Ethereum Classic (ETC) is one of the most popular cryptocurrencies currently. In terms of market cap, it is the 29th-largest cryptocurrency (over US$6.85 billion market cap). Should you invest in it? Is it a good investment? What will be its price by the end of 2021 or 5 years later (2026)? To answer all your queries, let me walk you through Ethereum Classic (ETC), how it works, and the ETC price forecast.
Ethereum Classic (ETC) was launched in July 2016 after a hard fork of Ethereum (ETH). It is essentially a smart contract network that can host and support DApps (decentralized applications). ETC is the native token of the Ethereum Classic token. The technical roadmap of Ethereum Classic and Ethereum have been diverging further from each other with the passage of time.
As EThereum Classic is Ethereum’s legacy chain, the original developers of the Ethereum blockchain, Vitalik Buterin and Gavin Wood, are considered as the developer of this blockchain also.
All these facts and figures (as of Oct 20, 2021) will help you to make a decision on investing in Ethereum Classic ETC:
Proof of Work (PoW) mining algorithm is used by Ethereum Classic coin. This is the same mining algorithm used by Bitcoin. As per this PoW algorithm, the miners receive ETC coins as rewards after they validate the blockchain by competing with each other. With time, the block reward of ETC decreases. The current reward is 3.2 ETC per block. However, it will decrease to 2.56 ETC per block at block 15,000,000, which is expected to take place in April 2022.
As the Ethereum Classic organization is a voluntary organization, the ETC developers don’t want to make it a for-profit entity. The users of the Ethereum Classic network provide fees for every transaction they make. As per the proof-of-work (PoW) mining algorithm, these transaction fees are collected by the miners for doing the work.
One big difference between Ethereum Classic and Ethereum is that the former has no plans of converting their network into a Proof of Stake mining algorithm. However, the developers of this project are working to make multiple future improvements including scaling solutions.
Ethereum Classic price is hovering around US$52.53 at press time and it has increased by more than 821% in the last ten and half months.
By the end of 2021, the price of each Ethereum Classic coin is expected to reach anywhere from US$106.45 to US$150.
By the end of 2022, the price of each Ethereum Classic token is expected to be trading anywhere from US$224.52 to US$270.63.
ETC’s price is expected to hit an all-time high price at US$435.78 in the next 5 years (by 2026).
Always remember that cryptocurrency investment advice always comes with the risk of loss. As prices of cryptocurrencies are highly volatile, you should be ready to consider the loss aspect too. If you can’t afford to lose money, crypto investment is not for you. Instead invest in fixed income assets. To be sure about your investment, always go through the fundamentals, technicals, and price history trends of the Ethereum Classic coin market. Once you are absolutely sure about investing, go through the ETC price prediction, and then invest.