Ethereum Classic

Ethereum Classic Price Data

The live Ethereum Classic price today is $26.1600 with a 24-hour trading volume of $233,213,476.

We update our ETC to USD price in real-time. The price of Ethereum Classic has changed -7.99% in the last 24 hours.

Currently, Ethereum Classic is the #30 largest cryptocurrency by market cap, with a live market cap of $3,846,312,216.00. It has a circulating supply of 146,724,909 ETC coins and a maximum supply of 210,700,000 coins.

See where to buy Ethereum Classic or use our Ethereum Classic Profit Calculator to calculate and track the performance of your investment.

What is Ethereum Classic?

Ethereum Classic (ETC) is a cryptocurrency born in 2016 following the hack of a smart contract on the Ethereum network. The hack caused over $50 million in losses.

It was at this point that the Ethereum project was split in two (Ethereum and Ethereum Classic) due to an ideological divide in the community, and to find a way of resolving the misappropriation of ETH tokens linked to The DAO issue.

Ethereum Classic retained the original Ethereum blockchain launched in 2015, hence the term “Classic”. Mainstream Ethereum is therefore the “hard fork” version of Ethereum Classic.

Ethereum Classic aims to provide a public platform for managing smart contracts and decentralized applications or dApps.

What Determines the price of Ethereum Classic (ETC)?

The price of Ethereum Classic is determined by demand and supply dynamics in the crypto market.

For example, the price of ETC spikes when there’s a rise in demand. 

Ethereum Classic price forecast

The Ethereum Classic forecasts below are taken from the AMBCrypto website.

We have studied several analyses of cryptocurrency prediction sites and in our opinion, AMBCrypto offers some of the best Ethereum Classic predictions.

Ethereum Classic (ETC) Price History 

Ethereum Classic launched in 2016. Its price fluctuations over the years have often mirrored those of the cryptocurrency market.

The ETC token price has gone through 5 key periods:

• From its inception to February 2018: the price of ETC rose steadily, albeit with a few dips. ETC reached two peaks: on December 20, 2017, it reached $40. 
• February 2018 to December 2018: in February 2018, ETC receded until December 2018. By December 2018, ETC was trading under $5. 
• December 2018 to February 2021: during this period, the price of ETC fluctuated between $3 and $16.
• February 2021 to May 2021: 2021 was a year of impressive growth in the price of ETC, which continued till May 2021. The token reached a record price of $176.16 on May 6, 2021.
• May 2021 to present: In May 2021, the price of ETC began to fall steadily – an event that culminated general decline in prices in the crypto market. 

How Ethereum Classic works

Ethereum Classic works in much the same way as Ethereum, as both cryptocurrencies use the same basic code. 

ETC uses the Ethereum Vertical Machine (EVM) to run smart contracts, decentralized applications, and dApps.

Ethereum Classic gives users access to a smart contract platform, enabling them to enter into “trustless” agreements.

What is Ethereum Classic used for?

Ethereum Classic mainly enables the transfer of value to other parties in a trustless manner. 

As explained earlier, Ethereum Classic can also be used for the execution of automatic agreements a.k.a smart contracts. 

But Ethereum Classic’s potential doesn’t stop there. Here are some other examples of its use:

• Create intelligent customized contracts to track supplier or consumer products
• A safe place to store information
• Use censorship-resistant messages
• Developing games

Who are the Founders of Ethereum Classic?

The original Ethereum blockchain, on which Ethereum Classic is based, was created by the Ethereum Foundation. 

The original Ethereum project was founded by Vitalik Buterin, Gavin Wood, and Joseph Lubin.

The creation of Ethereum Classic was not planned, however, and only came about to find a solution to The DAO hack. The split of the Ethereum project between ETH and ETC caused an ideological rift within the community.

The current team working on the development of Ethereum Classic is made up of five entities:

1. ETCDEV – made up of developers and engineers
2. IOHK – specializing in mathematics
3. ETC COOPERATIVE – ecosystem and marketing
4. ETC LABS – innovation testing
5. Ethereum Commonwealth – takes care of the Ether Classic wallet

What makes Ethereum Classic unique?

What makes Ethereum Classic unique and different from Ethereum is its immutability. Following The Dao affair, ETC’s developers kept the chain immutable and censorship-resistant. 

The immutability of Ethereum Classic means that its transactions are permanent and therefore impossible to modify once they have been confirmed on the blockchain. ETC follows the “code is law” principle.

How is Ethereum Classic secured?

Ethereum Classic uses a Proof-of-Work consensus mechanism to secure the network.

Proof-of-Work (PoW) is a system that requires a great deal of computing power, making hacking attempts very difficult.

In specific terms, ETC miners secure the network by solving complex mathematical problems requiring very high computing power, in order to produce and verify blocks of transactions.

By discouraging malicious use or attacks, PoW effectively secures the network.

However, it has two main limitations:

1. PoW sometimes requires drastic energy consumption, which raises energy and environmental issues.
2. As PoW requires a great deal of computing power, it can cause a centralization problem, as mining farms can monopolize a large part of the network

AuthorAbraham Jimoh

Abraham is a savvy financial analyst, trader, and writer, leveraging a Google certification in data analytics alongside a Bachelor's degree in Economics to navigate and excel in the dynamic landscape of finance. Abraham boasts exceptional analytical skills and market research prowess, evidenced by a remarkable three-month winning streak trading bitcoin futures without a single loss, earning him recognition on Binance USD-M crypto futures' top 200 weekly charts. Currently serving as the Assisting Country Manager for Financer US, Abraham combines practical expertise with a passion for demystifying finance.

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