Over the past few days, the cryptocurrency market has seen significant growth. Ethereum, Dogecoin, Ethereum Classic, and many other cryptocurrencies reach their all-time high prices. Only a year ago, crypto was a niche hobby and not a lot of people were aware of crypto trading. However, cryptocurrencies have become highly popular in 2021, and even the general public has started looking at crypto as a serious investing and trading tool. In this article, we’ll take a look at Ethereum Classic, which has seen a massive jump over the past couple of days, to reach its all-time high price. Read on to know why Ethereum Classic is going up and Ethereum Classic price prediction
What is Ethereum Classic? Why is Ethereum Classic Going Up?
The original Ethereum cryptocurrency was started by Vitalik Buterin and Gavin Wood in 2015. In 2016, there was a hack in the Ethereum network, which resulted in 3.6 million Ether coins being stolen. This incident divided the Ethereum community on how to deal with the hacking issue. In response, Ethereum Classic was created as a hard fork in the Ethereum blockchain in July 2016. In short, Ethereum Classic is the continuation of the original Etherum blockchain with none of the new features that exist in the new Ethereum network, which got a lot of security and upgrades as a result of the hack.
The group that created the Ethereum Classic fork from the Etherum blockchain wanted to retain the original network and wanted to follow the ‘code is law’ principle. As time went on, the two different Ethereum blockchain, the new one and the classic diverged from each other a lot, as the new Ethereum saw a lot of development.
Crypto experts believe the main reason that Ethereum Classic is going up is that it’s simply catching up to the markets. As per an article by Coindesk, Bitcoin, Ethereum and many other cryptocurrencies saw a major rise in their prices over the past year, whereas Ethereum Classic didn’t rise by much. Experts believe the recent rise of prices of ETC is just a natural ‘correction’ of the price, as it adjusts to this bull market.
Ethereum Classic Price Prediction
Crypto experts jointly agree that Ethereum Classic is an outdated cryptocurrency, but the main attraction lies in the fact that this coin is true to the original code of the Ethereum network. Many hardcore Ethereum fans are fond of this currency. However, predicting the price of cryptocurrencies can be quite difficult, as crypto markets are highly volatile. As per DigitalCoinDesk, the price of Ethereum could rise to $123 by the end of the year and up to $139 by 2022. However, people should do their own research before investing in any cryptocurrencies, and only invest money that they can afford to lose. Stay tuned for more updates on the crypto markets.