Ethereum Classic ETC price, market cap $19 0383 Chart

These are the project’s quantitative metrics of its official Telegram account that can be used to trace regular or artificial Social activity & growth within the project. These are the project’s quantitative metrics of its official GitHub Public Repositories that can be used to trace regular or artificial development activity, growth & popularity of the project. Select ETC and the desired fiat that you would like to convert to view the estimated live conversion price. OKX offers the ETC/USDT, ETC/USDC, ETC/BTC, ETC/ETH, and ETC/OKB trading pairs. Alternatively, you can buy ETC directly with fiat or convert your crypto to ETC.

After the hard fork, the old Ethereum chain was supposed to be phased out but instead, those who disagreed with the fork kept the network alive. This led to the genesis of Ethereum Classic, with ETC as its native token. Although ETH and ETC initially shared several similarities, the two networks have grown far apart regarding technological features. CryptoRank provides crowdsourced and professionally curated research, price analysis, and crypto market-moving news to help market players make more informed trading decisions. If you’re looking for a set of practical and insightful crypto market information and data, we have the analytics tools to suit your business needs.

For starters, having launched in 2016, it’s one of the more established cryptocurrencies. For example, it has a relatively small market cap compared to other major cryptocurrencies, and it also lacks some of the features that made Ethereum so popular. Nevertheless, Ethereum Classic remains a viable option for investors and users who are looking for an alternative to Ethereum. Ethereum Classic is the unforked, original history-containing version of Ethereum, supported by advocates – but not the core team of Ethereum developers. Due to a $60m hack of a third-party project in 2016, the Ethereum Foundation made the decision to hard-fork the network and restore the lost funds. However, the original network continued – renamed Ethereum Classic – championing the philosophy that smart contracts shouldn’t be interfered with, regardless of how painful a hack may be.

What Are the Main Features of Ethereum Classic?

However, XLM the developers of ETC have announced plans to open the token up to decentralized finance applications through a platform called Wrapped ETC or WETC. WETC is a token built on the ChainBridge network that allows for the development of the DeFi applications. However, it is this instability that makes Ethereum Classic useful as a trading asset. The price can be highly unstable, which makes its market movements very unpredictable.

It is an open-source blockchain network that handles smart contracts. These smart contracts are automated agreements between parties that are handled and protected by the encrypted security of the blockchain network. Ethereum Classic is one of the two crypto assets that emerged after a hard fork of the Ethereum network in 2016.

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Many who are new to crypto don’t understand the difference between Ethereum and Ethereum Classic. There tends to be a lot of confusion not just around which digital asset is a better investment, but also what differentiates these two blockchains in the first place. The experts in the field of cryptocurrency have analyzed the prices of Ethereum Classic and their fluctuations during the previous years. It is assumed that in 2026, the minimum ETC price might drop to $78.12, while its maximum can reach $96.58. During its creation period, the platform raised 12.7M ETH, which was valued at $150 million at the time. As a decentralized network, The DAO was open-source and made its code available to community contributors.

Ethereum Classic is considered to be among the longest-running smart contract platforms. It was launched in 2015 as the legacy Ethereum blockchain, and split in 2016, following a community dispute. The most active and popular exchanges for buying or selling ETC are Binance, Kucoin & Kraken.

Latest Ethereum Classic (ETC) Price Prediction

The consequences of the etc ethereu classic all time high price hack are still present on the Ethereum Classic blockchain. The Ethereum Classic network is secured with a proof-of-work algorithm, but as a minority chain, it has suffered regular attacks itself. The Ethereum Classic blockchain has fallen victim to two 51% attacks where the hackers managed to take over control of the blockchain’s mining hash rate. This enabled the hackers to execute false transactions and double spend tokens to exploit the blockchain.

Its value experienced a sudden increase in 2021, with the ETC price exceeding $175 in May. In June 2016, an anonymous paper was published that revealed a code vulnerability. Before the developers were able to patch the issue, hackers took advantage of it and over several days stole 3.6 million ETH. Although the team was able to recover roughly 70% of the funds, there were debates as to how to recover the remaining sum. These are the project’s quantitative metrics of its official Reddit account that can be used to trace regular or artificial Social activity & growth within the project. These are the project’s quantitative metrics of its official Twitter account that can be used to trace regular or artificial Social activity & growth within the project.

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«Crypto.com Exchange lists $SC and $ETC. Trade these tokens in #USDT pair now.» Once there are sufficient assets in the wallet, swapping is possible. Malicious actors trick users into revealing their private keys or attack systems with malware.

Ethereum Classic is in fact the legacy chain of Ethereum, and its true creators are therefore the original Ethereum developers — Vitalik Buterin and Gavin Wood. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmap diverging further and further from each other with time. Change the wallet network in the MetaMask Application to add this contract. Needs to review the security of your connection before proceeding.

Where Can You Buy Ethereum Classic (ETC)?

