Home / Price Predictions / Ethereum Classic Price Prediction 2024: Has ETH ETF Excitement Had Any Effect on ETC?

Ethereum Classic Price Prediction 2024: Has ETH ETF Excitement Had Any Effect on ETC?

Last Updated May 24, 2024 12:28 PM
Peter Henn
Last Updated May 24, 2024 12:28 PM

Key Takeaways

  • Ethereum reached $3,000 in February 2024, potentially sparking interest in Ethereum Classic.
  • ETC was founded as a spin-off from Ethereum in 2016, and still uses a Proof-of-Work consensus mechanism.
  • Can ETC recover from a recent fall after the SEC approved ETH ETFs?
  • One Ethereum Classic price prediction says it can reach $79.67 in 2025.

When Ethereum hit $3,000 in February 2024, investors may well have taken an interest in its offshoot, Ethereum Classic. 

ETC has been a solid, unglamorous, but comparatively reliable, crypto, outperforming the market in 2022 and serving as a cheaper alternative to Ethereum. 

The coin suffered a major loss on April 12, when it fell more than 20%.

Anyway, as it looks like investors turn their attention to Ethereum Classic when something big happened to Ethereum too, this may be the case as the US Securities and Exchange Commission (SEC) approved on Thursday, May 23, 2024, the first ETH Exchange-Traded Fund (ETF). However, the impact of this news on both ETH and ETC has still to be seen.

By May 24, 2024, ETC was worth about $27.10.

Ethereum Classic did not respond to a request for comment.

But what is Ethereum Classic (ETC)? How does Ethereum Classic work? Let’s see what we can find out, and also take a look at some of the Ethereum Classic Price Predictions that were being made as of May 24, 2024.

Ethereum Classic Coin Price Prediction

Let’s take a look at some of the Ethereum Classic price predictions that were being made as of May, 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.

2024 2025 2030
Prediction #1 $69.26 $79.67 $236.80
Prediction #2 $45.13 $65.62 $387.50
Prediction #3 $10.87 $64.35 $0

First, CoinCodex  had a short-term Ethereum Classic price prediction that saw it rise to $33.87 by May 31 and then make a move to $51.07 by June 23. The site’s technical analysis was bullish, with two indicators sending bearish signals and 26 making encouraging ones.

Ethereum Classic Price Prediction for 2024

DigitalCoinPrice  said that ETC would soar to $69.26 this year, while PricePrediction.net  thought it would reach $45.13. CaptainAltCoin , on the other hand, said ETC would drop to $10.87 in December 2024.  

Ethereum Classic Price Prediction for 2025

CaptainAltCoin thought ETC would stand at $64.35 in 2025. Meanwhile, DigitalCoinPrice argued for it reaching $79.67. PricePrediction.net was somewhere in the middle, saying it would trade at $65.62 next year. 

Ethereum Classic Price Prediction for 2030

Looking at a more long-term Ethereum Classic price prediction, DigitalCoinPrice said it would reach $236.80 in 2030. PricePrediction.net was the most optimistic site, saying it would reach of $387.50 by the start of the next decade. On the other hand, CaptainAltcoin’s ETC price prediction would not have made happy reading for the coin’s investors. It said Ethereum Classic would be worthless, serving as a de facto deadcoin, by 2026.

Google Gemini AI Price Prediction for Ethereum Classic (as of May 24)

Google’s Gemini AI platform gave the following price prediction for Ethereum Classic on May 24. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next three months)

  • Expected Price: $50
  • Factors to Consider:
    • Overall market sentiment: If the general feeling towards cryptocurrency remains bullish, ETC could see continued growth.
    • Developments on the Ethereum Classic network: Any positive news or upgrades to the network could boost confidence and prices.
    • Regulations: Regulatory changes from governments could impact the entire cryptocurrency market, including ETC.

Medium Term (Next six months)

  • Expected Price: $50.22
  • Factors to Consider:
    • Market Volatility: The cryptocurrency market is known for its volatility. Unexpected events or news can significantly impact prices.
    • Regulations: Regulatory changes from governments could affect the entire crypto market, including ETC.
    • Ethereum (ETH) Merge: The upcoming Ethereum merge to Proof-of-Stake could potentially impact the value proposition of ETC, which uses Proof-of-Work.

