Ethereum Classic price is increasing and it is attracting many miners from its rival Ethereum. Hence Ethereum classic is going to benefit from its hash rate and security as miners are looking for alternatives. It is becoming extremely easy to mine and these are some of the reasons why is Ethereum classic going up in the crypto market.
What is Ethereum Classic?
Ethereum classic is the upgraded protocol version of the Ethereum blockchain, which occurred in July 2016. It differentiates itself from Ethereum through its technical roadmap and runs on the similar idea of running smart contracts and hosting DApps on the network. ETC is the native cryptocurrency created when the Ethereum blockchain was split into two separate chains after a disagreement among its community members. The old chain that remained after the split came to be known as Ethereum classic and separated itself from Ethereum over time by adopting a deflationary monetary policy with a hard cap on the total number of ETC created. Now let us look into why is Ethereum classic is going up as Ethereum Classic is up by 8.53% today. Ethereum Classic price as of Mar 23, 2022, 12:38 PM was Rs 3,699.
The primary goal of Ethereum classic is executing smart contracts that can replace a range of software applications from finance to web apps. Ethereum Classic differs from Ethereum in terms of its monetary policy and its commitment to proof-of-work for securing its blockchain. Ethereum is switching to proof-of-stake. And Ethereum users moved on to the new hard fork leaving Ethereum Classic with a significantly smaller community. But why Ethereum price is going up is a question to ponder upon.
Why is Ethereum classic going up?
The cryptocurrency market has seen rapid growth recently, and many cryptocurrencies like Ethereum, Dogecoin, Ethereum classic, etc., are reaching their high time prices. It is predicted that the cost of Ethereum classic will go up by $75 and $100 by the end of 2022 and 2023, respectively. As per Gov. Capital the Ethereum classic price will raise about $76.36 in one year, and it is a good time to invest in ETC as the prices are low.
Today even the general public is looking into serious investments in the crypto space. Ethereum Classic was created as a hard fork in the Ethereum blockchain . It is the continuation of the original Ethereum blockchain with no new features in recent times. It has got a lot of security and upgrades due to the hack. The group that created the Ethereum Classic fork from the Ethereum blockchain wanted to retain the original network and follow the ‘code is law’ principle. The Ethereum classic has diverged a lot from the original Ethereum, as the new Ethereum has seen a lot of development.
Many experts believe that the main reason for the Ethereum classic to go up is because it is catching up to the markets. Crypto experts believe that the recent rise of the Ethereum classic is just a natural” correction” of the price as it adjusts to the bull market. According to Coindesk, many cryptos have seen a rise in their prices in the past year.
Crypto experts believe that the Ethereum classic is an outdated cryptocurrency; however, this coin is true to its original code of the Ethereum network, and many are fond of this currency. As per DigitalCoinDesk, the price of Ethereum could rise to $123 by the end of the year and to $139 by 2022. But since crypto markets are highly volatile, it is always better to do your research before making investment decisions