Ethereum has been criticized for defying the principle “code is law” when they rewrote the history after The DAO hack. Ethereum Classic’s history continued with the legacy of the incident but now it stands far apart from its namesake. Its performance as of late impressed those who stuck with it but what is its future? Learn about it in our Ethereum Classic price prediction.
Ethereum Classic Price Prediction 2022-2030
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- Ethereum Classic price prediction 2022 is far from certainly pointing to a bullish or bearish scenario. The bottom can sink as low as to $3 but the confidence that it will exceed $50 is not high. However, as of writing, ETC is trading at $47.44;
- According to the forecasts, by 2025 ETC can be trading anywhere between $30 and $300;
- At the end of the decade, in 2030, ETC is predicted to trade for somewhere between $142.41 and $683.63.
What is ETC?
In 2016, the first decentralized autonomous organization ever, The DAO’s contract was drained of funds that got raised for the development of Ethereum. The community voted to roll back the blockchain to a pre-hack version, effectively returning the funds to The DAO’s contract.
However, there was a minority that criticized the decision and adhered to the principle “code is law”. They split the chain after a hard fork, and the offshoot which did not rewrite the transaction history became Ethereum Classic.
The cryptocurrency of the protocol is called Ether Classic and uses the ETC ticker. ETC has a hard cap on its total supply of 210 million.
As the name suggests, Ethereum Classic is similar to Ethereum, but they are not the same. You can learn more about the fork in our Beginner’s Guide to Ethereum Classic.
ETC Price History
ETC Price in 2016-2019
After The DAO incident, ETC started trading independently from ETH. ETC’s starting price hovered around $1.7 for a while (to compare, ETH’s price around the same time was $11-12).
In its first bull run in 2017, ETC rapidly appreciated to $20 and above by mid-2017 and to $40 by December.
2018 was characterized by a downtrend for most cryptocurrencies, and ETC was not a stranger to that. From January 2018 to December, it went from $35 to $5.
The crypto winter continued well into 2019, when Ethereum Classic was staying in the range between $3.85 and $9.4.
ETC Price in 2020-2022
2020 was the last year of a mellow market, save for a rally to $12.37 in March. ETC did not see significant price action even by the end of the year.
However, another bull run eventually caught up to ETC, and in May 2021 it went parabolic. On May 6, 2021 it reached its current ATH of $176.16.
Parabolic runs pull back sharply, and the next time, in August 2021 it managed to climb only to $69. 2021 ended and 2022 started with ETC at $34.71.
At the moment of writing, Ethereum Classic is worth $47.44 and ranks 27th on CoinMarketCap.
What Influences the Price of ETC?
Divergence from Ethereum
The origins and branding of Ethereum Classic still inevitably affect this cryptocurrency. So much so, that traders would mistakenly flock into ETC when ETH rallies.
Nonetheless, since the split, Ethereum Classic has been introducing changes that were not affected by the original and which had a positive effect on the price. For instance, one of these is the aforementioned hard cap on supply.
This is not to say Ethereum Classic developers are inventing the wheel. One of the latest hardforks included all the improvement proposals that were included in the Berlin hard fork of Ethereum.
As for the future upgrades, Ethereum Classic is not planning a transition from Proof-of-Work like the original Ethereum. The actual influence of this decision is yet to be seen but potentially it can attract miners who won’t be needed after a PoS merger.
And having more miners is a thing that Ethereum Classic could benefit from massively. As it is now, the hash rate of ETC is low enough to let multiple 51% attacks occur.
In 2020 in particular, a couple of 51% attacks happened within weeks. Block reorganizations led to value equal to millions of dollars double-spent and exchanges pulling ETC pairs down.
Needless to say, this is an event that negatively affects the price and future prospects of the chain.
And yet, institutional investors are still willing to make a bet on ETC. In particular, Digital Currency Group, owners of Grayscale, authorized purchases of ETC, and Grayscale manages $467.5M in ETC.
Since the inception, the trust has seen over 700% in return on investment, so this could be the reason the asset managers are confident in its future.
ETC on Twitter
$ETC Broke the Falling WEDGE Upside in 3D TF 🔥
Trader Captain Faibik demonstrates a bull falling wedge on the ETC chart in a manner anyone can understand. If it plays out, by May ETC can be trading at $263, way over the current ATH.
