This aspect of ETC tokenomics was meant to boost the coin’s long-term sustainability to a great level. Sentiment analysis measures opinion data and categorizes it as positive, negative, or neutral. This technique studies the overall sentiment in the market, revealing how investors and traders feel about certain crypto.

The Ethereum Alliance, for example, consists of billion-dollar firms such as Accenture, JP Morgan, Microsoft, and UBS. The Ethereum chain that forked was able to retrieve the $50 million that was hacked and return it to investors. Ethereum Classic is a second generation blockchain, a network, a community, and a cryptocurrency. In addition to allowing people to send amounts of value to each other, ETC allows for complex contracts that operate autonomously and cannot be modified or censored. While there was no official maximum limit for ETC’s total supply before the Gotham update, its implementation restricted the number of ETC that can exist to 210.7 million tokens.

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These attacks are what caused a hard fork of the Ethereum network and the creation of Ethereum Classic. In order to secure the network from such attacks, a new version of the Ethereum blockchain was developed. The old version persisted and is known today as Ethereum Classic. As a speculative investment, Ethereum Classic is highly volatile.

The market cap of Ethereum Classic is equal to the number of ETC in circulation multiplied by the current price of Ethereum Classic. 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.

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Its blockchain is still account-based, comprising ‘contract accounts’ operated through a code , and ‘external accounts’ which are managed through private keys. 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 allows blockchain developers to create and deploy decentralized applications atop it. Of course, the DApps are embedded with smart contracts that execute based on predetermined conditions and are immune to third-party interference.

• Wood was responsible for writing the code of the Ethereum blockchain, and the product became very successful immediately after its launch.
• The token is widespread and widely available in the cryptocurrency industry.
• This is a statistical representation of the maximum market cap, assuming the maximum number of 210 Million ETC tokens are in circulation today.
• A corrective phase followed and ETC coin was trading in the vicinity of $50 within a month.
• Instead, it was created due to a changing Ethereum landscape that birthed two independent blockchains.

This means that the Ethereum Classic price is likely to increase as the supply becomes more scarce. Ethereum Classic is the original open-source Ethereum network that was developed by Vitalik Buterin and Gavin Wood back in 2015. 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.

When the Ethereum hard fork happened in July 2016, all investors who held ETH in their wallets were given the same amount of ETC coins for free. Its next noteworthy surge came during the crypto boom of 2018, when ETC price reached $43.76 on Jan. 13, 2018. However, it retraced to under $20 within a month and continued its fall further after a brief spike in February, trading well under $10 by Q3, 2018. The widely-recognized Ethereum blockchain launched by Vitalik Buterin and Gavin Wood in July 2015, raised $150 million through an Initial Coin Offering conducted by ‘The DAO’, in April 2016. However, a hacker stole $3.6 million three months later, by exploiting a bug in one of The DAO’s smart contracts.

The long term senethereum classic all time highnt, however, remains bullish and ETC could hit $31.08 in 2024. Non-fungible token sales saw a small uptick over the last BTC week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% … The higher the metric, the safer the blockchain, as high hash rates require immensely high computational power to compromise the network via a 51% attack.

Alternatively, you can buy ETC directly with fiat or convert your crypto to ETC. Ethereum Classic is the sister blockchain to Ethereum, as they both originate from the Ethereum blockchain initially launched in 2015. Unlike Ethereum, which has no limit on coin supply, ETC has adopted a deflationary policy and capped the token supply at 210.7 million.

Ethereum Classic’s price for May 2023 according to our analysis should range between $32.60 to $37.50 and the average price of ETC should be around $35.05. Ethereum Classic’s price for April 2023 according to our analysis should range between $32.15 to $36.98 and the average price of ETC should be around $34.56. Ethereum Classic’s price for 31 Mar 2023 according to our analysis should range between $29.33 to $33.74 and the average price of ETC should be around $31.53. Ethereum Classic’s price for 21 Mar 2023 according to our analysis should range between $24.86 to $28.61 and the average price of ETC should be around $26.73. Ethereum Classic’s price for 16 Mar 2023 according to our analysis should range between $22.64 to $26.05 and the average price of ETC should be around $24.34.

It is already established as a popular token, so it is still valued at a considerable price. Gavin Wood was a research scientist at Microsoft as well as a holder of a master’s degree and a doctorate in computer science. Early in his career, he worked on embedded programming languages, lighting software, programming language workbenches, and smart contract editors for legal documents. It is based on the older versions of Ethereum that existed before fundamental changes to the codebase. Ethereum Classic or ETC has its uses and role in the cryptocurrency industry, and it has its own unique history as a cryptocurrency token.

These costs are commonly referred to as gas fees, and they are paid to https://www.beaxy.com/ who use advanced computers to solve “proof-of-work” problems to help validate the network. The Ethereum Classic blockchain issues new ETC to the circulating supply to reward miners for adding new transactions to the blockchain. Ethereum Classic is one of the two crypto assets that emerged after a hard fork of the Ethereum network in 2016. The old blockchain was renamed and Ethereum Classic was born, and with it, a new cryptocurrency joined the market. Ethereum Classic kept operating on the old blockchain, formerly Ethereum, representing the original idea of an open-source decentralized network that operates on smart contracts. The live price of Ethereum Classic is $ 18.84 per (ETC / USD) today with a current market cap of $ 2.63B USD.

• While the comparatively low Ethereum Classic price may appear more appealing, there are several reasons why investors may prefer ETH.
• Remaining on the blockchain would have meant that investors weather the economic effect of the DAO, but the bailout was commenced and investors made whole, by moving to the new blockchain.
• The new network with the reverted hack went on to become ETH, while ETC continued on with the same blockchain history.
• So it all depends on if this investment will hit your trading goals.
• Originating from the Ethereum network, Ethereum Classic uses the proof-of-work consensus mechanism and supports decentralized applications.

The key differences between ETC and ETH lie in the ideology of the two platforms. Proponents of ETC believe that Ethereum abandoned the core principles of Code is Law by initiating the hard fork post-The DAO hack. Unlike ETH, the Ethereum Classic coin supply has a maximum limit that’s capped at 210,700,000 ETC, making the asset deflationary.

Last week, JPMorgan strategists predicted that ETC would likely be one of the main beneficiaries of The Merge. Boost your trading impact and reaction time in over 80+ cryptocurrencies via instant access to your portfolio with the LiteBit app. Ethereum Classic has enjoyed yet another boost ahead of the upcoming merge event as the network’s hash rate booms.

All smart contracts launched on Ethereum Classic run as they are programming, without external interference. 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. It is a quantitative metric calculating how many individual units of specific cryptocurrency coins/tokens were traded (bought & sold) within the last 24 hours. It’s a direct cryptocurrency’s supply & demand indicator, and is purely related to its market price.

ETC is used as a peer-to-peer payment token and to secure the Ethereum Classic blockchain. Market cap is calculated by multiplying the asset’s circulating supply with its current price. Ethereum Classic has a new name but is the original version of the Ethereum protocol using the original blockchain.

As a blockchain network, Ethereum Classic relies on a Proof-of-Work consensus mechanism. This means that users around the world provide computational power to validate transactions and ensure the security of the network. In return, miners get ETC, which is the valuable native MATIC currency of the network. Users can transact with ETC, using it for all kinds of transactions and also exchanging it for other digital assets and fiat currencies. 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.