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ETC

Ethereum Classic (ETC) Price Index

$ 35.66 Ƀ 0.00052435
  • MarketCap
    $ 5,171,374,686
  • Volume
    $ 572,402,547
  • Change
    6.83%
ethereum-classicEthereum Classic
$ 35.66
$ 35.66
6.83%
32,88
ETC
Ethereum Classic (ETC)
$ 35.66
ETC
Ethereum Classic (ETC)
author
author
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
By Marcel Deer
author
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
on January 08, 2023 | 4 min
Updated on Nov 30, 2023

Overview: What Is Ethereum Classic (ETC)? 

Ethereum Classic (ETC) is the native cryptocurrency of the Ethereum Classic blockchain project. It’s not to be confused with Ethereum and Ether (ETH), as Ethereum Classic is a fork of the Ethereum blockchain that occurred in 2016.

Technically, the fork that became Ethereum Classic is the original Ethereum blockchain; because of the reasons for the fork, most of the Ethereum community moved forward with Ethereum (ETH).

The Ethereum Classic blockchain is still a smart contract blockchain and shares many features with Ethereum. However, Ethereum Classic differs in some of its network management approaches, and it retains the Proof of Work (PoW) consensus mechanism.

What Makes Ethereum Classic Unique? 

In 2016, Ethereum conducted a “hard fork” to reverse the “The Dao” hack and return stolen funds to the affected owners. Ethereum (ETH) continued with the new blockchain created by the fork.

The idea was that the original blockchain left behind would die out. However, stalwarts in the Ethereum community supported the blockchain vision that transactions should be immutable or unchangeable and continue with the original Ethereum blockchain. This project became Ethereum Classic and the ETC coin.

Ethereum Classic has proceeded without many of the updates in Ethereum, including the change from PoW to Proof of Stake (PoS) to improve efficiency and scalability. Ethereum Classic’s use of PoW means the network still has miners validating transactions.

What is Ethereum Classic Used For? 

Ethereum Classic is an open-source, programmable, smart contract blockchain that, like Ethereum, allows developers to build.

Ethereum Classic (ETC) is not as popular as Ethereum (ETH), but it’s still in the top 25 cryptocurrencies by market capitalization. ETC price movements follow similar trends to other smaller cryptocurrencies and are traded by users similarly. ETC price is loosely correlated with Bitcoin (BTC) and Ethereum (ETH) price shifts up and down, but it can be more volatile.

How Does Ethereum Classic Work? 

The Ethereum Classic blockchain works much like Ethereum did before it moved to a PoS consensus mechanism. Transactions are validated and secured through PoW by cryptocurrency miners who use powerful computers. Miners who successfully validate transactions are rewarded with ETC for their efforts.

How is the Ethereum Classic Network Secured? 

The PoW consensus algorithm secures the Ethereum Classic network and validates transactions of ETC. In this mechanism, miners use their computation power to process transactions by solving problems, thus creating new blocks on the network and receiving newly minted ETC. ETC, like Bitcoin, is one of the few networks to use PoW.

Where Can You Buy Ethereum Classic (ETC)? 

Ethereum Classic (ETC) is available on major cryptocurrency exchanges, including Binance, Coinbase, KuCoin, Bitfinex, Kraken, and on almost all CFD broker platforms offering cryptocurrencies.

Ethereum Classic Price Prediction for 2030 

At the time of writing, the Ethereum Classic price now is $15.40, down from its all-time high of $118 in September 2021. ETC Ethereum Classic price predictions expect the coin to increase in value, potentially reaching $102 to $131 by 2030. However, some analysts estimate both higher and lower. This follows a similar sentiment to that expressed for many other coins because the cryptocurrency market and the technologies used will grow.

Most frequently asked questions about Ethereum Classic

Is Ethereum Classic a good investment?

The market, ETC price history, performance, peer cryptocurrencies, the potential of the technology, plus one’s investment strategy and risk tolerance, should be assessed thoroughly to decide if Ethereum Classic is a good investment. ETC remains in the top 25 of all cryptocurrencies by market capitalization. However, Ethereum and other competitor smart contract blockchains are innovating much faster, potentially leaving Ethereum Classic (ETC) as a coin for traders and investors as it has less real-world utility.

Is ETC a stablecoin?

No, Ethereum Classic (ETC) is not a stablecoin; the cryptocurrency is not pegged to other assets to reduce volatility. Therefore, ETC is subject to the same market influences as other non-stablecoins and is just as volatile.

Is it better to invest in Ethereum or Ethereum Classic?

Though Ethereum Classic (ETC) powers a smart contract blockchain, generally, Ethereum is the platform of choice for developers, giving ETH far more utility in the crypto universe. ETC and ETH can be subject to significant volatility and, like all other cryptocurrencies, can be high-risk investments.

Does Ethereum Classic have a future?

Ethereum Classic has updated its blockchain, including “Atlantis” in 2019 and “Agharta” in 2020, focusing on Ethereum Classic’s interoperability with Ethereum. The blockchain hosts several dApps but nowhere near the roughly 3,000 in the Ethereum ecosystem. Ethereum Classic (ETC) also offers cryptocurrency miners and traders an opportunity. Still, as with any cryptocurrency, ETC relies on its technology’s success and is at the whim of the market.

What algorithm does Ethereum Classic use?

Ethereum Classic (ETC) uses a Proof of Work (PoW) consensus mechanism to validate and secure transactions on the network. In contrast, Ethereum has moved to a PoW consensus mechanism.

Does Ethereum Classic run on Ethereum?

Ethereum Classic (ETC) is the native coin of the Ethereum Classic blockchain. This was once the original Ethereum blockchain before a hard fork took much of the community to the network that continues as Ethereum (ETH).

How Is Ethereum Classic Different from Ethereum?

The Ethereum Classic blockchain, with its coin ETC, shares many of the features of the original Ethereum project. It still uses a PoW consensus algorithm. However, Ethereum (ETH), with its much larger community, has gone on to make more upgrades to the network to make it what is viewed as faster, more scalable, more secure, and more energy efficient.

author
About Marcel Deer
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
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