Ethereum Classic Price Prediction 2023-2030, 3 Figures Possible

Ethereum Classic Price Prediction 2023-2030, 3 Figures Possible

Ethereum Classic Current Price $20.63 (1,695.39 INR)

Price Statistics

What Is Ethereum Classic?

Ethereum Classic (ETC) is known as the native token of a blockchain computing forum. It is an open-source platform. Much like Ethereum, ETC permits the developers to develop as well as deploy smart contracts as well as blockchain-based self-executing programs if particular predetermined conditions are fulfilled.

A well-known characteristic of crypto tokens is that their underlying software is open-source. This enables the community participants to collaboratively develop as well as maintain the code. It is shared publicly and is not any single company or individual’s property. On the other hand, the giants like Facebook or Google develop proprietary code. The respective code cannot be shared openly.

With the crypto’s open-source nature, it can raise the possibility that a blockchain platform’s forking can be carried out. This is witnessed when a crypto community is determined to make prominent modifications to the codebase, leading to a split within a blockchain as well as the community supporting it. In this way, as a result of the forking of Ethereum’s original blockchain, the creation of Ethereum Classic was developed.

Ethereum Classic’s History

The fork responsible for developing ETC occurred back in 2016 following a project named decentralized autonomous organization (DAO) was released on Ethereum. $150M was provided for the support of the DAO in crowdfunding. However, there was a vulnerability in the code. Due to that vulnerability, exploiters took away $50M from the DAO. While deciding on the matter of compensation for the consumers, a vote was conducted.

In this way, with the support of 85% of votes, the forking of the Ethereum blockchain took place. The minority side sustained the unaltered Ethereum blockchain that was rebranded as Ethereum Classic. In terms of functionality, both blockchains have some similarities. The majority of the top features of Ethereum are even now being utilized on Ethereum Classic.

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Nevertheless, some vital differences are also present between ETC and ETH. Most significantly, Ethereum Classic is not compatible with the updates that are carried out on the Ethereum blockchain. This also deals with the major Merge upgrade that was launched back in 2022’s September.

This upgrade shifted the Ethereum network from the former proof-of-work (PoW) consensus mechanism to the new proof-of-stake (PoS) consensus. On the contrary, Ethereum Classic still utilizes the PoW mechanism. Hence, the miners migrated to ETC, leading to a 280% spike in the cumulative hash rate of the blockchain.

Ethereum Classic-Related Concerns

Even though both Ethereum Classic and Ethereum provide smart contracts, Ethereum has obtained considerable popularity. It is considered to be more legitimate within the two networks. Apart from that, the ETH token of Ethereum is 2^nd only to the primary crypto token Bitcoin (BTC).

Another concern is that there are some limitations of Ethereum Classic in the case of scalability. Usually, the network can tackle fifteen transfers within one second. Nonetheless, that number is much lower than the other payment platforms like Visa which handles above 1 thousand transfers per second. Ethereum Classic has seen several software upgrades. However, the scalability related to the payment systems is categorized among the top challenges.

Additionally, it has another issue related to security in the case of smart contracts, especially since a hack has already been experienced by Ethereum Classic. Such concerns could likely prevent the use of the Ethereum Classic-related smart contracts in well-known real estate-focused and financial transfers.

Ethereum Classic Price Prediction 2023-2030

At present, Ethereum Classic is trading around $20.63 (1,695.39 INR). The recent 24-hour trading volume of the token stands at $116,160,500 (9,546,157,010.38 INR). This denotes a 2.34% price spike witnessed in the past 24 hours. Along with this, it saw a 2.03% jump in the previous 7 days.

Ethereum Classic Price Prediction for 2023

As per the market analysis and price prediction for Ethereum Classic, the ETC token can reach $30 (2,465.42 INR) this year. By the end of 2023, the token is anticipated to touch $27.8 (2,284.62 INR). However, it can have a maximum price level of nearly $32 (2,629.78 INR).

Ethereum Classic Price Prediction for 2025

ETC might see 2025 as a benchmark year and its price is anticipated to reach beyond the $40 (3,287.23 INR) level. In line with the price prediction, the token is estimated to touch the least price of up to $38 (3,122.87 INR). On the other hand, $42 (3,451.59 INR) can be the maximum price of the token by 2025’s end.

Ethereum Classic Price Prediction for 2030

The statistics and analytic data anticipate that ETC’s lowest price might reach the spot of $90 (7,396.27 INR) by the year 2030. Additionally, $75 (6,163.56 INR) is considered to be the average price of the token. However, it can reach even the figure of $100 (8,218.08 INR) by that year.

FAQs

Where Can I Purchase Ethereum Classic?

ETC can be traded on several centralized crypto exchange platforms. A well-known entity in this respect is BingX. The platform has ETC/USDT as its top trading pair with a recent 24-hour trading volume of up to $1,001,016. DigiFinex and BKEX are also viable options to trade Ethereum Classic.

Does Ethereum Classic Offer a Good Investment Opportunity?

During the recent thirty days, Ethereum Classic witnessed 14 days of positive development (denoting $47%). The historical statistics of the token indicate that it is profitable to invest in ETC at present. It witnessed a -54.35% decline in the past year whereas a 322.64% spike was seen by it in the recent 3 years. The most important thing to be considered while investing in a cryptocurrency is that the investors should do their research to determine whether it suits their purposes.

What Is the Present Sentiment about Ethereum Classic?

At present, the technical analysis says that the market sentiment about the ETC token is neutral.

Who Are the Prominent Rivals of Ethereum Classic?

Ethereum Classic falls within the top 30 crypto tokens, according to CoinGecko. The prominent competitors of Ethereum Classic take into account Stellar, LEO token, and Monero.