Ethereum Classic Price Index - Real Time Price Graph
Ethereum Classic (ETC) has established itself as one of the most important cryptocurrencies on the planet, despite the previous hard fork of the Ethereum project. This split the original altcoin into two separate tokens, with Ethereum Classic following the original blockchain, and consensus mechanisms of the platform.
Ethereum Classic is an open-source, blockchain-based distributed computing platform, which uses ether as its native token. Ethereum Classic is mined in a fairly similar way to Bitcoin, although it utilises a different consensus approach.
Although the cryptocurrency Ethereum has proved to be more successful and popular than Ethereum Classic, the original platform retains an active community and its fair share of supporters.
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Where to Buy Ethereum Classic?
Ethereum Classic is widely available on the Internet, as it has remained one of the more popular cryptocurrency projects. Digital brokerages and exchanges are particularly convenient places to purchase Ethereum Classic, and there is a vast amount of competition in this sphere. This means that you should shop around and diligently when choosing a brokerage or exchange, as it is important to choose one that is reputable, not merely cheap and accessible. Customer service and security are always important in the cryptocurrency field.
A Brief History on the Price of Ethereum Classic
Ethereum Classic has not been around for as long as the market-leading Bitcoin, but its relatively short history has nonetheless been dramatic.
Key News for Ethereum Classic
It's impossible to discuss Ethereum Classic without first considering the coronavirus crisis that has dominated the world media during 2020. This has naturally impacted on all cryptocurrencies, along with the trading environment as a whole, and the immediate future of Ethereum Classic will inevitably be determined by the ongoing situation related to the Covid-19 virus.
In common with many other cryptocurrencies, Ethereum Classic has been a beneficiary of the Covid-19 climate, as investors have moved away from equities during a largely crashing stock market. Both private and institutional investors have been actively seeking safe haven investments in what has been an extremely choppy ocean for making money, and this has seen Ethereum Classic nearly double in value over the last couple of months.
While it is too early to assert that this is the beginning of a bull market, it is clearly an issue that will have a massive impact on the future of the cryptocurrency. With numerous altcoins all gaining in value simultaneously at a time when other investments have struggled, it could certainly be very bullish for the niche going forward.
Elsewhere, Ethereum Classic’s Phoenix hard fork was recently completed, as part of a raft of updates that will enable Ethereum Classic to operate virtually the same protocols as its older brother. Several features already included in Ethereum have been incorporated into this latest fork, many of which had been included in the Istanbul hard fork of Ethereum itself.
There is an inevitability to the comparison between Ethereum Classic and Ethereum, considering the close history that the two cryptocurrencies possess. There is no doubt that Ethereum has stolen the thunder of Ethereum Classic to a great extent, as it is valued considerably more highly. But, with Ethereum Classic now incorporating many of the safety protocols associated with Ethereum, we could see the gap between the two cryptocurrencies close in the near future.
Ethereum Classic could also be impacted by many other factors going forward. Governance issues have been a problem for Ethereum Classic, while the perception of the token among the cryptocurrency community has been less positive than some other products. But considering the profound and unprecedented impact of Covid-19, the post-coronavirus climate, and its far-reaching economic impacts, this unusual situation will undoubtedly most strongly impact the immediate future of Ethereum Classic.
Ethereum Classic Timeline
- July 30th, 2015
Ethereum Classic was initially released via Frontier, after the Ethereum project is hard forked into two separate tokens.
- July 20th, 2016
There is some uncertainty about the future direction of Ethereum Classic. And the Ethereum Foundation creates a new version of the Ethereum mainnet. The future crypto coin will be based on this technology.
- July 24th, 2016
Emboldened by its new technology and mainnet platform, Ethereum Classic begins trading for the first time. Ethereum Classic price: $0.93
- December 11th, 2017
The current Ethereum Classic (ETC) monetary policy seeks the same goals as Bitcoin of being mechanical, algorithmic, and capped. ETC can now be exchanged for network transaction fees or other assets, commodities, currencies, products, and services. Ethereum Classic price: $27.64
- January 14th, 2018
After a period of favourable trading, Ethereum Classic breaks through the $40 barrier for the first time, reaching its historical high. Ethereum Classic price: $42.96
- May 30th, 2020
Following a bear market, during the Covid-19 crisis, Ethereum Classic enters a bull market, nearly doubling in value. Ethereum Classic price: $7.49
Compare Ethereum Classic With Fiat Currencies, Commodities and Crypto
While Ethereum Classic is very much a currency and payment system, it has also proved highly attractive to investors, due to its inflation in value. Indeed, the entire cryptocurrency niche has become a huge market for investment, and this is only likely to escalate in the future.
