Many cryptocurrency tokens and decentralized applications are based on the Ethereum blockchain network. The live Ethereum Classic price today is $18.39 USD with a 24-hour trading volume of $233,846,241 USD. The current CoinMarketCap ranking is #26, with a live market cap of $2,572,755,648 USD.
The various etc coin price incidents connected to its legacy software have caused rapid price movements and opportunities for market arbitrage between exchanges. The security incidents surrounding ETC can also lead to a halt on withdrawals and deposits of the token on major exchanges. This creates major price differences between exchanges, opening market-neutral opportunities for arbitrage between exchanges. In short, ETC can be moved between exchanges and bought and sold at different prices due to the instability surrounding major security events. Wood was responsible for writing the code of the Ethereum blockchain, and the product became very successful immediately after its launch. The project was so successful, in fact, that it attracted bad actors, including a hacker that compromised the network in 2016 and stole roughly $50 million worth of cryptocurrency.
Since Ethereum Classic was the original version of Ethereum before the hack, it was founded by Vitalik Buterin in 2016. The percentage of Binance customers who increased or decreased their net position in BTC over the past 24 hours through trading. BitFlyer Wallet supports everything from account creation to trading.
It’s important to note that current Ethereum Classic market capitalization is $2,584,648,620, and the maximum supply is 210,700,000 ETC coins. 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. One camp believed that it was necessary to wipe off the attack from Ethereum’s history by reverting the chain so that they could maintain the network’s long-term viability.
Price and Market Cap
The Ethereum Classic price page is just one in Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies. Ethereum Classic is an open-source decentralized computing platform and cryptocurrency that launched as an alternative to the Ethereum network in 2016. Much like Ethereum, Ethereum Classic offers smart contract functionality and supports the deployment and use of decentralized applications . These include several 51% attacks to gain control of mining hashrate and execute spurious transactions and double spend coins, the most recent of which occurred in August 2020. A contentious hard fork on Ethereum occurred in July 2016, when participants disagreed over whether to revert the blockchain to cancel out the effects of a major hack.
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Register for an account on KuCoin using your email address if you are new to our platform. Remember to complete your KYC verification to unlock access to all our services and features. The Enterprise Ethereum Alliance , which consists of JP Morgan, Credit Suisse, ING, Mastercard, Accenture, AMD, and more, also offers support. However, most of the interest from the EEA has shifted to Ethereum after the hard fork, leaving a relatively lower interest in developing Ethereum Classic. The table above shows the number of days which Ethereum Classic closed above a certain price level. Ethereum Classic is committed to staying as a Proof of Work network, in pursuit of decentralization maximalism, quite unlike its sibling which is soon transitioning to Proof of Stake.
What is the Ethereum Classic all time high?
The consequences of the DAO hack are still present on the Ethereum Classic blockchain. Ethereum Classic’s current circulating supply is 139.89M ETC out of max supply of 210.70M ETC. The current yearly supply inflation rate is 4.73% meaning 6.32M ETC were created in the last year. In terms of market cap, Ethereum Classic is currently ranked #6 in the Proof-of-Work Coins sector and ranked #14 in the Layer 1 sector. When the Ethereum hard fork happened in July 2016, all investors who held ETH in their wallets were given the same amount of ETC coins for free.
These attacks have been used as an argument by Ethereum’s original founders as a demonstration of the superiority of Proof-of-Stake systems over Proof-of-Work systems like Ethereum Classic and Bitcoin. Due to this attack, a new branch or fork of the software was developed in order to patch the security holes and return the stolen funds to the victims of the attack. This new branch is still at the foundation of what is called Ethereum today, and the old branch is known as Ethereum Classic. Despite these philosophical differences, Ethereum Classic and Ethereum work similarly. Because of the upgrades, Ethereum Classic’s supply is capped at 210.7 million and its block reward declines by 20 percent every 5 million blocks, or roughly every two and a half years.
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- Ethereum Classic is in fact the legacy chain of Ethereum, and its true creators are therefore the original Ethereum developers — Vitalik Buterin and Gavin Wood.
- By resolving computationally challenging riddles to create and validate blocks of transactions, Ethereum Classic miners protect the network.
- Another key difference between the two is their development roadmap.
- However, this will no longer be the case after all the available ETC is mined.
You can buy Ethereum Classic from BINANCE easily or try one of below. Here are Ethereum Classic prices in real time on different exchanges and on Ethereum Classic DOGE chart. Compared to other crypto coins which started the same year as Ethereum Classic it has above-average trading volume, average volume for the other 96 coins started in 2016 is $8M while ETC has $434M.
Ethereum Classic (ETC)
The rate at the time was 5 BTC per article, which was $3.50 then and approximately $200,000 at the time of this writing. The Ethereum classic supply was hard capped via the Gotham hard fork upgrade on 11th December 2017. The move added a Bitcoin-inspired deflationary emission schedule to the coin’s supply. Also known as 5M20, this deflationary schedule decreases the block reward by 20% every 5,000,000 blocks. This aspect of ETC tokenomics was meant to boost the coin’s long-term sustainability to a great level.
Is ETC a good investment?
Ethereum Classic has a lot of potential and is considered one of the most profitable cryptocurrencies for long-term investments. Due to its unique technology and continuous development, ETC is expected to grow even more in the next few years and could reach new heights.