— K1506 (@linkinrustle) March 22, 2022
Other methods and patterns are also pointing to a similar resolution. Volume is key in sustaining the move.
— ETC___CodeIsLaw (@etc_698467) March 22, 2022
User ETC__Codeislaw shared an article explaining the supply dynamics of Ethereum Classic. Unlike the original, Ethereum Classic is disinflationary with a limited supply, and it even undergoes reward slashing, like Bitcoin.
Ethereum Classic Price Prediction 2022
Technical analysis by Investing Cube does not give a definitive answer to where the price will move, so they consider both bearish and bullish scenarios.
In the first case, if ETC suffers another blow to its reputation, a possible bottom would be as low as at $3. In the second case, if it recovers and strengthens, possible targets lie between $40 and $50.
Paying special attention to market exit and reentry strategies, YouTuber Lewis Jackson analyses ETC price charts.
He is bearish on Ethereum Classic and considers the ATH of $176.16, reached in 2021, the top of the cycle. The bottom, in his opinion, is in at $29.
Crytonic does not think that ETC will rally further either. They are confident that by the end of 2022 it has the potential to appreciate to $42.569.
ETC Price Prediction for 2023 and 2024
Projections by Wallet Investor paint an optimistic picture for Ethereum Classic in 2023. The year which will start with ETC between $50.68-78.26 will see it rise to $73.97-106.24 at the close.
The next year, 2024 is expected to bring gains, too, Cryptopolitan claims. Even though they place the starting point lower at $46.151, in December 2024 ETC can reach $60.519.
Ethereum Classic Price Prediction 2025
Long Forecast does not promise eye-popping gains for Ethereum Classic, either. In 2025, they claim, ETC will see a maximum +115% to its current price at $71.23 but by October it will be back at $30.33.
A more positive prediction is given by CoinQuora. A guesstimate they give for the long term is at $300. As for their colleagues in CryptoNewsZ provide more grounded targets between $48 and $65.
Ethereum Classic Price Prediction 2030
With the available data, it is still not reliable to project for the end of the decade. Many of the influencing factors may not even exist yet.
Approximations from different sources give wildly varying ranges. PricePrediction.net claims ETC in 2030 will be traded for $683.63 on average, while Coin Price Forecast keeps their expectations closer to $142.41-149.53.
ChangeHero ETC Crypto Price Prediction
In any case, Ethereum Classic will be an interesting project to keep an eye on, regardless of whether you hold a bag in it or not. In particular, in the future the community may decide to move to Proof-of-Stake for security concerns, as some proposals are already up in the air.
As a rule of thumb, contentious forks do not flip the original chains. It is especially hard to see Ethereum Classic flipping Ethereum, given that the latter has become the heart of a thriving DeFi ecosystem.
Nevertheless, ETC is showing promising returns, which were appreciated even by institutional investors. For that alone, investors that do not mind taking risks may be interested in this coin.
ETC has the potential to break its price record, provided that they fix the security issues one way or the other. It can happen later down the line, if not in this market cycle.
How to get ETC on ChangeHero?
If you already have crypto, you can use it to buy ETC on ChangeHero, it’s very easy:
- Choose the currencies on the home page, amounts and the type of exchange. Provide your ETC wallet address in the next step and check the amounts;
- Send in a single transaction the sum of cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
- All done? Now we are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives.
- The Best Rate transactions will use the rate current to the time when your funds arrive.
The Fixed Rate will use the rate at the time of step 1;
- The Best Rate transactions will use the rate current to the time when your funds arrive.
- As soon as the exchange has been processed, your ETC are on the way to your wallet.
ChangeHero’s customer support is available 24/7 in the chat on our website or through the email: [email protected].
Ethereum Classic prides itself on adhering to the core principles of crypto, democratic governance and immutability. Whichever proves to be more sustainable in the long run, their policy or Ethereum’s, is yet to be seen.
Do you have anything to add to our Ethereum Classic price prediction? Feel free to share in the comments in our blog or in our social media: Twitter, Facebook, Reddit and in Telegram.
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This article does not constitute financial or investing advice. No price prediction or forecast is guaranteed to provide exact information on the future price. Past performance is not indicative of future results.
When dealing with cryptocurrencies, remember that they are extremely volatile and thus, a high-risk investment. Always make sure to stay informed and be aware of those risks. Consider investitions in cryptocurrencies only after careful consideration and analysis and at your own risk.