When the calendars showed the year 2016, a digital asset based on Ethereum called DAO was subjected to an attack that would cost $150 million due to the DAO hack incident. As a measure against this attack, a hard fork was executed to recover the funds. This hard fork resulted in the split of Ethereum into Ethereum (ETH) and Ethereum Classic (ETC).
Comments on Ethereum Classic
In particular, Ethereum Classic received strong support from the most loyal proponents against the hard fork, who wished to maintain the chain’s inherent irreversibility. Additionally, the blockchain that rose from the ashes managed to find its place in the market by preserving its original name and ETH ticker, thus attracting investor interest.
Following the “The Merge” event on the Ethereum side in 2022, a hard fork occurred on the network, transitioning from a PoW to a PoS network. Consequently, ETH supporters who wanted to continue mining activities did not look far for a solution and transitioned to ETC.
As of the time of writing, ETC is trading at $28.52 and had shown an increase of over 41% following the approval of the Bitcoin ETF, which had a significant impact on the entire cryptocurrency market. Notably, even though the ETC price reached a seasonal peak of $32.16 after its price increase on January 11, it still appeared to be far behind ETH.
How Much Will Ethereum Classic (ETC) Be Worth?
The decision related to the Bitcoin ETF created a positive atmosphere in the market, leading to optimism in the predictions of artificial intelligence and algorithms.
Accordingly, the machine learning algorithm of the frequently mentioned CoinCodex predicted that the rally in the ETC price would continue. As of the time of writing, the machine learning algorithm’s price prediction for January 31st pointed to a level of $44.41.
According to this prediction by the algorithm, Ethereum Classic needs to experience an increase of about 50% from its current price over the next 20 days. Meanwhile, artificial intelligence went further, suggesting that a higher level could possibly be reached before January 31st.
According to the algorithm, the price of ETC has the potential to trade at points higher than $53 before January 31st.
Understanding the structure of Ethereum Classic can also be important in making predictions about potential price movements. The altcoin hosts a low hashrate and a smaller Web3 ecosystem.
At the same time, there are opinions that ETC still harbors security risks and, when compared to Ethereum, it is seen to have a much lower adoption rate. This situation is highlighted as a significant barrier to its growth in the competitive cryptocurrency market.
