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Ethereum Classic Price Analysis 2019-20-25 — How Much Might ETC Cost?

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  • Denys Serhiichuk
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    In 2016 Ethereum was forked and new cryptocurrency appeared: Ethereum Classic. Thereafter the new coin was among the top cryptocurrencies. Although it has lost its previous levels, ETC remains a popular digital asset. This article will help you to understand the future plans of the Ethereum Classic team concerning the development of this crypto and predict its rate within the next few years

Ethereum Classic Price Analysis 2019-20-25 — How Much Might ETC Cost?
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

The Ethereum Classic cryptocurrency was formed on July 20, 2016, as the result of the split of the second-largest cryptocurrency capitalization and platform for developing decentralized applications, Ethereum. The fork was caused by the hacking of the famous DAO Foundation. After this event, coin holders needed to choose the option of further development in order to return the stolen money, and one of the options was to carry out a soft fork. But, opinions were divided, and, as a result, Ethereum Classic emerged.

Ethereum Classic logo
Image by 123rf

Despite the similarity with the original network, Ethereum Classic is a full-fledged player on the market that follows its own scenario. The ETC cryptocurrency gained the support of large trading exchanges and miners from around the world. Funding for further development of the project is also received from banking and telecommunications organizations that are actively involved in the life of the project.

The main achievements

Before turning to the forecast for Ethereum Classic, let's go through the main achievements that the project founders recently managed to make:

  • Large-scale redesign of the code with many changes in the Geth code base, with more than 1,100 fixes and 8 releases → Now there is a functional and flexible node capable of supporting various types of networks and user blockchains.

  • Transition to a new monetary policy: making changes to the code base of the Geth and Parity client programs, testing execution in different conditions and ensuring the operability of external software under the conditions of the new monetary policy.

  • Developing the own desktop wallet from scratch with support for hardware wallets and other functions → Now ETC has its own wallet and the network does not depend on third-party developers.

  • Integration of autonomous, embedded and flexible EVM (Ethereum virtual machine) → EVM library opens up many possibilities for creating secure software for blockchains with IoT (“Internet of Things”).

  • JavaScript libraries for easier creation of third-party Ethereum-based dApps.

In short, 16 new projects and 5,000 changes were made throughout 2018.

Thus, in addition to expanding the team, the creators of ETC have done a great job of improving the technological base of the platform, which has become more functional and flexible. Such updates of the network favorably affect the credibility of the cryptocurrency and the rising cost of its token.

In 2019, the founders are planning to keep up the pace and implement a number of complex and large-scale tasks that will ensure the growth of the rate of Ethereum Classic.

The main directions of the development of Ethereum Classic in 2019

  • Network scaling through sidechains

  • Adaptation of the platform for operating with IoT

  • Searching for partners for the development of the Internet of Things on the Ethereum Classic blockchain network

  • Continued work on the creation of the Emerald Platform and its implementation in the work of other services

  • The launch of a mobile wallet and a number of other Dapps

How has the rate of Ethereum Classic changed?

From the creation of ETC, this cryptocurrency was traded at 75 cents. Then it rose to $2 and fell again to a mark of less than $1.

This lasted for almost 9 months until the Ethereum Classic Investment Trust appeared in April 2017. After that, the rate of Ethereum Classic to the dollar began to actively rise. On May 5, it was already USD 7.58, and on May 24, it was USD 16.28. The peak mark was reached on June 20th, when Ethereum Classic could be bought for $23.

Then, the price began to fall steadily and even dropped to the level of 13.88 USD. Starting from August 17, Ethereum Classic began to rise again and reached the point of 21.72 USD on September 1, and then began to descend again.

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Ethereum Classic Price Prediction 2019

The coin is quite dynamic and sensitive to various events in the market. This is a good sign, as many managed to catch a wave on the news about listings and other updates. But, at the same time, there was bad news. After the attack “51%”, nothing could stop the decline in the rate. Is this what the community expected?

But it is not all that bad. A new development department was created. In addition, the network is being substantially updated. By the beginning of the second quarter of 2019, miners and active users of the cryptocurrency should feel the changes.