What this means is that Ethereum Classic and other cryptocurrencies are often compared to other similar trading platforms, such as fiat currencies, commodities and equities. Ethereum Classic very much belongs in this company, but how has it performed against some of its rivals in recent months?
Compare Ethereum Classic With the US Dollar
Considering the Covid-19 crisis, most currencies have struggled considerably. However, this hasn't applied to the US dollar, which remains the world's reserve currency - a huge advantage for the dollar. Consequently, the dollar has held its value rather well, but it has still been outperformed by Ethereum Classic overall. Ethereum Classic has roughly doubled in value over the last two months, and this certainly wouldn't be expected with a fiat currency, and indeed it wouldn’t necessarily be particularly desirable. So Ethereum Classic has certainly outperformed this traditional safe haven among fiat currencies during 2020.
Compare Ethereum Classic With Gold
Another safe-haven asset among commodities is gold, which is often stockpiled by so-called gold bugs during times of crisis. This is thus the ideal time for those with sympathy for this commodity, as investment money has inevitably poured into gold during the Covid-19 crisis. This has meant that the price of gold has increased appreciably during the calendar year, gaining around 25% to its peak value, although this has receded in recent weeks.
This is a good performance for gold, which is up nearly 50% over the last five years. But it is nothing compared to cryptocurrencies such as Ethereum Classic. With investors seeking non-traditional assets, Ethereum Classic has performed outstandingly during 2020, easily outranking gold.
Compare Ethereum Classic With Crude Oil
2020 must be one of the most eventful years that crude oil has ever experienced. Few could have predicted that the market for oil would crash so spectacularly, due to a disagreement between Russia and Saudi Arabia. This saw oil plummet into a negative value at one time; a situation that was scarcely imaginable.
It hardly needs to be said that the price of Ethereum Classic has massively outperformed oil during the calendar year. Indeed, the two have headed in completely opposite directions, as the crude oil market has experienced an incredible market crash, while cryptocurrencies have escalated in value, partly due to the coronavirus climate.
Compare Ethereum Classic With Bitcoin
Bitcoin remains the leading cryptocurrency, and as such would be expected to perform in a similar fashion to Ethereum Classic. This has indeed been the case, with both altcoins virtually doubling in value over the last couple of months. It must be said that the rise of Bitcoin has been slightly more robust, but Ethereum Classic has actually matched it rather well, even if one would have made a slightly larger profit by investing in Ethereum Classic. It should also be said in mitigation that Bitcoin tokens are considerably more expensive than Ethereum Classic, which can be seen as a more affordable alternative.
Ethereum Classic Future Price Predictions
As Ethereum Classic gains more market prominence, investors pile into the token, and speculation rises surrounding its future. It is therefore valuable to assess what we can expect from Ethereum Classic in the years to come.
Ethereum Classic Price Predictions for 2020
2020 will undoubtedly be considered one of the most tremulous economic years on record. It has therefore been a challenging one for investors and the financial market. The coronavirus pandemic, and the lockdown measures associated with it, have made the business environment a perilous one for many industries.
This has had a huge impact on almost every aspect of the financial markets, and this has been largely beneficial for cryptocurrencies. While many fiat currencies have diminished in value in the prevailing climate, cryptos have traded favourably. And Ethereum Classic has been concurrent with these trends, as investors have sought alternative prospects.
The performance of Ethereum Classic during the remainder of 2020 will likely be dependent on what happens in the post-coronavirus environment. This is extremely difficult to predict currently, as the worldwide situation continues to develop. Most people believe that there will be a significant economic recession, which will conservatively last for at least 12 months. This could very well benefit the trading pattern of Ethereum Classic.