Find more crypto exchange options on our Crypto Exchange Tracker. The most secure hardware wallets for keeping your cryptocurrency safe are Ledger and Trezor. The absolute theoretical maximum number of coins/tokens that is coded and will ever exist in the cryptocurrency’s lifetime. However, the miners and users, aggrieved at this move, decided to stay on the original Ethereum blockchain, which later metamorphosed into the Ethereum Classic network. In the aftermath of the attack, 97% of the Ethereum community voted to create a hard fork to undo the malicious transactions and restore the blockchain to its pre-hack state. The attacker exploited a flaw in The DAO’s code and made off with $50 million worth of ETH at the time.

As a long-term investment to buy and hold, Ethereum Classic is a risky investment. The record of attacks and controversies have pulled the future of the token into question, but there is still active development and investment in the token. In short, Ethereum Classic is valuable mostly due to its popularity and well-known history. It is still connected to the “brand” of Ethereum which is highly respected and heavily invested in by major players in the new and traditional financial industries. It is already established as a popular token, so it is still valued at a considerable price. After the 2016 split from the main Ethereum blockchain, ETC was largely separated from the space of decentralized finance applications that are tied to the Ethereum blockchain.

A 51% attack is a way to compromise the control of token production by controlling 51% or more of mining activity through a single node or group of nodes. In the legacy version of Ethereum, attackers have been able to gain control of 51% of Ethereum network mining activity and steal large amounts of tokens. A flaw in Ethereum Classic’s code makes it very vulnerable to a specially engineered type of blockchain network attack called a 51% attack. Smart contracts can be enforced through the decentralized network, so a third party does not need to be actively enforcing the contract.

• However, this could be attributed to the fact that ETH, the second largest cryptocurrency, often drives the entire crypto market.
• It functions on a brand new blockchain, and the vast majority of miners, users, and protocol from the previous version of Ethereum use this new version.
• Ethereum Classic utilizes the Proof-of-Work consensus mechanism that Bitcoin first introduced.
• While the comparatively low Ethereum Classic price may appear more appealing, there are several reasons why investors may prefer ETH.
• In fact, the scandal surrounding these attacks may have attracted new investors that search for volatile price changes.

The maximum token supply of Ethereum Classic is limited to 210,700,000 ETC. 138,063,286 ETC are in circulation at the time of writing. Remaining on the blockchain would have meant that investors weather the economic effect of the DAO, but the bailout was commenced and ETC https://www.beaxy.com/ investors made whole, by moving to the new blockchain. The total dollar value of all transactions for this asset over the past 24 hours.

And since it takes roughly 2.5 years for 5 million blocks to be processed on Ethereum Classic, the subsequent block reward reduction will occur sometime in the third quarter of 2024. Unlike Ethereum, which has no limit on coin supply, ETC has adopted a deflationary policy and capped the token supply at 210.7 million. On the same day the network deployed the Gotham update, the ETC emission reduction protocol implemented the first block reward slash. As a result, the block reward awarded to miners was reduced from 5 ETC to 4 ETC. Essentially, ETC can be used by Ethereum Classic users to pay the gas price for conducting transactions on the network. However, Ethereum Classic differs significantly as it is incompatible with any ETH update.

The current CoinMarketCap ranking is #25, with a live market cap of $2,636,691,950 USD. Ethereum Classic is basically a decentralized, blockchain-based platform that runs smart contracts. As a smart contract platform, it hosts and supports decentralized applications , which are applicable in different scenarios and solve different problems within and outside the crypto space. It also has a native currency that trades by the ticker symbol ETC. It aims to be the go-to platform for smart contract development which helps developers create unstoppable applications. These costs are commonly referred to as gas fees, and they are paid to miners who use advanced computers to solve “proof-of-work” problems to help validate the network.

Despite the scandals surrounding repeated etc ethereu classic all time high price attacks, the token still persists as a popular financial instrument. In fact, the scandal surrounding these attacks may have attracted new investors that search for volatile price changes. Mutual interest in cryptocurrencies brought Buterin and Wood together and eventually, they began to design the original concept of the Ethereum blockchain.

This aspect of ETC tokenomics was meant to boost the coin’s long-term sustainability to a great level. To understand how Ethereum Classic works, you need to be familiar with smart contracts. In simple terms, smart contracts are self-executing computer programs that are stored on a blockchain and run according to predetermined conditions. They do not require the involvement of a third party and cannot be manipulated. The Ethereum blockchain as we know it today rolled back the chain and reverted it to its original unhacked status in July 2016.

ETC price increased by over 130% in March 2017 and reached a new high at $3.15, followed by a series of further gains totaling 125%. From February 2017 to March 2017, trading volumes increased by more than five times, from 5 to 27 million. ETC price continued following positive trends throughout May as well, with 165% of gains and a new high price of $23, which was also the highest price in June. July brought new dips and Ethereum Classic traded between $13 and $19 before ETC value fell to $10 in October 2017. November brought 145% of gains with a new high price for Ethereum Classic at the value of $32, and with record-breaking transaction volumes exceeding 44 million. Ethereum Classic continued this positive momentum, breaking the resistance at $40 and reaching a new high of $42.