However, it is this instability that makes Ethereum Classic useful as a trading asset. The price can be highly unstable, which makes its market movements very unpredictable. Cryptocurrency investors can capitalize on rapid upward or downward price movements by opening directional tradingl positions. The circulating supply of Ethereum Classic increases gradually as new coins are released to reward miners. However, this will no longer be the case after all the available ETC is mined. It’s important to note that even though Ethereum will move to Proof-of-Stake, the Ethereum Classic project is committed to Proof-of-Work.
Created at Jul 15, 2016
Charts Explore more data on the digital asset markets with comprehensive graphs. Maverick Protocol said its automated market maker algorithm offers investors more customization and the potential to earn greater profits than on top decentralized exchange UniSwap. The percent change in trading volume for this asset compared to 24 hours ago. Pairs are available against stablecoins, other cryptocurrencies and fiat currencies, while derivatives and institutional investment vehicles also exist. Exchanges that let you buy Ethereum Classic include Binance, OKEx and Huobi Global.
All values after Sun Jul 2016 this is the first day when we got ETC stock https://www.beaxy.com/ data. While the comparatively low Ethereum Classic price may appear more appealing, there are several reasons why investors may prefer ETH. The history of The DAO hack has left the chain with some negative connotations. The updates that have occurred to the ETH blockchain since the hard fork do not apply to ETC. For example, ETC has not implemented the EIP-1559 upgrade which introduced an automated fee distribution as well as fee burning.
Some might sell. Doubt it will influent the price much though. Btc showing strength all through these fud times with the SEC and hostile regulation etc
— Kevin Nørregaard (@Kevinnorregaard) March 7, 2023
The live price of ETC is 20.74 USD, representing an increase of +6.78% in the past 7 days and +6.07% increase in the past 24 hours. ⧫ Set up an account with a wallet that supports Ethereum Classic crypto. Section to buy cryptocurrency with fiat currency using more than 70 payment methods, including Visa, Mastercard, SEPA, and PayPal. Some teams developing the Ethereum Classic ecosystem include Ethereum Classic Consortium, ETC Cooperative, ETC Core, ETC Labs, and Gödel Labs. The Turing-complete programming language allows applications to run without third-party interference or the threat of censorship. The Ethereum Classic’s market is also EVM-compatible, which means that dApps designed for Ethereum can also be deployed on this network.
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. In addition to tracking price, volume and market capitalisation, CoinGecko tracks community growth, open-source code development, major events and on-chain metrics.
Binance is not responsible for the reliability and accuracy of such third-party sites and their contents. 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. Remaining on the blockchain would have meant that investors weather the economic effect of the DAO, but the bailout was commenced and investors made whole, by moving to the new blockchain.
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 has a fixed maximum supply of 210.7 million coins and a circulating supply of over 135 million as of June 2022. On the other hand, Ethereum’s ETH has a total supply of over 121 million at the time of writing.
It has limitations when it comes to scalability, and the network can only handle 15 transactions per second. While Ethereum and Ethereum Classic, at one point in time, were based on the same code, Ethereum Classic has taken a different path ever since. The community has carried on using proof-of-work as a consensus mechanism to secure the blockchain. Ethereum Classic also adopted a fixed monetary policy, and the total amount of ETH that can be created is capped at 230 million ETCH, which adds to its scarcity. As proof of work crypto coin, new ETC’s are generated through the mining process, so on each block, new assets are created.
Does ETC have a future?
Ethereum Classic Price Prediction 2024
After the analysis of the prices of Ethereum Classic in previous years, it is assumed that in 2024, the minimum price of Ethereum Classic will be around $36.38. The maximum expected ETC price may be around $44.28. On average, the trading price might be $37.69 in 2024.
etc coin price Classic allows blockchain developers to create and deploy decentralized applications atop it. Of course, the DApps are embedded with smart contracts that execute based on predetermined conditions and are immune to third-party interference. This allows users to exchange money, property, and other valuable items without a middleman. Ethereum Classic shares the underlying technology with the Ethereum blockchain. It employs proof of work consensus, supports smart contracts, has dApps deployed on its network, and allows users to conduct decentralized, encrypted transactions quickly and cheaply. However, it has gotten a reputation as the lesser legitimate option of the two networks.
- The Ethereum network as it exists today is the forked chain, while Ethereum Classic is the original chain upon which the DAO hack occurred.
- Ethereum Classic or ETC has its uses and role in the cryptocurrency industry, and it has its own unique history as a cryptocurrency token.
- You can choose to hold them on KuCoin, or you can transfer them to your external wallet for additional security.
ETC is no exception to this rule, and it is important to understand how the Ethereum Classic price has moved in the past. You can buy ETC from various reputed crypto exchanges, by paying in a fiat currency, or with other cryptocurrencies, through trading pairs like BTC ETC/USDT, ETC/XRP, ETC/BTC and ETC/ADA. Yes, since Ethereum Classic is a Proof-of-Work blockchain, you can mine ETC coins using computers and specialized hardware including GPUs. The ETC price remained mostly below $10 for a little over two years, and showed some signs of revival only around February 2021, amid a market-wide bull run. It went on to record its all-time high of nearly $180 on May 6, 2021. A corrective phase followed and ETC coin was trading in the vicinity of $50 within a month.