In this post, we will focus on Ethereum Classic price prediction in 2021 and beyond to answer the question: “Is ETC a good investment or not?” Here, we will bring you the most recent market analyses and opinions about Ethereum Classic price predictions. Besides ETC price prediction in 2021 and onwards, we will attempt to answer the following questions. What are the differences between ETC and ETH? How has ETC changed so far? Based on Ethereum price prediction, will ETC drop or rise in the short and long term? Are ETC predictions bullish or bearish? Is ETC a good investment tool for making money? How high will ETC go in the short and long-run?
Then, if you have the same questions, you are at the right place to have your queries answered. Therefore, continue reading this Ethereum Classic price prediction for 2021 and the next five years to identify the future investment opportunities in Ethereum Classic. Let’s start by asking what makes Ethereum Classic (ETC) different from Ethereum (ETH)?
ETC VS. ETH
- In addition to sharing the same name, these cryptocurrencies also share an exciting history. They both operate on the same protocol and perform a similar function. Ethereum and Ethereum Classic were once one cryptocurrency. The division happened due to the DAO Hence, the Ethereum community splinted because of the decision to hard-fork. However, this decision went against the original purpose of Ethereum in the first place. The Ethereum chain that forked was able to get back the $50 million that was hacked.
- Ethereum Classic (ETC), as its name suggests, still uses the original blockchain. Thus, Ethereum Classic is often referred to as the original Ethereum. Some who wanted to stick with the old Blockchain created ETC. On the other hand, Ethereum (ETH) functions on a brand new blockchain. The vast majority of miners and users of the previous version of Ethereum use this new version, leaving the original Ethereum Classic in the cold. ETH holds technical advantages over Ethereum Classic.
- ETC and ETH have some distinct differences in their community. ETH community leaders are far more public than those in the ETC world. Furthermore, ETH has a strong and large community behind it.
- ETH has more power as it has a market cap of roughly $367,653,624,714, and it is the 2nd largest and top popular cryptocurrency in the market. On the other hand, the ETC market cap is around $7,495,832,582 and holds 18th Therefore, ETH > ETC.
Ideology or Ethics?
- The difference between Ethereum and Ethereum Classic is one of ethics and ideologies. Ideology has a crucial role in the Crypto market. Because ideologies attract communities, and the community support behind most cryptocurrencies ultimately determines their long-term value. Ideologists determined in their beliefs stuck with ETC. Others split off into ETH for the sake of the survival and flourishing of the community. Still, ETC ideologists and followers strongly believe that the hard fork betrayed the original quest of blockchain technology; to prevent third-party manipulation. They disagreed with the split and hard-fork. In their view, such hard forks will inspire illegal updates for personal gains. On the other hand, the Ethereum community firmly believes that the hard fork was an ethical decision since the hack would destroy investors’ faith in Ether.
- While Both ETC and ETH have faster transaction speed than Bitcoin, the ETH 2.0 update makes Ethereum much faster than ETC.
- There are 210 million ETC coins available, which gives Ethereum Classic a level of scarcity that Ethereum doesn’t have (ETH is not capped).
- Their roadmaps are different. While the Ethereum project follows a transition to a proof-of-stake consensus model and can mine with Innosilicon a11 pro, Ethereum Classic plans to stick with the existing proof-of-work model.
An overview of ETC Price History
Ethereum Classic Price Performance at a Glance
According to the Ethereum Classic website, Ethereum Classic is primarily applied for gaming, identity, interoperability, and finance-related applications.
After the Ethereum network split, ETC had an opening price of $0.6024 on July 25, 2016. In 2017, ETC showed remarkable growth. ETC opened the year at $1.45 and reached $22 in early September. Then, Ethereum Classic achieved higher levels in December 2017, reaching $47.07 per coin.
2018 was a pretty disappointing year for ETC. In mid-June 2018, ETC was trading at around $15. By December 2018, ETC dropped to about $3 then grew again to almost $10 by June 2019. By the end of that year, it fell again to $4.80. The beginning of 2020 was a positive one for Ethereum Classic. The ETC managed to rise to above $12 in January 2020.
ETC Price Movement from 2018-2020
ETC in 2021
2021 has been a fantastic year for ETC. Everything changed for ETC around February when it got close to reaching $17. Then in April, something magical happened. ETC continued to rise, eventually hitting $44.92. And then, after a slight drop, ETC surged to its all-time high of $134 on May 6, 2021, resulting in more than %3300 gain for ETC investors and cloud miner centers. The update of the EtcHash algorithm might have played a role in this growth.
However, the bear market pulled ETC down over the rest of May. The coin dropped to the price of $51.75, which was a massive downturn given the recent peak. Interestingly, while ETH continued to rise, finally touching $4,362 on 12 May, ETC lost value quickly. The coin ended 16 June at $55.27. Ethereum Classic price experienced a run-up between July 20 and July 26. Though a steep decline later followed, Ethereum Classic is trading at a much higher price than at the beginning of the year.
ETC Price in 2021
As already mentioned, ETC has a limited supply of 210,700,000 coins, with 128,871,809.35 ETC coins currently in circulation. At the time of writing, on August 10, 2021, according to CoinMarketCap, the coin is trading at about $58.52, with a %2.60 decrease in the last 24 hours through exchanges and cloud mining. In the worst-case scenario, if ETC fails to break & hold the next major resistance zone at $61.26, it will first find support at $56.086.