Long Term (Next five years)

  • Expected Price: $231
  • Factors to Consider:
    • Market adoption: Increased use of ETC for smart contracts and decentralized applications (dApps) could drive up demand.
    • Developments on the Ethereum Classic network: Upgrades and improvements to the network could make it more attractive to users.
    • The overall performance of the cryptocurrency market: If the crypto market experiences a bull run, ETC could see significant price gains. Conversely, a bear market could lead to price declines.

Recent Updates from Ethereum Classic

The most important thing to affect Ethereum Classic recently was the price crash of April 12, when it dropped more than 20% from a high of $34.04 to a low of $27.01.

It’s also worth to mention the SEC’s approval of an Ethereum ETF, even if the impact of this news on ETC remains unclear at the moment.

ETC Price History

Let’s now take a look at some of the highlights and lowlights of the Ethereum Classic price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting an Ethereum Classic price prediction. 

ETC first came onto the open market in 2016, when it was worth $2.08. Although it fell below the dollar, it recovered and, when the market went through a bubble in late 2017 and early 2018, it peaked at above $40. 

It fell back down through the so-called crypto winter that followed, but when the market flourished in early 2021, it was back up again. ETC got a lot of new fans, eager to find a more inexpensive version of Ethereum, and it broke past $100 to reach an all-time high of $176.16 on 6 May.

After that, it fell down, closing the year at $34.12. 

2022 was not a good year for crypto but, although people who held ETC would have been poorer by the end than they were at the start, Ethereum Classic managed to outperform the market.

The coin reached over $50 in March, but a succession of market crashes saw it drop to a low of $12.60 on 18 June. Although it broke past $40 in late July and early August, it was back down again in the autumn.

The collapse of the FTX exchange in November further damaged ETC’s price and it closed the year at $15.69.

Although it had fallen by about 55% throughout 2022, the overall crypto market was down by more than 60% across the year, making ETC one of the better performing coins. 

Ethereum Classic in 2023 and 2024

ETC price history
ETC price in 2023 and 2024. | Credit: CoinMarketCap

2023 was a mixture of good and bad for Ethereum Classic. It shot to $24.79 on 4 February, but the collapse of the Silvergate bank saw it drop to $16.25. 

ETC was able to recover and went past $20 again soon after, but started to decline in May, with things getting worse the following month following the United States Securities and Exchange Commission (SEC) launching lawsuits against the Binance and Coinbase crypto exchanges. 

On 10 June, following Crypto.com suspending its American institutional relations, it dropped to a low of $13.42. 

There was some of a recovery in the second half of the year, and it closed 2023 at $21.92. This represented an annual rise of about 40%, underperfoming against a crypto market which more than doubled last year.

Although it shot up to $32.36 on January 12, it fell back down again. On February 21, 2024, it was worth about $25.95. It then recovered with the market, reaching $39.62 on March 9. On April 12, Ethereum Classic collapsed from a high of $34.04 to a low of $27.01. Since then, it has mostly stagnated and on April 29, it was worth about $27.10. On May 24, 2024, the day after the SEC approved an ETH ETF, it’s worth $31.37.

At that time, there were 147.2 million ETC in circulation, out of a total supply of 210.7 million. This gave the coin a market cap of about $4.6 billion, making it the 25th largest crypto by that metric.

Ethereum Classic Historical Price Data

Period Ethereum Classic Price
May 24, 2024 $31.37
May 17, 2024 $28.0974
April 24, 2024 $27.99
February 24, 2024 $25.42
May 24, 2023 $17.7155
Launch price (July 25, 2016) $0.9320
All-time high (May 9, 2021) $127.33
All-time low (July 25, 2016) $0.9320

Ethereum Classic Price Analysis

Ethereum Classic could get above $80 in this cycle | Credit: Nikola Lazic/TradingView

ETC started a bull phase on October 20, 2023, after reaching a low $14. On March 5, it reached a yearly high of $40, increasing by nearly 190% in a five-wave manner. 

A downturn followed, bringing the price to a low of $23 on April 13. As it did so on a three-wave move, it likely marked the completion of its corrective stage. The price rose to $34 on May 23, and ETC is still in an uptrend. 

The rise from October to March could be the first sub-wave of a larger five-wave impulse, with its subsequent drop on April 13 its second. This makes the rise since then its third wave. If that is the case, ETC is now headed to a new yearly high, eyeing values above $60. 

Its third-wave target is $65. With another high to go before completion, however, ETC could reach $81.

Is Ethereum Classic a Good Investment?

It is difficult to tell right now.

The coin has always served as a cheaper alternative to ETH. However, now Ether is a Proof-of-Stake coin, people who prefer a PoW network might move to Ethereum Classic.