Also, on March 5, 2019, there was an important hard fork of Ethereum Classic, as a result of which the cryptocurrency market was replenished with another fork: Callisto or CLO. Unlike Ethereum Classic, the new fork provides better protection for smart contracts, making transactions even safer. An important distinction of the new network is that not only cryptocurrency miners, but also their owners, will receive remuneration for mined coins.

Callisto logo

Despite the fact that the market is still not completely out of the bearish trend, the coin’s rate has stabilized after the collapse. This means that during the year, growth is expected. Testing the $6 and $8 marks are the main ETC market targets.

Ethereum Classic Price Prediction 2019 and beyond

The team selected the right strategy: the development of technology. Therefore, we expect further growth of Ethereum Classic. It is 2020 that should be a landmark year. If the year starts by overcoming the $10 mark, the bar will be raised quite high. If the downward trend in the market changes to an upward trend, then we have every chance to see the value of ETC near the $20 mark, which is 5 times higher than the current price.

One can see the ETC price forecast for 2019 and 2020 in the table below.

Period

ETC Price Prediction

Spring 2019

$6

Summer 2019

$8

Autumn-Winter 2019

$9

Beginning of 2020

$12

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Is it worth investing in Ethereum Classic now?

We must pay tribute to the team, which is seriously determined to bring the altcoin to a new stage of development and is already working hard on the implementation of its plans for 2019, revealing the broad investment horizons of its project.

Thus, if you want to invest in Ethereum Classic, it is important to look at the points described above and then decide upon the investment. Currently, the price seems to fluctuate at profitable levels, and you can think about investing.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

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  • Joseph Young
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    The so-called “China fever” on crypto like bitcoin has noticeably declined since President Xi’s speech on October 28.

Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism
Cover image via 123rf.com
Contents

Since Chinese President Xi Jinping expressed his support for blockchain technology on October 28, the so-called “China fever” on crypto like bitcoin has noticeably declined.

The price of bitcoin fell from around $10,600 to $8,500 and cryptocurrencies that are known have Chinese development teams such as NEO, Ontology, and TRON have slightly increased over the past three weeks, but not enough to be described as a speculative mania.

Why demand for bitcoin and other cryptocurrencies is not on the rise

Following the newly established vision of the Chinese government to push the development of blockchain technology, expectations for strengthened momentum of the cryptocurrency market rapidly increased.

Initially, such expectations combined preceded an abrupt overnight increase in the price of bitcoin to above a key “psychological level” at $10,000, but the price fell back to “pre-Xi” levels in a relatively short period.

Global markets analyst Alex Krüger said:
“Have mainland China investors increased their demand for bitcoin? BTC volumes quickly dropped back to pre Xi news levels; online searches in China are back down to pre Xi news levels; website traffic for exchanges catering to China barely changed since the news.

The ‘Chinese tokens,’ NEO, ONT and TRX, have all done well since the aftermath of the news, while VET (a supply chain oriented blockchain) has been cruising on China news. Don't think though this is a sign of a ‘speculative fever’ of any kind.”

The analyst emphasized that prior to the statement of President Xi on the focus of China to facilitate the development and implementation of blockchain technology, the penetration of cryptocurrencies in the region was already high.

Also, most mainland Chinese cryptocurrency investors are said to have been trading digital assets through overseas markets like Hong Kong, purchasing stablecoins like Tether with the Hong Kong dollar.

Hence, it is possible that the public already anticipated the government of China to eventually reiterate its plans to encourage blockchain development with the People’s Bank of China (PBoC) consistently stating that its plans for a state-operated digital currency is in the works.

“It is without doubt that with the announcement of Libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital assets,” Dave Chapman, BC Technology Group executive director, said.

Is this the end of the Xi-effect?

Some technical analysts have suggested that the upside movement of bitcoin to $10,600 in late October may have not been primarily fueled by the optimism around China’s blockchain development initiative, and that a cascade of short liquidations amidst a build up of sell pressure caused the rally.

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About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

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