Making predictions in the cryptocurrency market is really hard. The fluctuations are big, and a lot of things can influence the market. Still, some predictions can be given, and if you are thinking about investing in Ethereum Classic, you would want to know the prognosis for this currency. So can Ethereum Classic reach 1000? Keep reading and find out.
Can Ethereum Classic reach 1000? According to CoinPriceForcast, in the next five years, the price of ETC will be $75. There is the possibility of ETC to reach $1,000, but this will depend on the price of BTC.
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The ETC has a lot of similarities to BTC, and its price is predicted by many analysts to grow to $500, $1,000, or even more. But before you decide to invest, find out what factors will affect the growth of ETC on the market.
Ethereum Classic or ETC (formed in 2016) is a decentralized, open-source blockchain platform that runs smart contracts. It is a currency that has emerged from Ethereum’s Blockchain that has split in two versions after a hacking attack – into Ethereum and Ethereum Classic. As you know, Ethereum is the second most popular coin, and investors have more faith in ETH than in ETC. Due to security issues and scalability, even though there have been many updates, ETC can still perform 20 transactions per second with an average confirmation time of 5 minutes.
ETC users pay fees in ETC to execute smart contracts. These fees are usually called gas, and this is something you pay miners to dig up the ETC. As with all cryptos, miners use sophisticated software to solve the puzzles. That is called proof-of-work, and it is the same technology Bitcoin uses. On the other hand, Ethereum 0.2 plans to migrate from proof-of-work to proof-of-stake, while ETC doesn’t plan such a change, which potentially can be good for their future growth.
ETC has a fixed maximum supply of 210,700,000 coins, similar to BTC, which means that, while the market reaches its maximum limit, the price will be higher due to higher demand and less availability.
What is ETC Market Cap and Can Ethereum Classic Reach 1000?
Many analysts predicted that ETC would reach the $1,000 tag by the end of 2022. With the current situation in the crypto market, this seems highly improbable. But is it possible for ETC to reach $1,000? If we calculate the market cap of ETC valuing $1,000 and if we say in the next ten years circulation supply will be 160,000,000, this means the market cap will be 160 billion, which is not unrealistic.
When we talk about BTC and ETC we can see that both have identical monetary policies – BTC has a hard cap of 21 million coins while ETC has a hard cap of 210 million, and both currencies decrease their supplies logarithmically. Unlike Bitcoin and other chains, ETC is programmable at the base layer.
It is predicted to become the second-largest PoW blockchain in the world and also the first largest PoW smart contracts blockchain. And with this forecast in mind, ETC will reach a valuation of 25% to 50% in comparison to Bitcoin in the next bull market cycles, 2025 and 2029. This prediction states that ETC will reach $8,700 in 2025. Still, it remains to be seen if ETC will follow BTC predicted growth in the following years. And whether ETC reaches its full potential and becomes the second-largest blockchain is also something to be seen.
At the beginning of the year 2022, the ETC price was $34.51. Now the price is $27, so it decreased by 21%. Nevertheless, predictions are that by the end of 2022, ETC will be at $42.85, and the year-to-year change will be +24%.
Different platforms have different predictions when it comes to ETC prices in the following years. For example, Digital Coin predicted the price of ETC to be $37.07 in 2022 and to reach $57.5 by 2025. And in the long term, the coin price was predicted to be $113 in 2029. Here is how others have predicted:
- Coin Price Forecast – ETC will reach $42.1 at the end of 2022, $54 in 2024, and $70.5 by 2030.
- WalletInvestor – By the beginning of 2023, it will be $59.3 and $183 by February 2027.
- Trading Beasts – Predicted $21.6 by the end of 2022, $33.4 in 2023, $45 in 2024, and rising to $54 in December 2025.
Like any investment in the crypto market, ETC is risky and unpredictable. You can easily make a tremendous amount of money with a sudden growth of currency on the market. When it comes to ETC, it does make sense to invest in the long term. It is the chain most similar to Bitcoin because of the fixed supplies. If ETC behaves like BTC, it is logical to assume that more of the coins are relisted, the price will get higher due to the limited supplies and hard cap. On the other hand, what bothers investors with ETC is security. Even though it uses proof-of-work, which is more trustworthy confirmation, investors still have more trust in ETH than in ETC.