Ethereum BTC Classic is an open source, blockchain based distributed computing platform. Like ETH it provides a decentralized turing-complete virtual machine, the EVM, which can execute scripts across the network. Ethereum Classic is a continuation of the original Ethereum blockchain – described as the classic version, preserving untampered history, free from external interference. Any data, text or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.
- Ethereum Classic or ETC has its uses and role in the cryptocurrency industry, and it has its own unique history as a cryptocurrency token.
- Charts Explore more data on the digital asset markets with comprehensive graphs.
- The maximum token supply of Ethereum Classic is limited to 210,700,000 ETC. 138,063,286 ETC are in circulation at the time of writing.
- Because The DAO accounted for so much of the total Ethereum in circulation in 2016, there was a split in the community about how to fix the problem.
Sentiment can also affect the price of ETC and other cryptocurrencies. From the price of $5 in December 2020 and the start of 2021, ETC price experienced a surge and traded at $9 as its highest price in January. Ethereum Classic price also showed positive momentum on a monthly basis from February to April, recording billions in trading volume and reaching a new high for the year in April at the value of $20. A group of hackers took the majority control of the Ethereum Classic blockchain in January 2019. The group, however, returned the funds to the Ethereum Classic community. In August 2020, the Ethereum Classic network fell victim to another 51% attack.
Ethereum Classic (ETC) price history
Only time will tell whether Ethereum Classic will be able to survive and thrive in the long term. ETC minimum and maximum prices might hit $27.19 and $31.29 GMT accordingly. Crypto analysts have checked the price fluctuations of Ethereum Classic in 2023 and in previous years, so the average ETC rate they predict might be around $22.33 in May 2023. At OriginStamp, we are committed to protecting important documents, data and other valuable assets. Both systems can easily perform around 12–15 transactions per second, and the amount of ETH gas fees paid determines how long it takes for a transaction to obtain Ether.
Is Ethereum Classic (ETC) Secure?
The Ethereum Classic network is secured with a proof-of-work algorithm, but as a minority chain, it has suffered regular attacks itself. The Ethereum Classic blockchain has fallen victim to two 51% attacks where the hackers managed to take over control of the blockchain’s mining hash rate. This enabled the hackers to execute false transactions and double spend tokens to exploit the blockchain. However, such 51% attacks are uncommon in the crypto ecosystem.
Most online theft and fraud are conducted not by attacking the blockchain network but by targeting users’ online/hot wallets to expose their private keys. Such malicious actors trick users into revealing their private keys or attack systems with malware.
Hardware/cold wallets overcome this vulnerability by storing private keys in physical storage devices cut off from the web and, therefore, out of the reach of malicious actors.
Widely used cryptocurrencies like Ethereum Classic (ETC) are available on many centralized exchanges Ещё
Much like Ethereum, Ethereum Classic offers smart contract functionality and supports the deployment and use of decentralized applications . Although the two unique forms of Ethereum were created using the same code, they are presently very different in terms of developer ecosystem and community support. ETH is at the center of Decentralized Finance as well as smart contracts, while ETC has fewer use cases and, unfortunately, has been targeted by 51% attacks in the crypto space.
ETC = 19.09 USD
Its community lays great emphasis on two core principles – immutability and censorship resistance – with ‘Code is Law’ being the governance motto. Ethereum Classic Price is at a current level of 19.23, down from 19.67 yesterday and down from 26.16 one year ago. This is a change of -2.22% from yesterday and -26.47% from one year ago.
The value of Ethereum Classic as an investment is highly dependent on how you invest in the token. As a long-term investment to buy and hold, Ethereum Classic is a risky investment. The record of attacks and controversies have pulled the future of the token into question, but there is still active development and investment in the token. As the network recovers from the scandal surrounding the attacks, it may attract new software developers to create applications on its network. In short, Ethereum Classic is valuable mostly due to its popularity and well-known history. It is still connected to the “brand” of Ethereum which is highly respected and heavily invested in by major players in the new and traditional financial industries.
What is the Maximum Token Supply of Ethereum Classic
Instead, it was classic ethereum price due to a changing Ethereum landscape that birthed two independent blockchains. After the hard fork, the old Ethereum chain was supposed to be phased out but instead, those who disagreed with the fork kept the network alive. This led to the genesis of Ethereum Classic, with ETC as its native token.
Although https://www.beaxy.com/ and ETC initially shared several similarities, the two networks have grown far apart regarding technological features. Regulations of the cryptocurrency market also develop on a regular basis, and this has the potential to change Ethereum Classic’s level of operation in the future. However, the main intention of Ethereum Classic is to preserve the Ethereum blockchain as it originally used to be, without countering the DAO attack that occurred at the time. Its appeal was to those who disagreed with the response Ethereum took to the attack; however, this legacy network, over time, has gained a larger fan base with major investors. Prior to the launch of Ethereum Classic, developers released new cryptocurrencies through the processor of simply copying as well as modifying existing cryptocurrency software.
Trending Coins and Tokens
The Ethereum Classic to USD chart is designed for users to instantly see the changes that occur on the market and predicts what will come next. Charts Explore more data on the digital asset markets with comprehensive graphs. January 2020 started bullishly with 157% of gains and ETC was able to climb to the price of $12 as its new high for the year until it reached the value of $13 in February. Ethereum Classic traded between $4 and $8 in March, and for the rest of the year, ETC would trade in the price range of $3 to $7 with frequent trend reversals. In January 2018, Ethereum Classic price reached an all-time high at the value of $47, then dipped to $28 in the same month. Ethereum Classic price went through a rebound in April, recording 51% gains and a new monthly high at $22.
Wall Street took notice when started being accepted by crypto users on such a massive scale-often outperforming Bitcoin. Ethereum’s price topped $4,800 earlier last year, following the popularity of Decentralized Finance and the continuous expansion of the NFT sector. With permissionless lending and borrowing, DeFi has the potential to completely replace traditional financial practices. Not to mention, NFTs have drawn countless celebrities – including athletes, entertainers, and public figures – to the online world of crypto.
How does Ethereum Classic work?
Ethereum Classic, on the other hand, was created by people who simply didn’t want to upgrade to Ethereum ‘s new code. CryptoRank provides crowdsourced and professionally curated research, price analysis, and crypto market-moving news to help market players make more informed trading decisions. If you’re looking for a set of practical and insightful crypto market information and data, we have the analytics tools to suit your business needs. However, Ethereum Classic differs significantly as it is incompatible with any ETH update.
Exchanges will halt deposits and withdrawals of the tokens during security incidents, and traders can buy and sell the token on different exchanges at different prices. This is a way to make a profit from trading Ethereum Classic without taking the risk of speculation. For the most part, Ethereum Classic is used as a speculative investment. It has its uses in the decentralized space, but it has also been at the center of security scandals and major hacks.
Additionally, it can be used to pay for fees, particularly when executing smart contract-enabled applications or transferring Ethereum Classic-based tokens. ETC, the native coin of Ethereum Classic, is used to pay for using its computational resources. As in Ethereum, one needs to pay gas fees for the execution of smart contract functions and coin transactions. This payment goes to miners who validate transactions, perform smart contract computations and add new blocks to the chain. Besides being a payment mechanism for blockchain transactions, ETC, owing to its deflationary nature, is also used as a store of value.
