Ethereum Classic (ETC) was created as a hard fork of Ethereum (ETH) in 2016 as the result of a hack on the Ethereum network in which DAO (decentralized autonomous organization) security was breached and 50 million dollars were stolen. To prevent potential future security breaches, the Ethereum network performed a hard fork which resulted in a split and a new cryptocurrency, Ethereum Classic. Ethereum Classic operates on the old blockchain and Ethereum on a new one that was created with the hard fork.
The old blockchain was renamed and Ethereum Classic was born, and with it, a new cryptocurrency joined the market. Ethereum Classic kept operating on the old blockchain, formerly Ethereum, representing the original idea of an open-source decentralized network that operates on smart contracts.
How is Ethereum Classic different from Ethereum and how is ETC price defined? What factors influence the price of Ethereum Classic?
If you’ve ever wondered this, then you’re in the right place. We’ve compiled everything you need in order to get a better understanding of the intricacies of Ethereum Classic price – and the factors that influence it.
Ethereum Classic Price History
The price of Ethereum Classic (ETC) has been through lows and highs in the 5 years since its creation through an Ethereum hard fork. Trading at lows below $1 and highs above $40, Ethereum Classic price is another example of the high volatility dictating trends in the cryptocurrency market.
Ethereum Classic traded at $0.98 when it was created and launched to the market in June 2016. Its price then touched an all-time low(ATL) in July, dipping to $0.61. ETC price went on to increase by nearly 3000% after hitting its ATL. In August of the same year, Ethereum Classic price broke the psychological level of $1 for the first time and traded at $1.79.
ETC price increased by over 130% in March 2017 and reached a new high at $3.15, followed by a series of further gains totaling 125%. From February 2017 to March 2017, trading volumes increased by more than five times, from 5 to 27 million. ETC price continued following positive trends throughout May as well, with 165% of gains and a new high price of $23, which was also the highest price in June. July brought new dips and Ethereum Classic traded between $13 and $19 before ETC value fell to $10 in October 2017. November brought 145% of gains with a new high price for Ethereum Classic at the value of $32, and with record-breaking transaction volumes exceeding 44 million. Ethereum Classic continued this positive momentum, breaking the resistance at $40 and reaching a new high of $42.
In January 2018, Ethereum Classic price reached an all-time high (ATH) at the value of $47, then dipped to $28 in the same month. Over the next two months, ETC fell by 50% to touch $14 in March. Ethereum Classic price went through a rebound in April, recording 51% gains and a new monthly high at $22. Until December 2018, ETC price traded between lows of $9 and highs of $20, before sinking to $4 at the end of the year.
The start of 2019 was bearish as well for Ethereum Classic with lows of around $3 in January. From February to May 2019, ETC price saw a more stable period of growth and managed to trade at over $8, reaching $9 in June as the new high for the year. By the end of 2019, ETC price had been through numerous changes caused in part by high volatility, trading between $8 and $3. It didn’t manage to regain $9 during that period and mostly traded at the lower end of $3 to $4.
January 2020 started bullishly with 157% of gains and ETC was able to climb to the price of $12 as its new high for the year until it reached the value of $13 in February. Ethereum Classic traded between $4 and $8 in March, and for the rest of the year, ETC would trade in the price range of $3 to $7 with frequent trend reversals.
From the price of $5 in December 2020 and the start of 2021, ETC price experienced a surge and traded at $9 as its highest price in January. Ethereum Classic price also showed positive momentum on a monthly basis from February to April, recording billions in trading volume and reaching a new high for the year in April at the value of $20.
Analyzing Ethereum Classic’s Price History
Ethereum Classic’s price history can be analyzed with the same techniques used in the stock market. Technical analysis is often used in combination with sentiment analysis and fundamental analysis to investigate the price history of ETC and other cryptos through the use of price charts, historical data and other specific parameters that help predict future price movement.
Technical analysis examines the price history of Ethereum Classic. It looks for patterns in the historical data to identify potential trend reversals in the future price movement. As with many other crypto assets, Ethereum Classic price may experience major upswings often followed by major dips, depending on active market trends.
Fundamental analysis focuses on the wider economic state of the market, as well as dev team activity, new upgrades, updates, and the overall value of ETC utility. Events like partnerships, adoption, and government regulations can also affect the price of ETC and are observed through the use of fundamental analysis.
Sentiment analysis measures opinion data and categorizes it as positive, negative, or neutral. This technique studies the overall sentiment in the market, revealing how investors and traders feel about certain crypto. Sentiment can also affect the price of ETC and other cryptocurrencies.
Ethereum Classic price is often subject to major price fluctuations, caused by a multitude of specific factors that influence the price and form trends in the market.
Factors Influencing the Price of Ethereum Classic (ETC)
The price of Ethereum Classic depends on a wide variety of specific factors that help form its market value. Ethereum Classic has a capped max supply, which means that no new coins will be minted once all of the supply is in circulation. This fixed supply means that ETC isn’t subject to inflation like fiat currencies and an increase in demand will drive up its price.
The demand for Ethereum Classic is closely related to the number of listings that ETC has on various exchanges, and is expressed through trading volumes. The balance between buying and selling activity will eventually form the price and define a market cycle as bearish or bullish.
Events like news, partnerships, new listings on exchanges, adoption by companies or users, upgrades and updates, and dev team activity can affect the price of ETC and other cryptos. The lack of these developments can also affect the price, usually pushing it downwards as sentiment around the project becomes negative.
The higher the demand the higher the price, while the value of Ethereum Classic would decrease in the case of negative sentiment, bearish market cycles, negative trends, and major market dips. The use of smart contracts is a major advantage of Ethereum Classic. However, ETC has to compete with the ambitious upgrades of Ethereum as its closest crypto peer in the sense of technology and blockchain architecture.
Live Ethereum Classic Value and Market Cap
The live price of Ethereum Classic is in constant flux, with frequent radical changes that can bring major gains or major losses. The price is defined by the activity of traders who buy and sell ETC and other cryptocurrencies on various exchanges.
The market cap of Ethereum Classic is equal to the number of ETC in circulation multiplied by the current price of Ethereum Classic. The volatility of ETC means that its price may rise or fall quickly within a brief timeframe.
The current price of Ethereum Classic is EUR. It has changed by EUR in the last 24 hours and ETC has a 24-hour trading volume of EUR. Ethereum Classic current Kriptomat ranking is , with a market cap of EUR. It has a circulating supply of . Max supply is ETC.
Ethereum Classic Price FAQ
What was the lowest price of Ethereum Classic?
Ethereum Classic price reached an all-time low (ATL) at the value of $0.61 in July 2016.
What was the highest price of Ethereum Classic?
Ethereum Classic price reached an all-time high (ATH) at the value of $47 in January 2018.
How is Ethereum Classic different from Ethereum?
Ethereum Classic and Ethereum have the same basic functionality. Ethereum is the new blockchain created after the hard fork while Ethereum Classic is the original Ethereum blockchain. The two networks have different technical roadmaps and upgrades to Ethereum don’t affect Ethereum Classic. The prices of ETH and ETC are therefore different.
The price of Ethereum Classic has experienced significant changes, going from lows of $0.61 to highs of $47, and its movement has often been characterized by surges and crashes.
Extreme volatility in combination with other factors like ETC’s capped supply, exchange listings, and market trends affect the price of ETC on a daily basis, causing gains and losses.
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