The coin may have risen in value in 2023 but underperformed that market may be a sign for caution. 

The fact that nobody seems to consider Ethereum Classic an unregistered security is also good news for the coin.

On the other hand, ETC feels destined to operate in its predecessor’s shadow, which could mean that its potential growth is limited.

And, right now, it’s hard to say if – and what entity – the SEC’s decision on an ETH ETF may have an impact on ETC price.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in ETC.

Will Ethereum Classic go up or down?

No one can really tell right now. One one hand, CaptainAltCoin expects it to lose all its value in the next five years. On the other hand, other sites have largely positive Ethereum Classic crypto price predictions.

Remember, though, that price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Ethereum Classic?

Before you decide whether or not to invest in Ethereum Classic, you will have to do your own research, not only on ETC, but on other, related, coins and tokens such as Ethereum itself. 

Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who are the Founders of Ethereum Classic?

A group of Ethereum developers founded Ethereum Classic in 2016.

Who Owns the Most Ethereum Classic (ETC)?

On May 24, 2024, one wallet held 17.13% of the supply of Ethereum Classic.

Richest ETC Wallet Addresses

As of May 24, 2024, the wallets with the most Ethereum Classic were

  • 0x13cdee29cad8e11523095900e2195088ed6d02ad. This wallet held 36,093,570 ETC, or 17.13% of the supply.
  • 0xd4e36ae112915c9b18700505ee5898b562af5d4d. This wallet held 13,036,154 ETC, or 6.19% of the supply.
  • 0x00cd5bf5bfb8fd1d139ef486ce35b8dfc00ade91. This wallet held 12,680,001 ETC, or 6.02% of the supply.
  • 0x8793291670607ddf746a49b6b3faf6627a5e494f. This wallet held 3,955,828 ETC, or 1.88% of the supply.
  • 0x5e8f0e63e7614c47079a41ad4c37be7def06df5a. This wallet held 3,360,332 ETC, or 1.59% of the supply.

Fact Box

Supply and distribution Figures
Maximum supply 210,700,000
Circulating supply (as of May 24, 2024) 147,207,730 (69.87% of maximum supply)
Holder distribution Top 10 holders own 38% of supply, as of May 24, 2024

From the Whitepaper

In its technical documentation, or whitepaper , Ethereum Classic says it was founded on the principle that Ethereum needed to remain “free from censorship, fraud or third party interference”.

It says: “In realizing, that the blockchain represents absolute truth, we stand by it, supporting its immutability and its future.”

Ethereum Classic (ETC) Explained

Ethereum Classic  was founded in 2016 after a hard fork, or split, from the Ethereum (ETH) blockchain. This happened after a hack saw 3.6 million ETH stolen. 

The anonymous Ethereum users who founded Ethereum Classic – which uses the original version of Ethereum – held by the principle that “code is law”, claiming there was no reason to go to extreme lengths following the hack.

People are able to use the Ethereum Classic blockchain to build decentralized applications (DApps).

Ethereum Classic is supported by its eponymous native token, which goes by the ticker handle ETC. 

How Ethereum Classic Works

One of the biggest differences between Ethereum Classic and Ethereum is the fact that the former uses a Proof-of-Work (PoW) consensus mechanism. This means people verify transactions and add blocks to the blockchain by solving increasingly complex mathematical equations.

Ethereum itself used to use PoW but transitioned to Proof-of-Stake (PoS), where people add blocks based on how much ETH they hold, in September 2022. 

The system uses smart contracts, computer programs that execute automatically when certain conditions are met, to help developers create DApps.

The ETC coin itself is used as a reward for miners. People can also buy, sell, and trade it on exchanges.

Ethereum Classic Attention Tracker

Ethereum Classic Google search volume
Ethereum Classic Google search volume. | Credit: Google

Here is a chart for the Ethereum Classic Google search volume for the past 90 days. This represents how many times the term “Ethereum Classic” has been Googled over the previous 90 days.

FAQs

How many Ethereum Classic are there?

On May 24, 2024, there were 147.2 million ETC in circulation, out of a total supply of 210.7 million.

Will Ethereum Classic Reach $100?

It might do, but not for some time. Both PricePrediction.net and DigitalCoinPrice think it will reach three figures in 2027.

ETC has been worth more than $100 before, most recently in May 2021. 

What is Ethereum Classic used for?

The ETC crypto rewards miners on the Ethereum Classic blockchain. It can also be bought, sold, or traded on exchanges. 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.