Ethereum Classic news: is the future looking bright?
Ethereum Classic news shows there’s been plenty of development activity around, but the altcoin was disproportionately hit in Black Thursday’s bloodbath.
Although much of the focus is on ETH these days, there’s still plenty of Ethereum Classic news around. ETC still has a bustling community of developers who build new decentralised applications on the network – and indeed, the blockchain is about to embark on a hard fork upgrade.
Of course, there’s still a substantial amount of rivalry between the ETH and ETC camps. While Ethereum devotees argue that their network offers faster growth and greater potential for higher prices, those still using the original blockchain insist Ethereum Classic future prospects are looking bright.
Here, we’re going to look at the latest Ethereum Classic news, look at how ETC has fared year to date against heavyweights such as Bitcoin and Ethereum, and explore how the Ethereum Classic price prediction for the rest of this year is looking.
Ethereum Classic latest news
The Ethereum Classic Cooperative, which has the goal of accelerating the adoption of ETC by consumers and companies through “effective branding, marketing and education,” says it is making strong progress towards achieving the milestones set out on its 2020 roadmap.
ETC says that one of the main advantages it offers when compared with ETH is a devotion to the philosophy of immutability. This debate goes all the way back to when Ethereum was established as a hard fork in the aftermath of a devastating hack attack. In the eyes of traditionalists, this should not have happened – and the community should have persevered with the main blockchain. After all, this sets a dangerous precedent where other hard forks could affect Ethereum in the future.
There has been some big Ethereum Classic coin news of late. A protocol known as Saturn now allows atomic swaps between ETC and ETH – establishing a bridge between these two blockchains. (Although they may have a similar name, their networks are very different.) Such services enable peer-to-peer trading to take place without a middleman such an exchange, with safeguards in place to ensure traders don’t lose their crypto as a result.
“This is the new, hackproof cryptographically secure way of trading cryptocurrencies that completely eliminates counterparty risk. Unlike when you use centralized exchanges, your funds will never get stolen by hackers,” Saturn’s developers say.
In other Ethereum Classic news, June’s hard fork – known as Phoenix – has reportedly attracted support from 68 per cent of the miners on the blockchain. In a nutshell, this upgrade is designed to boost compatibility between ETC and ETH, as it cooperates with the enhancements being made to Ethereum.
There was more news on Ethereum Classic related to stablecoins. This network hasn’t hosted one of these projects yet, which sees a cryptocurrency’s value pegged to an asset, often a fiat currency such as the US dollar. ETC developers have now revealed that they are looking to support a new stablecoin, or establish a partnership with one that’s already in circulation. It’s fair to say that Ethereum already has the upper hand in this arena – after all, big players such as Tether and USDC already run on its network.
So… there may be an Ethereum Classic future after all. But wait a minute! How is the coin’s price looking? I feel a chart coming on…
Ethereum Classic news: ETC’s performance
Ethereum has a solid position as the world’s second-largest cryptocurrency, with a market capitalisation of $22.8bn at the time of writing. Ethereum Classic is much, much smaller by comparison – it’s currently ranked 19th, with a cap of just $808m.
One thing to bear in mind when making an Ethereum Classic price prediction is how ETC has performed year to date when compared with the likes of Bitcoin and Ethereum.
In this snazzy chart we’ve drawn up, you’ll see that Ethereum Classic is in blue, Ethereum in orange, and Bitcoin in red. At first glance, you may think that this graph shows ETC has a bigger price, market cap or trading volume than the other two. It doesn’t – instead, we’re looking at an illustration of the percentage falls suffered by each of these cryptocurrencies on 12 March, now known as Black Thursday.
This is significant, because ETC has really had a tough time of it – and much more disproportionately when compared to the two bigger coins. Year to date, it’s witnessed highs of $13.02 and lows of $3.30 – and the 75 per cent drop between these two figures took place in a six-week period between the start of February and mid-March.
ETH’s decline was also nasty, but not as severe. It had been trading at highs of $287.12 at the start of February, only to sink to lows of $95.18 the following month. That’s a drop of 66.9 per cent.
Last but not least, we have Bitcoin. Although its drop was by far the biggest in terms of dollar value – a drop from $10,457 to $4,106 – this decrease wasn’t anywhere near as steep as Ethereum Classic’s.
Ethereum Classic price prediction
Advocates in the community say that Ethereum Classic news is looking bright. ETC Core developers recently shared graphs that show ETC has more active accounts than the likes of Litecoin, Bitcoin Cash, Cardano and Dash. Their verdict? “ETC is programmable digital gold.”
Another crucial detail with Ethereum Classic news lies in how this cryptocurrency has taken a similar approach to Bitcoin by having a controlled supply – something that Ethereum doesn’t have. Whereas only 21 million BTC will ever be in existence, ETC’s circulation has been capped at 210 million. ETC Core’s rationale for this monetary policy decision is clear: “’Unlimited supply’ has proven in the last 30 years to severely debase the currency, create inequality, compound economic problems, and increase centralisation.”
Most of the Bitcoin that will ever exist are already out there, and May’s halving event means that even fewer coins are going to be minted. This often appears to give BTC’s price a boost in the long run. It seems unlikely that ETC prices will be subject to such a frenzy.
At present, WalletInvestor.com predicts that Ethereum Classic will end the year at about $4.34 – and projects that, in the best-case scenario, it’ll end up at $12.30. Meanwhile, DigitalCoinPrice.com believes that ETC will rise to $8.96 by December 2020, an increase of about 28 per cent from its current price point at $7. Take both of these forecasts with a pinch of salt. Although they might be based on historical data, there’s no accounting for unforeseen events in the news or the crypto markets – developments that can suddenly add significant upwards (and downwards) pressure to ETC’s price.