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Ethereum Classic

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1 ETC = 18.34 USD
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About Ethereum Classic

In 2016, Ethereum suffered a major exploitation, resulting in a loss of 3.6 million ETH, worth approximately US$60 million at the time, and potentially worth billions of USD today. This hack had far-reaching consequences within the crypto industry: investors were in a state of panic and hurriedly sold off their holdings, while critics of cryptocurrencies used the opportunity to criticize blockchain">blockchain technology. Meanwhile, Ethereum developers were under immense pressure to find a solution, as the hackers had only 28 days to cash out the stolen 5% total supply of ETH in circulation.

Fortunately, a solution emerged: reverting the Ethereum blockchain to a state before the hack occurred. This way, those affected by the exploit could retain their funds, and it was as if the unfortunate event had never taken place. The majority of voter-miners approved this solution, and it received endorsement from Vitalik Buterin, the creator of Ethereum. Consequently, Ethereum was reversed, and the hack no longer existed on the new hard fork, which became the main Ethereum chain. The original chain, which still contained the stolen funds, was then referred to as Ethereum Classic (ETC).

Despite being less popular than ETH, Ethereum Classic is supported by many who embrace the philosophy of "Code is King." They believe that the immutability of the blockchain must be upheld at all costs. Supporters of Ethereum Classic argue that reversing the exploit goes against the fundamental principles of blockchain and compromises the technology's essential security. This reason is why they chose proof-of-Stake (PoS). On the Ethereum Classic website, developers claim that PoW is more secure due to its 50% fault tolerance, whereas a PoS network can be influenced with just 33% fault tolerance. However, it is worth noting that Ethereum Classic experienced multiple 51% attacks in 2019 and 2020, raising concerns about its security.

Resources

Official website: https://ethereumclassic.org/

How Ethereum Classic (ETC) Works

Up until block number 1,920,000, Ethereum Classic and Ethereum are technically identical. Originally, Ethereum Classic was planned to support PoS, just like Ethereum, as it made the transition. However, after various updates and debates, the developers of Ethereum Classic decided to remain with PoW, prioritizing security over speed and scalability. The team acknowledges that Ethereum Classic is "conservatively run," committed to preserving the pure essence of blockchain ideals. While Ethereum Classic shares many similarities with pre-Merge Ethereum, there are notable differences:

- Prioritization of integrity and security over speed and scalability.

- Full replication of data rather than fragmentation of data, as seen in Ethereum.

- The token of Ethereum Classic, ETC, has a hard cap, unlike Ethereum's ETH, to ensure property rights of holders.

Critics of Ethereum Classic's PoW consensus mechanism argue that it consumes excessive energy and is too slow for processing daily transactions. Nonetheless, supporters counter that PoW provides a significantly safer network, making it ideal as a layer 1 to handle large volumes of transactions, while Ethereum can be used as a layer 2 to group transactions to send to Ethereum Classic.

What Determines Ethereum Classic's Price?

Understanding the factors that affect the Ethereum Classic Price requires a comprehensive look into its market dynamics, technological updates, and investor sentiment. One of the key drivers of Ethereum Classic price today is its historical relationship with Ethereum (ETH). Born from a hard fork following the DAO hack in 2016, Ethereum Classic (ETC) is considered by some as the "original" Ethereum. This viewpoint has resulted in distinct market behaviors when comparing Ethereum Classic vs Ethereum price.

While Ethereum moved to scalability and adopting Proof-of-Stake consensus mechanisms, Ethereum Classic remains steadfast in its original Proof-of-Work system. This difference has attracted a specific group of miners and investors, thus affecting the ETC to USD conversion rates and contributing to the Ethereum Classic market cap.

Another vital aspect in Ethereum Classic price analysis is its rate of adoption and technological advancements—or lack thereof. Unlike Ethereum, which boasts a bustling ecosystem of Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), Ethereum Classic has lagged in these areas. This lag has direct implications for ETC price prediction and impacts the current Ethereum Classic price, making it more volatile and highly dependent on market sentiment.

Investor confidence is often reflected in ETC price news and Ethereum Classic price updates, which can significantly influence the ETC coin price. Regulatory shifts, security concerns, and broader market trends in the crypto space also play crucial roles in shaping the Ethereum Classic price forecast and its future investment potential.

Conclusion

In conclusion, Ethereum Classic prioritizes security and immutability, serving as a reminder of diverse perspectives in the crypto world. With staunch proponents advocating the "Code is King" philosophy, Ethereum Classic remains committed to upholding the core principles of blockchain, even if it means compromising on speed and scalability.