ETC Price Prediction in 2021 and Beyond
Providing cryptocurrency price predictions can be challenging, given the volatility of the market. Historically, the cryptocurrency market is known for its volatility. In this regard, it is essential to remember that these price predictions are just speculations, and it is impossible to predict the market precisely and with total certainty.
Wallet Investor Ethereum Classic Price Prediction
According to their Ethereum Classic price prediction provided by technical analyses, ETC is a worthwhile long-term (one-year) investment.
Source: WalletInvestor (Short-term Ethereum Classic Price Prediction for the Next Days and Weeks)
Long-term Ethereum Classic Price Prediction
As shown in the graphs above, WalletInvestor predicts that ETC will go up from its current price at $58.377 to $92.161 by the end of 2021. Therefore, it is profitable to invest in the coin, with an earning potential of +57.87% in one year. Accordingly, in the long term, ETC will be worth $234.127 in 2026.
Source: WalletInvestor- Ethereum Classic (ETC) Forecast Earnings Growth
TradingBeasts Ethereum Classic Price Prediction
Based upon TradingBeasts Ethereum price prediction for 2021 and onwards, ETC will reach $52.637 by the beginning of December 2021. The expected maximum ETC price is $66.785, and the minimum price is $45.414. The Ethereum Classic price prediction for the end of the year is $53.428.
As you see, the website predicts a downward trend for ETC in the short run. However, In the long term, ETC will go up to at least $67.197 (in 2023) and $78.758 (in 2024). It also predicts that by the end of 2022, the average Ethereum Classic price will be $65.244.
Crypto Ground Ethereum Classic Price Prediction
Based on the historical price input data, Crypto Ground predicts that ETC will have an upward trend in the future.
Source: Crypto Ground (Ethereum Classic Price Prediction Chart)
Crypto Ground forecasts that it is profitable to invest in Ethereum Classic (ETC) for the long term (i.e., the next 5 years). The platform predicts that the price of Ethereum Classic (ETC) after five years (from today) will be almost $145.8607. With the help of technical analysis using various algorithms, Crypto Ground says that the price of ETC will not decrease or drop in the next five years. As such, the coin in 2023 will be about $101.4019, and in 2026, it will be around $145.8607.
Coin Price Forecast ETC Price Prediction
According to their latest long-term forecast, the Ethereum Classic price will hit $100 by the end of 2021 and then $200 by the end of 2022. Ethereum Classic will rise to $250 within the year 2023 and $300 in 2024. The forecasted Ethereum Classic price at the end of 2021 is $108.32. After the first half of 2022, the Ethereum Classic price will rise to $157.06; in the second half, the coin will add $47.12 and close the year at $204.18, implying a 258% increase over the current price.
From 2023 to 2027, ETC may go up further: Ethereum Classic price would move from $204.18 to $275.91, a %35 increase. Ethereum Classic will begin 2023 at $204.18, then soar to $250.12 in the first half of the year, and finish 2023 at $270.03. This growth means an increase of %374 from the current price. On the whole, Coin Price Forecast has a positive outlook toward ETC destiny in the market.
Coincodex Ethereum Classic Price Prediction
According to Coincodex, The Ethereum Classic price prediction sentiment is currently neutral. Coincodex last updated its Ethereum Classic price prediction on August 10, 2021, at 23:00.
Crypto Academy ETC Price Prediction
As reported by Crypto Academy, Ethereum Classic Price prediction is optimistic. Subsequently, ETC is likely to go up to $200 in 2021. Crypto Academy attributes such overly optimistic prediction to the possibility of Bitcoin cloud mining starting another bullish run. Moreover, according to the platform, new updates to Ethereum Classic have made it much safer and have attracted the attention of many investors. Meanwhile, institutional investors such as Barry Silbert, CEO of Grayscale, are big supporters of ETC. They can surely drive the price of ETC high in the coming years. In addition, the block reward is supposed to decrease from 3.2 ETC to 2.56 in 2022. These factors may stimulate ETC to reach $400 in 2022.
For the long term, Crypto Academy even expects ETC to go up to $1000 in the next five years. It argues that as more people become interested in cryptocurrencies, their prices go higher. The majority of daily transactions will take place via cryptocurrencies in the long run. Given that ETC is already a popular cryptocurrency with a large community and support, it is likely to be implemented in many companies, countries, etc. This adoption increases the demand for ETC even more, while the ETC scarcity decreases due to its limited supply (the supply is limited to around 210 million ETC). Thus, the price increase is inevitable in the long run.
Google searches for Ethereum are on the rise, representing emerging interest for the coin. However, Ethereum Classic is a major target of online attacks, which has damaged ETC’s image in the market.
Ethereum Classic is a hard fork of Ethereum. Even though it might not be as successful as Ethereum, it is still one of the best cryptocurrencies to invest in. Especially, ETC can be a good investment for blockchain ideologists and enthusiasts who strongly believe blockchains are created to be immutable, so data can’t be altered or erased. Remember that Ethereum Classic is a cryptocurrency with a special focus on immutability, expressed in “code is the law.” Moreover, Ethereum Classic is also trying to establish itself as a pivotal player in the DeFi space, which is one of the faster-growing sectors today.
Based on ETC price prediction and its historical performance, we can conclude that Ethereum Classic can be a potentially good investment in 2021 and beyond. Also, adding ETC can be a great way to diversify your investment portfolio and minimize risks. However, with volatility in the market, it is crucial to stay up to date about ETC prices and check them regularly.