Altcoins in general are heating up earlier this week, however Ethereum classic (ETC USD) is really in the spotlight. A fork of the bigger ones ether (ETH USD) project, ETC is gaining stronger than most other coins in the market this morning. As it continues to rise, investors are looking for Ethereum Classic price predictions.
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Before we delve into ETC predictions, investors should understand what Ethereum Classic is and why it’s moving today.
Ethereum Classic calls itself “the original Ethereum”. Despite being much smaller than Ethereum, ETC claims the original Ethereum network from 2015.
In 2016, a hack on the Ethereum network resulted in a polarizing proposal that divided Ethereum users. One camp – which is now what is now the Ethereum Foundation – wanted to hard fork to fix the security issue. Another camp – now Ethereum Classic – wanted to leave things as they were.
As a result, we have two separate projects. And Ethereum Classic is truly the original Ethereum project in its purest form; It uses the same code written by the founders of Ethereum in 2015. And as separate projects, ETC and ETH differ on several key issues.
The most notable difference between the two is Ethereum Classic’s criticism of the Ethereum Foundation’s role in governing the ETH network. ETC emphasizes total community leadership and calls itself “the decentralized Ethereum”. And while the projects differ in the centralization of power, they will differ even more. Ethereum Classic is gearing up to hopefully take over a new crowd of crypto miners thanks to the Ethereum merger in 2022.
ETC rises ahead of Ethereum merger
Ethereum’s upcoming merge upgrade is one of the most talked about crypto events among investors. Indeed, investors are hoping that the upgrade will be a major catalyst for ETH price; After all, it will be the biggest upgrade in the history of the network. And as that upgrade draws closer, it presents a great opportunity for ETC.
One of the key Ethereum changes that will come with the merger is the move from proof-of-work to proof-of-stake. This will significantly improve transaction speed, but also significantly reduce network energy consumption. This is because proof-of-work cryptos are heavily reliant on mining, while proof-of-stake cryptos are not.
Ethereum Classic seizes opportunity to take crypto miners to court ahead of merger The network penned a letter to “disenfranchised” ETH miners who will lose their stream of income if the merger takes place this summer. The project welcomes these miners with open arms and is already seeing great success. In the past seven days, ETC is up over 50% — its biggest gain since the second quarter of 2021. Trading volume also continues to trend higher. Nearly $3 billion in ETC is exchanging hands right now.
Ethereum Classic price predictions rise with ETC gains
ETC is not slowing down into the new week. This morning, the coin adds another 7% to its uptrend.
Can ETC continue its current momentum? Will the coin experience a renaissance in 2022, sparked by its biggest rival’s biggest upgrade yet? Let’s take a look at some Ethereum Classic price predictions and see what the analysts think:
- CoinPriceForecast Has High Hopes for ETC; The outlet is forecasting a price increase that will take it from its current price of $39.34 to $53.73 by the end of 2022.
- Similarly optimistic is DigitalCoinPrice, which expects ETC to reach $52.92 by year-end.
- WalletInvestor’s 12-month forecast shows that ETC will reach $65.95 by March 2023.
- Gov Capital is also bullish in its own 12-month guidance, forecasting a price of $55.59 for the coin next year around this time.
At the time of publication, Brenden Rearick held no position (neither directly nor indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s publicity guidelines.
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