Why 2021 is the best time to invest in Ethereum Classic (ETC)?
Is Ethereum Classic (ETC) a good investment?
Cryptocurrencies have been the market’s best-performing commodity so far. Both Ether and Bitcoin have gained considerable profits. In comparison to others, ETC has been an underperformer. Whereas other coins have risen from their first-quarter losses, ETC has suffered. Throughout this Ethereum Classic forecast, we examine whether the digital currency will rebound or continue to decline in the coming year.
What is Ethereum Classic (ETC)? Brief Summary
Ethereum was created by innovators while trying to run smart contracts while using the blockchain network. Today it holds a market value of $50+ billion, making it the second-largest cryptocurrency on the planet. After a major hack of the Decentralised Autonomous Organization, Ethereum Classic was developed via a hard fork of the existing Ethereum network. The hard fork was created with the intention of restoring stolen funds with their rightful owners. The recently launched Ethereum kept the name, while the old one became Ethereum Classic.
Developers may use Ethereum Classic to develop decentralized applications. Decentralized Finance is a common use application for the network. Developers build financial networks in Defi that enable borrowing, invest, trade, and conduct a variety of transactions. Because Ethereum Classic is the legacy chain of Ethereum, its genuine creators are the original Ethereum developers — Vitalik Buterin and Gavin Wood.
How did Ethereum Classic (ETC) Start?
In 2016, Ethereum Classic was created as a result of a network hack. The original Ethereum blockchain was divided in two, with Ethereum Classic being the older blockchain and Ethereum being the newer one. In July 2016, a contentious hard fork on Ethereum occurred as participants debated on whether to restore the blockchain to undo the consequences of a significant hack. This had an effect on The DAO, a decentralized autonomous organization (DAO) that had raised around $150 million in an initial coin offering (ICO) a few months prior. Ethereum Classic emerged as the network that did not revert the chain.
Best time to invest in Ethereum Classic (ETC)?
The primary goal of Ethereum Classic is to keep the Ethereum blockchain as it was without artificially fighting the DAO hack. Its appeal was initially directed at people who disagreed with Ethereum’s answer, but the legacy network has subsequently attracted a larger following, including notable investors such as Barry Silbert, CEO of investment firm Grayscale.
ETC’s developers do not want to turn the network into a for-profit corporation as a voluntary organization. Users pay transaction fees in the same way that they do with Ethereum, and miners collect them depending on the work done using the proof-of-work (PoW) mining algorithm.
Its high coin shedding has led to its position deteriorate to 34th rank, new upstarts are head of ETC. As most programmers choose to create apps using Ethereum’s network, this underperformance is primarily due to low user adoption. This was valid during the ICO craze and during the latest Defi rise. Most ICOs at the point were based on Ethereum’s network. Attacks on Ethereum cLassic’s network have been a reason for its struggle. Although the developers are trying to prevent ETC from attacks it still makes users uncomfortable to use the network.
According to the analysts it can only be avoided if Proof of Stake starts being used instead of Proof of Work. Indeed, via its Ethereum 2.0 update, it has been working extremely hard for several months to transition from PoW to PoS.
Start Investing in Ethereum Classic (ETC)
To start investing in ETC and other cryptocurrencies, you must first create an account with a cryptocurrency exchange that allows you to buy Ethereum Classic (ETC) in India, sell, trade, and store. A cryptocurrency exchange broker is a website that allows you to trade Ethereum Classic (ETC) in India and other cryptocurrencies. If you want to buy Ethereum Classic (ETC) in India and get the best ETC price in India quickly and effortlessly BuyUcoin Exchange! is one for you. You can even invest in ETC using your MasterCard, Credit Card, UPI, or NEFT.
Is Ethereum Classic (ETC) a good investment in 2021?
In the following year, ETC will continue to suffer. According to the prediction, the currency’s peak price in 2021 will be $8.44 at the start of the year. This represents a 30% improvement over the current amount. Nonetheless, it’s predicted that its value at the end of the year would be $5.62, which is lower than the current.
As predicted, ETC will fall during the first quarter of the year, recover, and again fall to a multi-year low by December.
If the current state of the coin is maintained, it’s assumed that Ethereum Classic’s chances of success are slim. Many claim that Ethereum’s secret to success is that it has already developed itself to be a significant player in the Defi sector. The value of the ETC coin would have to deal with the fact that the network is not entirely as protected as the Ethereum and the currency’s low market price and lack of corporate interest will continue to affect it.
For 2021, my own ETC coin assumption seems to be that the cryptocurrency will lag behind its contemporaries.
Why invest in Ethereum Classic (ETC)?
Ethereum Classic (ETC) is both a cryptocurrency and a decentralized, blockchain-based computing platform.
It enables programmers to create and deploy smart contracts, which are self-executing code blocks that perform certain tasks in response to predetermined conditions. By providing the benefit of decentralized governance, Ethereum Classic makes it easier to operate smart contracts.
Ethereum Classic makes it easier to run smart contracts by allowing for decentralized governance. In other words, contracts can be enforced without the involvement of a third party, such as a lawyer.
Smart contracts are comparable to if-then statements in that they complete the responsive contract parameters if the contract’s required actions are performed.
According to Coinpedia, Ethereum Classic is a strong long-term investment, with ETC potentially reaching $150 by the end of 2021.
Worth buying Ethereum Classic (ETC) in India?
While the essence of an undeniable and eternal ledger is the main value of Etheruem Classic, its future appears to pose a number of security and scalability problems.
While Ethereum Classic, like the Ethereum network, supports smart contracts, it has struggled to garner the same popularity as Ethereum. It lacks a few elements that have hampered its long-term progress. Among them are vision, support, and the widespread developer support that Ethereum has as a standard.
Following a succession of 51 percent attacks, many developers lost faith in the network’s success.
By 2030, Ethereum Classic could be worth as much as $7,119.78, according to Cryptocurrency Price Prediction. Elsewhere, Coin Price Forecast gives a more sober forecast of $1,218.70 in the second half of 2030. An increase of +1,709%. Remember, 2030 is still years away, so don’t make these forecasts your trading goals for ETC. A lot can change in the space of a decade.
Conclusion
Since we’ve looked at the current ETC prospects from a fundamental standpoint, let us look at the technical to see if it’s a decent investment. The cryptocurrency has dropped more than 87 percent from its all-time peak of $47.77, as seen in the weekly chart below.
The value has lately been relatively low, and the Average True Range (ATR), an indicator of uncertainty, has also dropped to an all-time minimum. As a result, in 2021, ETC’s path of least opposition would be lower.
If you don’t plan on long-term investments, trading in the ETC/BTC pair of crypto would be the best choice. Investing in CFDs allows investors to benefit from both bull and bear market movements. One either can maintain a significant stake, anticipating an increase in the ETC/BTC rate, or a short position, anticipating a decline.
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Why 2021 is the best time to invest in Ethereum Classic (ETC)? was originally published in BuyUcoin Talks on Medium, where people are continuing the conversation by highlighting and responding to this story.
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