Various altcoins have managed to get the attention of investors, especially Dogecoin. However, Ethereum Classic (ETC), the crypto that resulted from an Ethereum hard fork, has not been overshadowed. Today we will tell you what is happening with ETC and why you should keep it in your sights.
Ethereum Classic: The Path to Success
For many years Bitcoin remained in the spotlight of crypto investors, however, for some time this has changed and some altcoins have managed to stand out.
Even so, standing out in the crypto market is not easy, especially when cryptocurrencies like Dogecoin register astonishing growth of 112% in 7 days.
However, Ethereum Classic seems to be breaking down all the obstacles that, in just the last 7 days, has managed to register an even higher growth than Dogecoin of 120%.
But… What is ETC?
You have probably heard about Ethereum Classic at some time, but to understand what is behind this bull run, we must look at the origins of crypto.
ETC was formed as part of a 2016 Ethereum network hack. Consequently, the Ethereum Blockchain was split in two, Ethereum Classic which kept the original Blockchain and Ethereum with a newer Blockchain.
And, although both Blockchains offer smart contracts and seek the same market, Ethereum has been able to gain greater popularity as the most legitimate. In this way, the multiple crypto projects happening on the Ethereum Blockchain have positioned the crypto at the top and, in fact, it has also witnessed a major bull run.
Does growth have something to do with Ethereum?
As we mentioned previously, Ethereum has seen growth that has positioned its valuation above $ 3,000, setting new all-time highs throughout 2021.
In particular, crypto has risen 354% throughout this year. But Ethereum has a serious problem: Its Blockchain has been so successful that the projects that give it life are running out of space.
The Ethereum Blockchain is so congested that it has greatly increased transaction fees on the network. Consequently, this has caused a large number of crypto users to migrate to other Blockchains with the aim of reducing operating costs. And it is precisely here where Ethereum Classic has managed to excel.
In this way, Ethereum is the most visible and offers the most extensive investor support, particularly institutionally, but Ethereum Classic is supported, as Grayscale has a stake of over 160,000 ETC.
In this way, analysts have noticed that Ethereum Classic resembles what happens with Bitcoin Cash, in the sense that they tend to derive their value from the big cryptos, Ethereum and Bitcoin Cash.
ETC price action
Ethereum Classic (ETC) has seen a growth of almost 1,200% throughout 2021; thereby establishing a historical maximum of USD 79.
But what will happen now? What is the forecast for this cryptocurrency?
- DigitalCoinPrice predicts that ETC will manage to close the year with significant gains. But, in addition to that, it established that its price will close the year above USD 100. Curiously, its projections go further and look to the year 2028. In this sense, they estimate that the lowest price of ETC in the future is USD 302.
- For its part, Gov Capital makes more conservative predictions for next year at USD 60. But its 5-year projections project that the crypto will reach USD 128.