Ethereum Classic price prediction: What next for ETC?
After a rollercoaster year, what are the latest Ethereum Classic price predictions?
Ethereum Classic is the coin that came into being after a split in the Ethereum blockchain. Having been somewhat overlooked for a long time, it became prominent in the spring of 2021 as investors looked for a cheaper alternative to ETH.
But what is Ethereum Classic (ETC)? Let’s take a look at that, and examine the Ethereum Classic price prediction, too.
If we want to look at the Ethereum Classic price prediction, then first we will need to examine just what ETC does, and how it came into being.
Ethereum itself was initially proposed by Vitalik Buterin in 2013 and went live in July two years later. The idea was to have a globalised platform that would let people set up decentralised contracts. These are agreements between two parties that are automatically processed by the blockchain once certain demands are met. However, in 2016 things changed.
The decentralised autonomous organisation (DAO) was a platform that allowed people to promote and, crucially, raise money for their start-up apps. You had to buy DAO tokens with Ether (ETH) to enter, votes would be held on whether or not to fund something, and apps that had 20% or more support got a share of the investment.
The Split Function enabled people to withdraw their support in return for getting their Ether back after a 28-day waiting period. Unfortunately, there was a flaw in the Split Function code. This meant the network kept refunding the same tokens without anything popping up on the public register.
Although all was not lost, the fact that the network was based around Ethereum meant that it took a big reputational hit. Investors were polled and the majority decided to set up a hard fork, meaning all Ether coins issued after a certain date would, in effect, be invalid. People got refunds and everyone was happy.
Well, everyone except for a substantial number of investors who saw no need to go to such extreme lengths. These people kept the original blockchain and rebranded it as Ethereum Classic.
For a long time, ETC was very much overlooked. People decided they would rather have the original Ether than its offshoot. However, in early 2021, the market went through a corrective period and the value of the coin began to pick up pace. With Ether becoming more and more popular and therefore more expensive, some people switched to ETC.
Basically, ETC does the same things Ether does – it powers a network and can be bought, sold, and traded on exchanges – and the blockchain pretty much has the same functions as Ethereum, in as much as people are able to use smart contracts and get involved in the world of decentralised finance (DeFi).
In terms of how much it’s worth, on the morning of 25 July 2022, it was worth about $24.65, up by around 70% from the $14.33 it was worth on the afternoon of 30 June, and up nearly 9% from the $22.67 it was worth on the morning of 27 May, suggesting it had recovered from the slump caused by the cancellation of withdrawals on the Celsius crypto lending platform.
Perhaps more encouragingly was the news that it had recovered to the sort of price it had enjoyed before the depegging of UST and the collapse of the associated LUNA cryptocurrency saw a market collapse in the middle of May. There were just under 136 million Ethereum Classic in circulation out of a total supply of 210.7 million, which gave it a market cap of about $3.41bn, making it the 22nd largest crypto by that metric.
From the Ethereum Classic white paper
As the coin’s white paper says: “Ethereum Classic provides a permissionless way to manage digital assets without the need for intermediaries, such as banks and other institutions.
“Ethereum Classic allows uncensorable smart contracts to be written, deployed and executed; ETC enables truly unstoppable programmable money.
“Ethereum Classic is the continuation of the unaltered history of the original Ethereum chain. The ETC network exists to preserve the principle of ‘Code is Law’.”
Ethereum Classic price predictions
Let’s take a look at the Ethereum Classic price prediction. As always, we need to point out that cryptocurrency price predictions are often wrong. Also, in many cases, they are made using an algorithm, which can change at any moment.
Firstly, CryptoNewsZ has an Ethereum Classic price prediction for 2022 that suggests that the coin could, potentially, go as high as $42 this year before reaching $50 in 2023 and $51 in 2024. The site’s Ethereum Classic price prediction for 2025 is anywhere between $48 and $65, which would imply that it has the potential to be very volatile. The following year, it should be worth around $62, while in 2030 it could reach as high as $195.
Next, DigitalCoinPrice has an ETC price prediction that suggests it should trade at around $32.42 in 2022 before rising to $36.84 in 2023. The price will then dip slightly to $36.02 in 2024, before 2025 sees it rebound to $46.16. There will be another drop to $43.89 in 2026, but it should then recover and thrive, to hit $58.23 in 2027. The year after that, it should hit $81.58 before it closes the decade at $100.84.
The site’s Ethereum Classic price prediction for 2030 is $112.16, before it reaches an average of $128.83 in 2031.
Meanwhile, Gov Capital has an Ethereum Classic crypto price prediction that suggests that it should close this year at around $25. On 25 July 2023, the coin should be about $56.52, before it hits just under $96.74 12 months later. A year from then, it should be a little less than $136.68 and on the same date in 2026 it will trade at $182.20. On 25 July 2027, it should stand at a fraction of a cent under $232.73.
Finally, LongForecast is a bit more bearish in its ETC coin price prediction. It says the coin should drop to $22.97 by the end of this year in its Ethereum Classic price prediction for 2022, before it stagnates somewhat to slide to $22.31 in December 2023. In November 2024, says LongForecast, it should rise to $25.36, and by the end of 2025 it should be worth $24.15, before the coin has a bad 2026, falling to $11.84 in July.
A few things to point out. Firstly, it does seem like ETC is forever destined to live in the shadow of Ether itself. That is not necessarily a bad thing – the coin can still potentially make investors a profit regardless – but it is worth keeping in mind.
For instance, at the time of writing on 25 July 2022, Ether was worth a little over $1,500 and had a market cap of more than $185bn, making it the second largest crypto and comfortably eclipsing ETC. While there are some Ethereum enthusiasts who anticipate the Flippening – the moment Ether (ETH) becomes bigger than Bitcoin (BTC) – there aren’t many who think ETC will overtake ETH.
Secondly, ETC has not had a great 12 months or so. Following its all-time high of $176.16 on 6 May 2021, it has suffered in market crashes and it seems as though whenever it builds up momentum, it falls back down to Earth for a while. As always with cryptocurrencies, you will need to be careful when it comes to investing in ETC.
On 25 July 2022, there were just under 136 million ETC in circulation, out of a total supply of 210.7 million.
Potentially. There is some room for growth with ETC. Nevertheless, cryptocurrencies are highly volatile and prices can go down as well as up. You will need to do your own research and never invest more than you can afford to lose.
It might be. On 25 July 2022, the coin was worth significantly less than it was 12 months earlier but, with the market having gone down recently, it could be suggested that it was in a dip.
This, according to some crypto investors, is the best time to invest, although it is entirely possible that the price will go down further before it goes back up. Regardless, you will need to be careful and do your own research.
This is a question that only you can answer. You will need to do your own research, remember that prices can go down as well as up, and make sure never to invest more money than you can afford to lose.