It's important to note that like any other cryptocurrencies, Ethereum Classic carries its own risks and it's always wise to do your own research and exercise caution while investing.

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coin.24Hcoin.7dayscoin.30dayscoin.90dayscalculator.common.one_yearcoin_market.all_time
-5.60%-2.17%-0.91%-9.27%+3.25%+5822.86%

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coin_market.timecoin.lowcoin.high
24h$18.33$19.49
7d$17.71$19.79
30d$17.71$20.29
90d$15.81$21.04
1y$15.81$39.62
coin_market.all_time$0.4524(2016-07-25, coin_market.years_ago )$176.16(2021-05-06, coin_market.years_ago )

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coin_market.cap
$2,739,294,338.8
-5.60%
coin_market.fully_cap
$3,864,131,126.33
-5.60%
coin_market.volume_24h
$114,996,594.94
-4.73%
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coin_market.circula_rate
+70.00%
coin_market.volume_cap
0.0419
coin_market.circula_supply
149,365,870 ETC
coin_market.total_max_supply
210,700,000 ETC
210,700,000 ETC
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3.2
coin_price.social_score(24h)
9.33K(#169)
coin_price.social_contributors(24h)
489
+2%
coin_price.social_mentions(24h)
147(#141)
-30%
coin_price.social_dominance(24h)
0.01%
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coin_price.twitter_tweets(24h)
5
+400%
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20%
coin_price.twitter_neutral
80%
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0%
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coin_price.reddit_score(24h)
6
coin_price.reddit_ posts(24h)
10
0%
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0
0%

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Bitcoin may have hit short-term price top ahead of US Election, analysts say
Bitcoin may have hit short-term price top ahead of US Election, analysts say

Bitcoin on-chain metrics indicate that the digital asset has hit a short-term price top ahead of the U.S. election, according to analysts.The largest digital asset by market capitalization has dropped from a local high on Monday above $69,000, to now hover above the $66,000 mark.

The Block2024-10-23 17:06
BTC Well Supported Into The US Election
BTC Well Supported Into The US Election
Cointime2024-10-23 12:27

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Ethereum vs. Ethereum Classic: What are the differences?

Ethereum and Ethereum Classic trace back to a shared blockchain until a 2016 hard fork. This split followed a DAO hack on Ethereum, sparking debates on altering the blockchain to refund hack victims. Ethereum evolved from this fork, erasing the hack, while Ethereum Classic remains the original, preserving the hack's record. Both chains now have distinct developments and are not cross-compatible.

Why is Ethereum Classic so cheap?

Ethereum Classic is so cheap because it's not in as great demand as Ethereum. Ethereum is a more popular cryptocurrency, so more people want to invest in it. Additionally, the Ethereum blockchain has a larger ecosystem of dapps and is widely used for decentralized finance.

Should I invest in Ethereum Classic?

Choosing between Ethereum (ETH) and Ethereum Classic (ETC) hinges on your investment goals. Ethereum, has a much larger market cap and ranks just below Bitcoin and boasts better liquidity and wider availability than ETC. While ETH is easily tradable, ETC requires wrapping for compatibility with ERC-20 standards. ETH is ideal for those valuing liquidity, while ETC, often seen as speculative, appeals to purists favoring the untampered ledger. Analyze your investment objectives before settling on a crypto token.

Does Ethereum Classic have a future?

Ethereum Classic (ETC) supports smart contracts and dApps but has fewer applications than Ethereum (ETH). Despite this, ETC has unique advantages like a commitment to censorship-resistance and lower transaction fees. While Ethereum dominates in dApp hosting, ETC's adherence to its original vision and proof of work consensus could ensure its sustained relevance in the competitive crypto market.

What is ETC price potential?

Ethereum Classic (ETC) price is influenced by market demand, technological developments, regulatory changes, competition from other cryptocurrencies, and overall sentiment in the crypto market. Staying informed on these dynamics can guide ETC investment decisions.

Is Ethereum Classic undervalued?

Grayscale Ethereum Classic Trust (Etc) has a Value Score of 96, which is considered to be undervalued. Grayscale Ethereum Classic Trust (Etc)'s price-earnings ratio is 1.5 compared to the industry median at 2.2. This means that it has a lower price relative to its earnings compared to its peers

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PHOENXCORP
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insight105/750
249.81%
price_sidebar.roi
price_sidebar.total_pnl $969,025.23
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insight397/500
153.68%
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price_sidebar.total_pnl $3,860,531.29

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