Ethereum Classic prices have been flirting with the all-important $10 USD mark for days after briefly cresting this resistance line on October 15. Since then, ETC fell to a month low of $8.92 before finding periodic support at $9.00 and $9.20.
ETC is trading at $9.83 at press time. If it manages to break $9.85 resistance, ETC stands a real chance of breaking $10 by the week’s end. Sustained $10+ prices would be an excellent sign for ETC investors, who have been enduring a slow bleed since ETC’s small recover in mid-August.
Despite good 2018 news for Ethereum Classic, ETC prices are at the same level they were during ETC’s initial major bull run in late May 2017 for those looking to buy Ethereum Classic. To better understand the short-to-medium term future for ETC prices, let’s take a look at the news which has undergirded recent price action.
Good News for Ethereum Classic in 2018
Ethereum Classic prices have been flirting with the all-important $10 USD mark for days after briefly cresting this resistance line on October 15. Since then, ETC fell to a month low of $8.92 before finding periodic support at $9.00 and $9.20.
ETC is trading at $9.83 at press time. If it manages to break $9.85 resistance, ETC stands a real chance of breaking $10 by the week’s end. Sustained $10+ prices would be an excellent sign for ETC investors, who have been enduring a slow bleed since ETC’s small recover in mid-August.
Despite good 2018 news for Ethereum Classic, ETC prices are at the same level they were during ETC’s initial major bull run in late May 2017 for those looking to buy Ethereum Classic. To better understand the short-to-medium term future for ETC prices, let’s take a look at the news which has undergirded recent price action.
Good News for Ethereum Classic in 2018
The addition of Ethereum Classic to Coinbase trading was a major boon for ETC. As we’ve highlighted in our Coinbase review, the platform is a popular choice for crypto investors, which automatically means more visibility for ETC. However, due to the languishing cryptocurrency markets, all price benefits have been erased since trading went live in August. Granted, Ethereum Classic is the least traded asset on Coinbase Pro, but its daily volume always exceeds $1 million USD, and development interest for the Ethereum Classic blockchain seems galvanised.
The Ethereum Classic dev community and user base are certainly devoted to getting the word out. The Ethereum Classic Summit occurred this September in South Korea, a market with palpable interest in blockchain development.
The Summit attracted a diversity of blockchain thinkers, including Cardano’s Charles Hoskinson. Keynote addresses included Internet of Things application development, a key expanding market in which Ethereum Classic hopes to play a central role. Legal issues and security for smart contracts were also discussed – and are now arguably better understood by the bulk of ETC developers than they were a year prior.
ETC Cooperative (a key ETC developer organisation) has also been looking ever more secure. The Cooperative has expanded its US-based brain-trust with full-time developer Yaz Khoury, an AI specialist and past first place winner of a NASA robotics competition.
Finally, ETC Labs (an Ethereum Classic startup incubator) is reportedly helping 120 different ETC startups find their feet.
Real Possibilities for Ethereum Classic Investors
With its focus on good code used to solve real-world problems, Ethereum Classic has avoided much of the bloatware which has clogged Ethereum over the past 2 years. Thus, while Ethereum Classic development is neither as flashy or as frenzied as that of Ethereum, Ethereum Classic has managed to sustain a consistent air of seriousness of purpose.
Having abandoned plans to stray from its PoW (Proof of Work – mining) path, Ethereum Classic is hoping to draw mining interest away from Ethereum. The Difficulty Bomb associated with its upcoming Casper upgrade will essentially make mining Ethereum unprofitable. Furthermore, PoW’s replacement, PoS (Proof of Stake), may or may not result in a stable, fast, affordable Ethereum. The transition has been compared to Brexit in its uncertain – and potentially dramatic – outcome. Whatever the case, Ethereum Classic is waiting to provide a new familiar home to any future Ethereum refugees.
We think Ethereum Classic has a compelling future, and that any benefits to the crypto market at large could be a boost to prices. For now, though, slow steady development remains the order of the day.
(*Information in this article should not be taken as investment advice.)
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