Ethereum Classic (ETC) is the 17th largest digital currency in the world priced at $3.76, with a market capitalization of over $406 million. The coin recently found itself in hot waters when Coinbase suspended deposits and withdrawals of ETC finding deep-chain reorganizations. However, it is one of the popular crypto coins in the market today and is still going strong.
Ethereum Classic Price Movement
At its peak, ETC was selling for $45.41 at a market cap of $4.5 billion while other coins were reaching their all-time highs during January 2018. The price fell steeply afterward with a strong sign of revival in February and then again in May. Since then, the coin has been going deeper into the ditch. The last time ETC was trading at this level was in April 2017.
The transaction volume of ETC on Feb 7, 2018, was $47.82 million which fell to $239.6k on Feb 5, 2019. It was $1.4 million just a day ago, showing a staggering drop in just 24 hours. It corresponded with a sudden drop in the volume of Ethereum. Both ETH and ETC are going through a downward curve in transaction count while BTC is moving up. The number of the active address on both the networks also fell steeply during this week while Bitcoin continued its sideways push.
Ethereum Classic Price Prediction
Considering the current movement in price, Ethereum Classic doesn’t seem to be in a good position. The coin could lose over 95% of its value this year. In the past 14 days, the coin has gone from $4.309 to $3.758.
However, in the short term, the price hiccups could mean about 2x gain on the coin. According to estimates, the coin could go to $8.8 by March 3, 2019, and trade for around $6 for at least two days before succumbing to bear pressures to coming back to today’s valuation. However, this too won’t last long, and the value of one ETC could drop below $1 by March 15. By the end of the month, we could $0.333.
Price volatility could be high in April and May, providing traders with some chances of a quick gain. However, it would go sub-$1 and remain there for the rest of the year, trading for $0.0187 by December 31.
In 2020, the coin will likely not break the $0.3 mark and will end the year at $0.191. The trend will continue in 2021 as well when the coin will trade in the $0.1 to $0.2 range but never go beyond $0.3.
It seems evident that ETC is a bad investment for the long run. If you don’t mind taking risks during the volatile first half of 2019, you may try to buy the coin now and wait for a 1.5x or 2x return. If you are thinking of buying ETC for the long term because you believe in the coin’s potential, better wait for another year. Those who already bought ETC at much higher prices than today will be better off HODLing.