Ethereum Classic Price Prediction 2024: Can ETC Recover from Nosedive?
What's next for Ethereum Classic?
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?
- One Ethereum Classic price prediction says it can reach $64.82 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%.
By April 29 2024, ETC was worth about $27.10.
Ethereum Classic did not immediately 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 April 29, 2024.
Ethereum Classic Coin Price Prediction
| 2024 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $54.02 | $64.82 | $199.69 |
| Prediction #2 | $36.35 | $53.43 | $352.06 |
| Prediction #3 | $20.67 | $56.40 | $0 |
Let’s take a look at some of the Ethereum Classic price predictions that were being made as of April 29, 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.
First, CoinCodex had a short-term Ethereum Classic price prediction that saw it rise to $30.47 by May 4 and then make a move to $46.19 by May 29. The site’s technical analysis was bearish, with 16 indicators sending discouraging signals and 15 making bullish ones.
Ethereum Classic Price Prediction for 2024
DigitalCoinPrice said that ETC would soar to $54.02 this year, while PricePrediction.net thought it would reach $36.35. CaptainAltCoin , on the other hand, said ETC would drop to $20.94 in December 2024.
Ethereum Classic Price Prediction for 2025
CaptainAltCoin thought ETC would stand at $56.40 in 2025. Meanwhile, DigitalCoinPrice argued for it reaching $64.82. PricePrediction.net was somewhere in the middle, saying it would trade at $53.43 next year.
Ethereum Classic Price Prediction for 2030
Looking at a more long-term Ethereum Classic price prediction, DigitalCoinPrice said it would reach $199.69 in 2030. PricePrediction.net was the most optimistic site, saying it would reach of $352.06 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 dead coin, by April 2029.
Google Gemini AI Price Prediction for Ethereum Classic (as of April 29)
Google’s Gemini AI platform gave the following price prediction for Ethereum Classic on April 29. 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 few days):
Slightly bullish. Price predictions suggest a rise of around 5-7% to the $28.60 – $29.20 range. This prediction is based on recent positive market sentiment (Greed index at 67) and historical data showing a 60% chance of green days for ETC in the last month.
Medium-term (Next few months):
Uncertain. Predictions vary widely, with some analysts expecting a rise to $30.65 by 2024’s end, while others forecast a potential drop to $1.44. This uncertainty stems from the volatile nature of the cryptocurrency market and factors like upcoming regulations or exchange listings that could significantly impact price.
Long-term (Next few years):
Moderately bullish. Many analysts predict a gradual increase in ETC’s value over the next few years, with some reaching targets as high as $49.95 by 2030. This optimism is based on factors like:
- Increased Adoption: Wider acceptance of ETC for smart contracts and decentralized applications could drive demand.
- Technological Advancements: Upgrades to the Ethereum Classic network could enhance its functionality and appeal.
- Limited Supply: Unlike Ethereum (ETH), ETC has a capped supply, potentially making it more scarce and valuable in the long run.
It added: “These are just predictions, and the cryptocurrency market is highly volatile. Always do your own research before making any investment decisions.”
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.
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
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.
At that time, there were 146.7 million ETC in circulation out of a total supply of 210.7 million. This gave the coin a market cap of about $3.9 billion, making it the 25th-largest crypto by that metric.
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.
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 April 29 2024, one wallet held more than 15% of the supply of Ethereum Classic.
Richest ETC Wallet Addresses
As of April 29 2024, the wallets with the most Ethereum Classic were
- 0x13cdee29cad8e11523095900e2195088ed6d02ad. This wallet held 35,413,065 ETC, or 16.81% of the supply.
- 0xd4e36ae112915c9b18700505ee5898b562af5d4d. This wallet held 13,136,154 ETC, or 6.23% of the supply.
- 0x00cd5bf5bfb8fd1d139ef486ce35b8dfc00ade91. This wallet held 12,680,001 ETC, or 6.02% of the supply.
- 0xa31a23a961658e703c51a72957b6befb62bcbd53. This wallet held 3,834,874 ETC, or 1.82% 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 29 April 2024) | 146,791,023 (69.66% of maximum supply) |
| Holder distribution | Top 10 holders own 36.56% of supply, as of April 29 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
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
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.
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