum ETC price might drop to $78.12, while its maximum can reach $96.58. You can also use your existing cryptocurrencies to buy ETC on the KuCoin exchange. Transfer the funds from your digital wallet and into your KuCoin trading account to use them.

Binance has the lowest transaction fee rate amongst all major trading platforms. Only time will tell whether Ethereum Classic will be able to survive and thrive in the long term. ETC minimum and maximum prices might hit $27.19 and $31.29 accordingly. Crypto analysts have checked the price fluctuations of Ethereum Classic in 2023 and in previous years, so the average ETC rate they predict might be around $22.33 in May 2023.

How is Ethereum Classic different from Ethereum?

The former are referred to as smart contracts, which allow for the creation of decentralized applications . One of the main aims of Ethereum Classic is to always enable censorship-free execution of such smart contracts. Ethereum Classic is a public, open-source, decentralized blockchain-based computing platform that can execute smart contracts. It enjoys EVM compatibility and utilizes a proof of work consensus mechanism to secure its network. Most of the original Ethereum technological features and architecture were preserved in Ethereum Classic .

In August of the same year, Classic price broke the psychological level of $1 for the first time and traded at $1.79. This is a statistical representation of the maximum market cap, assuming the maximum number of 210 Million ETC tokens are in circulation today. Depending on how the emission schedule of ETC tokens are designed, it might take multiple years before FDV is realized.

Ethereum Classic Price Prediction 2023

ETC is used on the Ethereum Classic blockchain in a similar manner to ETH on the Ethereum network. ETC is used as a peer-to-peer payment token and to secure the Ethereum Classic blockchain. If you seek to place your assets in long-term investment, ETC may be a bad choice. ETC price history seems to show large increases either when the whole market is growing or when the market is most unstable. Considering current bearish trend in Ethereum Classic price movements, it is expected the cryptocurrency will continue meeting price decline.

Although ETH and ETC initially shared several similarities, the two networks have grown far apart regarding technological features. As incumbent institutions are increasingly threatened by the wild potential of blockchain tech, only truly decentralized and secure cryptocurrencies will survive. CryptoRank provides crowdsourced and professionally curated research, price analysis, and crypto market-moving news to help market players make more informed trading decisions.

The volatility of ETC means that its price may rise or fall quickly within a brief timeframe. From the price of $5 in December 2020 and the start of 2021, ETC price experienced a surge and traded at $9 as its highest price in January. Ethereum Classic price also showed positive momentum ADA on a monthly basis from February to April, recording billions in trading volume and reaching a new high for the year in April at the value of $20. Market cap is calculated by multiplying the asset’s circulating supply with its current price.

During its creation period, the platform raised 12.7M ETH, which was valued at $150 million at the time. As a decentralized network, The DAO was open-source and made its code available to community contributors. The current cryptocurrency Market Capitalization Dominance among all other cryptocurrencies in the market. The cryptocurrency’s market Price changes in percent within the last 24 hours . After the split, the Ethereum Classic decided to implement some core changes in the emission system of ETC as part of the plans to solidify its status as an independent blockchain. After reaching a consensus on implementing an ETC monetary policy, the development team launched the Gotham update in December 2017.

Senhttps://www.beaxy.com/nt can also affect the price of ETC and other cryptocurrencies. Ethereum Classic is an open source, blockchain based distributed computing platform. Like ETH it provides a decentralized turing-complete virtual machine, the EVM, which can execute scripts across the network. Ethereum Classic is a continuation of the original Ethereum blockchain – described as the classic version, preserving untampered history, free from external interference. When the split first happened, everyone who held ether at the time received the exact same amount of ethereum classic in their wallets for free.

The ethereum classic current price Classic network has suffered multiple majority attacks or 51% attacks since its launch, which resulted in the creation of the Ethereum network from a hard fork in the first place. Meanwhile, Ethereum’s blockchain is considered one of the most secure ones in the market, having experienced no attacks to date. 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. The hard fork occurred at block # , on July 20th, 2016, after many community debates and a governance vote.

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. Is a decentralized computing platform on top of which smart contracts can be executed, enabling the development of decentralized applications. The team working on Ethereum Classic believes that ETC is uniquely positioned as the smart contract platform of the future since it combines the technology of ETH with the philosophy of BTC.

The creation of Ethereum Classic sparked debate within Ethereum’s development community, as it was developed in reaction to a massive DAO hack of the main Ethereum network. The DAO raised $150 million in ETH as an Ethereum-based venture fund in an Initial Coin Offering in April 2016. However, in June, an attacker exploited a bug in the DAO’s smart contracts and stole 3.6 million ETH.

The new network with the reverted hack went on to become ETH, while ETC continued on with the same blockchain history. Ethereum Classic is considered to be among the longest-running smart contract platforms. It was launched in 2015 as the legacy Ethereum blockchain, and split in 2016, following a community dispute. The absolute theoretical maximum number of coins/tokens that is coded and will ever exist in the cryptocurrency’s lifetime.