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Can Ethereum Classic go back up again? | Credit: Pixabay

Key Takeaways

Ethereum Classic managed to make a comeback from a low last month, rising 70% in the days from 10 June to 1 July.

Although it has fallen since then, it is still worth nearly twice its June low. While its recent daily trading volumes have been less than the $800 million bought, sold, and exchanged on 30 June, recent levels of about $200 million are far more encouraging then the sub-$100 million figures it reached in the middle of last month.

ETC has been a solid, unglamorous, but comparatively reliable, crypto, outperforming the market in 2022 and serving as a cheaper alternative to Ethereum.

But what is Ethereum Classic (ETC)? How does Ethereum Classic work? Lets see what we can find out, and also take a look at some of the Ethereum Classic Price Predictions that were being made as of 6 July 2023.

Ethereum Classic was founded in 2016 after a hard fork, or split, from the Ethereum (ETH) blockchain. This happened after a hack saw 3.6 million ETH stolen.

The anonymous Ethereum users who founded Ethereum Classic which uses the original version of Ethereum held by the principle that code is law, claiming there was no reason to go to extreme lengths following the hack.

People are able to use the Ethereum Classic blockchain to build decentralized applications (DApps).

Ethereum Classic is supported by its eponymous native token, which goes by the ticker handle ETC.

One of the biggest differences between Ethereum Classic and Ethereum is the fact that the former uses a Proof-of-Work (PoW) consensus mechanism. This means people verify transactions and add blocks to the blockchain by solving increasingly complex mathematical equations.

Ethereum itself used to use PoW but transitioned to Proof-of-Stake (PoS), where people add blocks based on how much ETH they hold, in September 2022.

The system uses smart contracts, computer programs that execute automatically when certain conditions are met, to help developers create DApps.

The ETC coin itself is used as a reward for miners, and it can also be bought, sold, and traded on exchanges.

Lets now take a look at some of the highlights and lowlights of the Ethereum Classic price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting an Ethereum Classic price prediction.

ETC first came onto the open market in 2016, when it was worth $2.08. Although it fell below the dollar, it recovered and, when the market went through a bubble in late 2017 and early 2018, it peaked at above $40.

It fell back down through the so-called crypto winter that followed, but when the market flourished in early 2021, it was back up again. ETC got a lot of new fans, eager to find a more inexpensive version of Ethereum, and it broke past $100 to reach an all-time high of $176.16 on 6 May.

After that, it fell down, closing the year at $34.12.

2022 was not a good year for crypto but, although people who held ETC would have been poorer by the end than they were at the start, Ethereum Classic managed to outperform the market.

The coin reached over $50 in March, but a succession of market crashes saw it drop to a low of $12.60 on 18 June. Although it broke past $40 in late July and early August, it was back down again in the autumn.

The collapse of the FTX exchange in November further damaged ETCs price and it closed the year at $15.69.

Although it had fallen by about 55% throughout 2022, the overall crypto market was down by more than 60% across the year, making ETC one of the better performing coins.

So far, 2023 has been reasonably good for Ethereum Classic. It shot to $24.79 on 4 February, but the collapse of the Silvergate bank saw it drop to $16.25.

ETC was able to recover and went past $20 again soon after, but started to decline in May, with things getting worse the following month following the United States Securities and Exchange Commission (SEC) launching lawsuits against the Binance and Coinbase crypto exchanges.

On 10 June, following Crypto.com suspending its American institutional relations, it dropped to a low of $13.42.

It recovered by more than 70% to a high of $23.11 on 1 July, but its price has declined around 15% to stand at $19.85 on 6 July 2023.

At that time, there were 141.7 million ETC in circulation out of a total supply of 210.7 million. This gave the coin a market cap of about $2.8 billion, making it the 27th-largest crypto by that metric.

ETC has had its ups and downs over the last month or so. On 5 June, before the SEC said it was suing Binance, it was worth $18.23, meaning it lost more than 25% in five days.

Although its current price is less than it was on 1 June, it is still nearly 50% higher than its low and, perhaps more encouragingly, almost 9% higher than pre-crash levels.

With that all out of the way, lets take a look at some of the Ethereum Classic price predictions that were being made as of 6 July 2023. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moments notice.

First, CoinCodex had a short-term Ethereum classic price prediction that saw it fall to $17.49 by 11 July and then make something of a comeback to $19.12 by 6 August. The sites technical analysis was neutral, with 17 indicators sending bullish signals and 12 making bearish ones.

In terms of other Ethereum Classic price predictions for 2023, DigitalCoinPrice said that the coin would soar to $37.71 this year, while PricePrediction.net thought it would get to $24.09. CaptainAltCoin , on the other hand, was more pessimistic, saying ETC would fall to $8.59 in September and get to $11.42 in December.

Regarding an Ethereum Classic price prediction for 2025, CaptainAltCoin thought the coin would stand at $36.49 that year, with DigitalCoinPrice arguing for it reaching $68.75. PricePrediction.net was somewhere in the middle, saying it would trade at $51.35 in two years time.

Moving forward to an Ethereum Classic price prediction for 2030, PricePrediction.net was the most optimistic site, setting it a target of $366.43 by the start of the next decade, while DigitalCoinPrice said the crypto would be worth $207.90.

On the other hand, CaptainAltCoins ETC price prediction would not have made happy reading for the coins investors. It said Ethereum Classic would be worthless, serving as a de facto dead coin, as soon as July 2028.

It is difficult to tell right now. Although ETC has fallen in the very recent past, its performance in late June and early July was encouraging.

The coin has always served as a cheaper alternative to ETH but, with Ether now a Proof-of-Stake coin, people who prefer a PoW network might move to Ethereum Classic.

The coin may have lost more than half its value throughout 2022, but it still outperformed the overall market, suggesting that it does have some resilience.

The fact that nobody seems to consider Ethereum Classic an unregistered security is also good news for the coin.

On the other hand, ETC feels destined to operate in its predecessors shadow, which could mean that its potential growth is limited.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in ETC.

No one can really tell right now. CaptainAltCoin expects it to lose all its value in the next five years, but other sites have largely positive Ethereum Classic crypto price predictions.

Remember, though, that price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.

Before you decide whether or not to invest in Ethereum Classic, you will have to do your own research, not only on ETC, but on other, related, coins and tokens such as Ethereum itself.

Either way, you will also need to make sure that you never invest more money than you can afford to lose.

On 6 July 2023, there were 141.7 million ETC in circulation out of a total supply of 210.7 million.

It might do, but not for some time. PricePrediction.net thinks it will reach three figures in 2027, while DigitalCoinPrice sees it happening in either 2028 or 2029.

ETC has been worth more than $100 before, most recently in May 2021.

The ETC crypto is used to reward miners on the Ethereum Classic blockchain. It can also be bought, sold, or traded on exchanges.

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the authors opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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