What 2020 may hold for Ethereum Classic

October 10, 2019

Ethereum Classic appeared as a fork of Ethereum that occurred on July 20, 2016, merely a month after an unknown hacker stole millions of Ether thanks to a loophole which he managed to find in the DAO code. Since that time, ETC began a somewhat successful independent life, even though the Ethereum Foundation refused to support the breakaways. The cryptocurrency had gone through the rollercoasters of 2017/2018, when the price had reached its current all-time high of $47.77 right before the Christmas of 2017, coming from the rate of $0.6, at which ETC had been sold right after the launch, thus providing for a 515% return on the initial investment. Right now, it occupies the 21st spot on CoinMarketCap, having the total market cap of $528 million and a circulating supply of 114 million ETC out of the maximum supply of 210 million ETC. 

How Ethereum Classic handled itself in 2019 

The beginning of the year was upsetting for Ethereum Classic as it fell victim to the infamous 51% attack, reported by the cryptocurrency exchange named Coinbase. More than $1 million worth of ETC had been double spent, which led to the subsequent drop in price by almost 10%. At least, the Ethereum Classic Foundation had the decency to admit the fact that the hack had taken place and promise to take the necessary measures. The experts agree that such tampering with the Ethereum Classic network became possible due to its low hash rate, at least compared to the one of Ethereum. However, the ETC team handled this situation by introducing specific alterations, even without having to conduct the fork to refund the users whose funds had been stolen.

 After that incident, the coin had bottomed out in February at the level of $3.73 to begin its uphill journey to this year's high of $9.66 per coin, reached on July 3. 

As things stand today, Ethereum Classic has shown the negative gains of -11.15%, from the beginning of the year to date. 

After the recent market decline by almost 15%, Ethereum Classic went into a consolidation that still holds. Various indicators suggest that the price of ETC might go lower than the current $4.63, which means that shorting might be the appropriate trading strategy at the moment. 

Should the cryptocurrency market recover from the downfall, Ethereum Classic might reach its August price of $6.99 by the end of the fall. The end of the year price of ETC will depend on whether the bulls would be able to overpower the bears at this junction. 

What 2020 may hold for Ethereum Classic 

ETC can't be called a safe bet, if that term could be applied to any cryptocurrency, because of its fundamental vulnerabilities and the overall inferiority to Ethereum. Right now, it is immensely hard to predict what the price of Ethereum Classic could be in a span of a few months, mainly because the market is still indecisive. 

In either case, no one shouldn't expect miracles from ETC. So, if it manages to form an uptrend, it would hardly take the price higher than $10, given that the next year will go trouble-free for the company behind this coin.

Author: Alex Paulson for Crypto-Rating.com
Cryptocurrency: Ethereum Classic

Related Crypto Market Materials

Technical Analysis in Cryptocurrency Trading
Technical Analysis in Cryptocurrency Trading

In 2019, cryptocurrencies can be called the most popular financial instrument. High volatility of tokens creates a good potential for obtaining...

XRP Price Forecast
XRP Price Forecast

XRP, formerly known as Ripple, is the third-largest cryptocurrency by market cap, with a m.cap of $11.8 billion and a daily trading volume of $1.3 billion. Obviously, that makes XRP...

V Systems (VSYS) Price Forecast
V Systems (VSYS) Price Forecast

V Systems (VSYS) belongs to a cohort of freshly surfaced altcoins that holds great potential but is often overlooked by most experts and analysts. The coin currently resides...

Ethereum Price Forecast
Ethereum Price Forecast

Ethereum (ETH) is the second-largest cryptocurrency in the world, at least when it comes to the size of its market cap. It is also considered by many to be the second most...

Ravencoin Price Forecast
Ravencoin Price Forecast

Although many people are skeptical about altcoins, claiming that they are already past their prime and the long-awaited second alt season will never occur, the stats speak quite the opposite...

Bitcoin SV (BSV) Price Forecast
Bitcoin SV (BSV) Price Forecast

Bitcoin Satoshi's Vision, or Bitcoin SV (BSV), still remains one of the largest cryptocurrencies in the crypto industry. The coin currently occupies the 9th spot on the list of largest cryptos...

Bitcoin Gold Price Prediction
Bitcoin Gold Price Prediction

Bitcoin Gold is one of the numerous Bitcoin forks which emerged over the last several years. This particular one occurred on the block number 419406 and entailed a switch from the...

BNB Price Forecast
BNB Price Forecast

Binance Coin has just broken one of its largest resistance levels, and while it still remains to be seen whether or not this will be permanent, the coin still remains one of the best performers of the year...

Top 10 upcoming ICOs

ICO Start End
1 Ledder Aug 01 Dec 31
2 BitWings Jun 03 Nov 30
3 Pbet Jun 18 Dec 15
4 UCBI Banking Oct 18 Jan 18
5 Cinemadrom Feb 03 Apr 30
6 Yachtco Aug 04 Feb 04
7 GOVEARN Jun 23 Dec 31
8 BrandProtect Apr 27 May 31
9 PointPay Jul 22 Jul 22
10 WINBIX Jul 01 Sep 28
All ICOs

Top 10 Crypto Brokers

Rank Status Broker Reviews
1 FXTM information
2 HYCM information
3 FIBO Group information
4 HotForex information
5 XM information
6 OctaFX information
7 easyMarkets information
8 LH Crypto information
9 USGFX information
10 Markets.com information
All Crypto Brokers

Top 10 Cryptocurrencies

Currency Price, USD 24h
1 Bitcoin 8 686.100 1.67%
2 Ethereum 186.953 1.93%
3 XRP 0.268 1.8%
4 Bitcoin Cash 272.665 1.98%
5 Tether 1.017 1.08%
6 Litecoin 60.384 3.16%
7 EOS 3.458 1.74%
8 Binance Coin 20.454 0.9%
9 Bitcoin SV 125.856 1.5%
10 Stellar 0.073 1.16%
All Crypto Currencies

Top 10 Crypto Exchanges

Exchange Volume, USD Reviews
BitMEX 3 069 312 071
EXX 2 250 568 625
Biki 1 853 598 655
BKEX 1 851 309 394
P2PB2B 1 753 668 584
CoinEx 1 597 757 171
Fatbtc 1 566 375 344
Binance 1 554 730 819
LBank 1 544 760 848
MXC 1 452 207 912
All Crypto Exchanges