Ethereum Classic Price Predictions for 2021
The coronavirus, and the post-coronavirus climate, will continue to dominate the world economy into 2021. As mentioned previously, cryptocurrencies such as Ethereum Classic will be well-placed to attract investor money in this environment, although the path ahead is uncertain for the global economy as a whole. But it is likely that many equities and the bond market will decrease in value. This would seem to be bullish for Ethereum Classic, and other cryptocurrencies.
Beyond 2021 for Ethereum Classic
Even as we head beyond 2021, the coronavirus pandemic is still likely to be impacting on global financial conditions. Hopefully, by this time, the impact will have receded significantly, but it would be naive to believe that there won't be extremely long-lasting impacts from the global pandemic and virtually ubiquitous lockdown. Again, this would seem to be positive for Ethereum Classic and other cryptocurrencies, but we should at least see assets such as equities and bonds stabilise somewhat by 2022.
Elsewhere, the future of Ethereum Classic will be reliant on two factors. It will be firstly incumbent upon the founders and community associated with Ethereum Classic to make a strong usage argument for this cryptocurrency, particularly as the niche has become so competitive. It is predicted that the cryptocurrency market will escalate rapidly in terms of investment in the years to come, but not all tokens will necessarily benefit from this inflation in usage.
The second issue that will be important for Ethereum Classic is the continuing battle of identity between Bitcoin and Ethereum. The hard fork that created Ethereum has stolen the thunder of Ethereum Classic to some extent, and if Ethereum Classic is to become one of the elite cryptocurrencies, it will need to forge a strong and distinct identity that makes it a viable market proposition.
There are lots of positives for cryptocurrencies on the horizon, though. These alternative digital payment systems can play a central role in the transition to a new technology-driven financial system. Indeed, many market observers believe that cryptos will play a critical disruptive role in this shifting global economic paradigm.
Again, this would seem to be bullish for Ethereum Classic, but the coin must establish its own unique selling proposition in order to be successful.
Ethereum Classic Price Conclusion
Ethereum Classic does have a potentially bright future, but only if it can establish itself as a distinct and notable brand. There are also more prominent cryptocurrencies that have overtaken Ethereum Classic in recent years, and its founders must demonstrate that it is a more viable project than the breakaway Ethereum. Failure to do this will see the cryptocurrency relegated to the status of an also-ran.
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Frequently asked questions
The blockchain is central to the entire concept of cryptocurrency. It effectively creates a public ledger, which records all transactions associated with currencies in this niche. The blockchain makes it possible for cryptocurrencies to keep track of everything associated with them, while ensuring transparency and fair treatment for the community. The Ethereum Classic blockchain records every transaction, ensuring that it remains a stable system. All public keys associated with every transaction are also stored on the Ethereum Classic blockchain. It is absolutely essential to the efficient running of the Ethereum Classic project.
Smart contracts are essentially computer systems that manage assets, and they are widely used in cryptocurrencies. Virtually all cryptocurrencies run several smart contracts, and Ethereum Classic is no exception to this rule.
Ethereum Classic certainly hasn't achieved the prominence of Bitcoin, and therefore its use as a payment system has been significantly more limited. However, the intention of Ethereum Classic from day one was to be a form of digital transfer, and Ethereum Classic, therefore, meets the requirements of money or currency. It can certainly be used as a unit of exchange, and it remains to be seen how widely this digital payment system will be adopted in the future.
This really depends on the individual circumstances of the person asking the question. Ethereum Classic delivers a fast digital payment system, which can potentially appeal to many online merchants. It is also seen as a much more obvious source of investment than traditional currencies. And it's also possible to carry out transactions with people excluded from the traditional banking system with Ethereum Classic. Other advantages also abound.
Mining is a euphemism for the operation involved in creating the tokens involved with Ethereum Classic. It involves computers solving complex equations in order to create blocks. The term of mining is used in order to bring to mind other commodities such as gold.
Ethereum Classic is widely available online, and most people who purchase it used online exchanges and brokerages. It is also possible to conduct private transactions for Ethereum Classic as well.
Ethereum Classic has followed some Ethereum changes recently, but the two cryptocurrencies should be considered distinct. These are separate projects with different development teams.
Although he two cryptocurrencies share an address format, this is not possible. Any cross-chain transactions will not be properly credited.