Ethereum Classic, created as a hard fork of Ethereum, has been gaining value steadily since the last week of January 2022. It was still rallying at the time of writing.
If you want to know more about Ethereum Classic, including what it is, whether it’s worth buying, and the best places to buy it today, look no further than our short guide.
Top places to buy Ethereum Classic now
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What is Ethereum Classic?
Since its launch as a hard fork, Ethereum Classic has attempted to differentiate itself from Ethereum, with the two networks’ technical roadmaps becoming more and more distinctive with time.
The hard fork came as a result of a major hack. First, it set out to preserve the integrity of the existing Ethereum blockchain.
ETC was created by Vitalik Buterin and Gavin Wood, both of whom are original Ethereum developers. It is the legacy chain of Ethereum.
Since its launch, the legacy network has gained a wider fan base, which includes Grayscale CEO Barry Silbert. It is a voluntary organization and its developers don’t intend to turn the ecosystem into a for-profit entity.
ETC uses a PoW mining algorithm and began in a very similar technical state to ETH, with the exception of how the DAO hack transactions were handled.
Since the beginning, there have been some changes in tokenomics. In 2017, participants voted to cap the supply of ETC at 210,700,000 ETC, around tenfold that of Bitcoin. ETH is uncapped.
Should I buy it today?
Ethereum Classic can turn out to be a profitable investment. Still, we recommend reading at least several price predictions and studying the market before making a commitment. It can reverse its recent gains more easily than you imagine.
ETC price prediction
ETC gained around 50% since hitting a low point on January 24. CoinCodex forecasts that it will drop to $31.61 in the next few days.
According to Wallet Investor, 1 ETC will trade for $64.8 this time next year and for $199 in February 2027.
Digital Coin is slightly less bullish, predicting the ETC price will average $45 this year and go up to $72 in 2025.
Ethereum Classic on social media
— ClassicSavages (@ClassicSavages) February 9, 2022