Introduction
Cryptocurrencies made it simpler and faster to make investments with huge returns in the digital world. For investors looking for a faster way to make returns, cryptocurrencies are an ideal choice, however, with their downside due to volatility.
Investment from a few cents to millions, there are various options of digital currencies available for users worldwide, however, with its structure and trading value. For users looking for an affordable investment pool, Ethereum Classic is a hit many. Let’s understand ETC currency in detail in terms of profitability and trading analysis.
What Is Ethereum Classic? Is It Profitable?
ETC is a popular cryptocurrency created in 2016 after Ethereum was declassified from its original blockchain platform amid a major hack by then. ETC was created after its team picked up the forgotten chain.
Ethereum Classic is a fantastic investment for blockchain aficionados who think that blockchains should not be changed and investors who wish to diversify their portfolios, especially during times of economic uncertainty.
Because the supply of Ethereum Classic is limited, it can drive up prices through increasing scarcity and demand. In terms of security, investing in Ethereum Classic is still a dangerous proposition. Despite its promise, Ethereum Classic has been the target of many 51 per cent assaults, resulting in a loss of faith in the currency.
Price History of Ethereum Classic (ETC): Background
When the blockchain split in July 2016, one ETC was valued at $2.08. By November 2016, the price has dropped to $0.75. It subsequently began to rise, eventually reaching $46 in December 2017. By December 2018, the price has dropped to $3.76 due to the ensuing slump.
Following a 51 per cent assault in January 2019, ETC slowly ascended to $9.33 by June before dropping to $3.54 by the end of the year. In February 2020, the price reached $12.34, its highest level since 2018.
Following a general sell-off in cryptocurrencies, the price of ETC fell to $4.51 in March 2020, and it drifted in a $4-$6 range for the remainder of 2021. ETC’s price soared to an all-time high of $134 in 2021, fueled by a return of purchasing interest.
Experts Talk on Ethereum Classic for Upcoming Years
If you’re thinking about buying Ethereum Classic (ETC), you’ll probably want to know how much it’s worth. The price of Ethereum Classic starts at $34 in 2022, and prices may rise more as ETC works to improve its compatibility and security with other blockchains. Here you get some experts opinions on ETC price prediction.
Ethereum Classic is expected to reach $50 by the end of 2022, according to some analysts. Ethereum Classic ETC, on the other hand, may conclude 2022 with a price of $17.30, according to The Economy Forecast Agency.
On the other side, Trading Beasts predicts that by the end of 2022, ETC will be worth $25.32. ETC might break into the top ten cryptos in the next five years, competing with popular altcoins like Cardano, NEO, and perhaps Ethereum.
Benefits of Buying Ethereum Classic (ETC)
It has all of the benefits of a blockchain, but it also has a couple that is unique to its technology. These advantages include:
- Immutability: Once written and recorded on the blockchain, no changes, deletions, or additions may be made. This notion was the driving cause behind the separation between ETC and ETH, and this ensured not just a high level of decentralisation and increased security and code integrity.
- Decentralized: It is decentralised because it uses a Proof of Work consensus mechanism, which eliminates the need for a middleman or a central authority. Smart contracts are self-executing, and transactions can go place without them.
- Faster Transactions: Transactions are handled and validated promptly and affordably thanks to an automated verification method that does not require the intervention of a third party. That isn’t the only benefit; it also saves you money on your transactions.
- High Reliability: For the past five years, the Ethereum Classic blockchain has handled a wide range of apps, smart contracts, and transactions without any third-party intervention, downtimes, frauds, or censorships. This demonstrates its dependability.
- Programmable: The Ethereum Classic blockchain’s main advantage is that it is programmable, allowing developers to construct decentralised apps and smart contracts. Financial services, gaming, smart contracts, and other types of apps are all possible.
Conclusion
When compared to other major cryptocurrencies, the ETC token’s price chart shows that it has remained relatively constant. The ideal method to invest in ETC is to start with a little amount that won’t hurt your money and diversify your portfolio to reduce risk. It’s possible that ETC is undervalued for what it is, and that it has a lot of room to develop in the coming months.
