In this guide, we will voice our own and market’s opinion on ETC future while discussing Ethereum Classic price forecast for 2020 and beyond.
Please bear in mind that you should take this and any other prediction with a grain of salt since predicting anything is a thankless task, let alone predicting the future of a novel, highly volatile financial asset like ETC.
Now, let’s head into it.
Before we delve deep into the Ethereum Classic price prediction and answer questions if Ethereum Classic is a good investment or not, why will ETC succeed or fail or why will ETC price rise or drop, let’s quickly throw a glance at what is Ethereum Classic and its to date history.
Ethereum Classic Intro
Ethereum Classic (ETC) is a fork of Ethereum. Or, as some would say, Ethereum is a fork of Ethereum Classic… depending on who you ask and can be a little confusing. Either way, the original Ethereum blockchain is split into two competing versions. The DAO aka the Decentralized Autonomous Organization was a complex smart contract which was going to revolutionize Ethereum forever. It was basically going to be a decentralized venture capital fund which was going to fund all future DAPPS made in the eco-system.
Within 28 days of its formation, it accumulated over $150 million worth of ether in a crowdsale. At that time, it had 14% of all ether tokens issued to date. On 17th June 2016, someone exploited this very loophole in the DAO and siphoned away one-third of the DAO’s funds. That’s around $50 million dollars. The aftermath of the hack split the community: one part wanted to do a hard fork and create a new chain with the separation right before the DAO attack. That gave birth to Ethereum.
The ones that were not in agreement with the hard fork and insisted on the immutability of the blockchain stayed in what is now called Ethereum Classic.
ETC is a smart contracts platform that has some of the largest network activity of any blockchain, consistently higher than Bitcoin Cash, and neck-and-neck with Litecoin. They have multiple developer teams, all of whom are committed to the long term ETC vision. They are in the top-10 in programmer activity (measured by code commits). They have numerous sources of funding, and we continue to grow, day-by-day, commit-by-commit, line-by-line of code to create a bullet-proof network that anyone can use.
Both blockchains are identical in every way up until block 1920000 where the hard-fork to refund The DAO token holders was implemented, meaning that all the balances, wallets, and transactions that happened on Ethereum until the hard-fork are still valid on the Ethereum Classic Blockchain. After the hard-fork, the blockchains were split in two and act individually.
The battle between Ethereum and Ethereum Classic is both an ethical and ideological one.
Captain Altcoin’s Ethereum Classic Prediction 2021
ETC, as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, ETC can hope for one as well. Bitcoin usually has a cool-off phase after its mega bull runs and that is when the altcoins take over and have a field day with the bulls, often doubling or tripling their price within days.
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With the pandemic breakout, the world was sent into hybernation for couple of months and it reflected negatively on the cryptocurrencies, sending bitcoin downhill as we witnessed even 40% daily losses. However, situation quickly stabilized and bitcoin as the flagbearer took the crypto market back up. We are in a major bull run since the summer and, if we are listening to the analytics from social media and journalistic desks, we are far away from its local zenith.
Read also: Best ETC wallets
What this means for Ethereum Classic price in 2021?
As long as bitcoin is in the main role and pulling upwards, there is little room for ETC to shine. It will, however, increase its USD denominated value thanks to the overall rise in crypto prices. Nevertheless, ETC to BTC ratio will probably slump, possibly to all-time lows. This means that it is best to keep your funds in bitcoin until it reaches its provisional peak, opening the doors for the altcoins to enter the scene. Ethereum Classic will not be among the top candidates to record big gains, as the money usually flows from bitcoin profits to bluechip altcoins and big cap coins before trickling down to the tier two projects, where ETC belongs nowadays.
The majority of projects will fail — some startups are created just to gather funds and disappear, some would not handle the competition, but most are just ideas that look good on paper, but in reality, are useless for the market.
Vitalik Buterin, co-founder of Ethereum said:
“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”
Ethereum Classic (ETC) Future Outlook
As a result, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will ETC be among those 5%?
A clear no. Why?
There is a decreasing interest in crypto projects based on the mining algorithm (with an exception to BTC), PLUS – ETH stole it thunder. It is simple as that. The race between two Ethereums was a winner takes all game and Vitalik’s Ethereum took the W in this one. ETC will slowly bleed out to its death, while probably living through multiple chain hacks in the process.
Why will Ethereum Classic (ETC) Succeed?
Why will Ethereum Classic (ETC) Fail?
Will ETC reach $100?
Highly doubtful that ETC ever sees those heights. Zero is a more plausible option.
Is ETC dead?
No, certainly not. Judging by the teams activity on social media, developers activity on GitHub and coin’s presence on exchanges we can safely say ETC is far from a dead project. However, community bustle has died down and is only sporadic these days. That is a bad omen for any project.
All of this summed up means one thing: ETC might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.
Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect ETC will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.
Market prediction for Ethereum Classic 2020
With the market being completely unpredictable, forecasting the cryptocurrency price is really more of a gamble and luck rather than a data driven guesstimate.
Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the Ethereum Classic (ETC) price, which will give us another point of view to consider:
Cryptoground gives a positive outlook for ETC and sees it reaching $10 in this year.
Trading Beasts have given ETC prediction on monthly basis and they have forecasted that by the end of 2020, Ethereum Classic might reach $16.78.
Digital Coin Price
Digital Coin price also has given a monthly prediction for Ethereum Classic and they have projected that by the end of 2020, ETC might fall to $4.80.
Ethereum Classic (ETC) Future: 2021, 2023, 2025
Ethereum Classic (ETC) Price Prediction 2023
If ETC maintains its relevance in the industry and manages to stay ahead of their competition (highly unlikely), it might be worth 10-100x than its hitherto all-time high. It is as likely to happen as a snowstorm in the desert.
Ethereum Classic (ETC) Price Prediction 2025
It will be worth around 0 dollars, because history and current developments tell us that ETC has no chance to survive next couple of years, let alone a half a decade.
Realistic Ethereum Classic (ETC) Price Prediction
Predicting prices of novel, highly volatile and risky asset classes is a thankless task – best answer is no one knows. Educated guess is that realistic ETC price for the foreseeable future is somewhere between its current price and its all time high.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com