This year has been a tough sail for Ethereum Classic since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of ETC.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Ethereum Classic to reclaim its all-time high in 2023? Continue with the article to learn about Ethereum Classic price analysis and prediction by Coinpaper.
Read also: Bitmain’s subsidiary AntPool invests $10m in Ethereum Classic ecosystem
What is Ethereum Classic?
Ethereum Classic (ETC) is a decentralized, open-source blockchain platform that emerged as a result of a chain split in 2016 when the community got divided over how to respond to the infamous DAO hack, which drained around a third of The DAO valued at $50 million at the time. Some members of the community believed that the code was law and that the funds should remain in the hacker's possession, while others believed that a hard fork was necessary to restore the stolen funds to their rightful owners. Ultimately, the Ethereum community voted in favor of the hard fork, which resulted in two separate blockchains: Ethereum and Ethereum Classic. Ethereum Classic is essentially the original Ethereum blockchain that did not undergo any changes as a result of the hard fork and still runs on the proof-of-work algorithm, which makes it virtually the only viable alternative left to GPU miners after the Merge.
Ethereum Classic (ETC) price
Currently, Ethereum Classic Price is USD. ETC has a circulating supply of coins and a total supply of . If you are looking to buy or sell Ethereum Classic, Binance is currently the most active exchange.
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Ethereum Classic price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Ethereum Classic 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Ethereum Classic price at $28.27 to $37.15. On the flip side, a fading interest in the new meme coin may push the price of Ethereum Classic to $15.68-$11.88 lows.
Ethereum Classic price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Ethereum Classic (ETC) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of Ethereum Classic to climb as high as $46.23, with the more distant prospect of reaching $53.55 in 2024. The bearish scenario is likely to see Ethereum Classic (ETC) trading between $34.24 and $29.50 in 2024.
Ethereum Classic price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Ethereum Classic (ETC) price analysis and prediction is based on pure speculation and observation of Ethereum Classic historical price movements.
Our Ethereum Classic 2025 price forecast expects ETC to rally towards $64.83 and reach $78.27 by the end of the year. The bearish scenario would see Ethereum Classic at $58.73 to $51.45.
Ethereum Classic (ETC) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for Ethereum Classic is neutral. In 2026, we expect Ethereum Classic to reach at least $91.48 before climbing higher to $111.45. In case of a bearish scenario, Ethereum Classic may fall to $86.34.
Is Ethereum Classic (ETC) a good investment?
Ethereum Classic remains a popular cryptocurrency and blockchain platform, with its own dedicated community of users and developers, which makes it a solid investment. Given its smart contract functionality and a decent amount of computational power that secures the network, Ethereum Classic may be a good addition to your portfolio. However, when it comes to investing in crypto, it’s important to take your time to do due diligence before putting your money into any token.
Bottom line
Are you ready to invest in Ethereum Classic? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy ETC from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created Ethereum Classic?
Ethereum Classic was not created by a single individual or entity, but rather emerged as a result of a contentious hard fork of the Ethereum network in 2016. However, since it is the legacy chain of Ethereum, its original creators are indeed Vitalik Buterin and other co-founders.
What was the all-time high for Ethereum Classic (ETC) ?
The all-time high price of Ethereum Classic is $ on 2021-05-06
