Ethereum Classic, the sibling fork of Ethereum, enjoyed a price revival this week when its price soared more than 200% to become the cryptocurrency that led the way of the bull market. Ethereum classic (ETC) started the week with a price of $36, and slowly crawled its way up to $160 on Thursday, to then experience a correction that took it to $119 at the time of writing this article. But what were the reasons that led to it?
Ethereum Classic has not been the trustiest cryptocurrency out there. Just during the last year, it suffered several 51% attacks that compromised its reliability, rolling back the chain thousands of blocks due to its falling hash rate at that time. This affected the status of the currency, and now exchanges are asking for thousands of confirmations to just acknowledge a deposit. For example, Kraken users must wait almost a week (40k confirmations) for a deposit to be effective.
Ethereum Classic (ETC) Price Predictions Are on the Rise
While it might be currently less popular among investors than its flashier sibling, Ethereum Classic is still a reliable crypto play. And with newfound institutional support, Ethereum Classic (ETC) price predictions are hot, but not necessarily optimistic. Let’s take a look:
- DigitalCoinPrice is predicting ETC will close out 2021 with some proper big gains. Their forecast for the crypto is over $75 by December.
- The Economy Forecast Agency is more bullish than that, with a prediction of over $132 by the end of the year. While bullish on short-term gains, they see ETC fizzling out in the long run. They predict it will ultimately revert to sub-$100 levels in the coming years.
- Inversely, Gov Capital predicts relatively small gains for ETC this year, but has a high long-term outlook. They price ETC at just over $50 by the end of 2021, but a price of around $120 in the coming years.
wishing you all the best??
