- Ethereum Classic
- Price $9.80
- Market Cap
Although Ethereum classic is its own cryptocurrency, it is not necessarily new. Instead it has split from the existing cryptocurrency of Ethereum. It offers the same features that Ethuerum does, such as decentrlaised application and the creation and eployment of smart contracts, and it also has all the same specificiation, such as average block time, size and rewards. So if all of this is the same, why was Ethereum classic created?
Ethereum classic has literally split the Etherum community into two, those that support the hard fork, and those that are against it. The majority of users argued that blockchains can and should be altered if enough people agree, while others argued that a blockchain has to be censorship resistant and free from any tampering.
When the hard fork was created, those that did not agree with it simply decided that they would not upgrade their software, and would simply keep on mining on the ‘original’ blockchain. Therefore both blockchains are identical in every way up to block 1920000, as this was where the hard-fork to refund the DAO token holders was implemented. Effectively, Ethereum classic is a parallel blcokchain to Ethereum where funds were never returned to their owners who lost them in the demise of the DAO.
There are now two groups working on to competing versions of an Etherum project, the Etherum classic is an alternative blockchain that is maintained an managed by a completely different team.
Ethereum classic has value simply because there are people out there that believe in the project, and those that are intere4sted in it are able to invest in it. Most of the exchanges that support Ethereum now also support Ethereum classic as well.
On July 24th 2016, the price of Etherem Classic was at 0.92 cents, but then just two days later it rose again, reaching the $2.55 mark. For a long time, its price hovered around $1 mark, fluctuating up and down, sometimes reaching lows of $0.90, and sometimes reaching a hgh of $2. By looking at the graphs it is clear to see that the coin’s value reached $2 at least three times, before becoming consitantly worth $2 in March 2017.
By the middle of April, Ethereum classic was valed at $3.14, and it was at this point that those who had throught the break away was a bad idea were beginning to think otherwise. Just 4 days after it broke $3, it then reached $4, showing a steady growth. It didn’t stop there though, as by June 11 2017, the price of Ethereum classic had reached a peak of $21.57!
Like most cryptocurrencys, its price fluctuated dramatically, and for the rest of the year the coin had its fair share of ups and downs. At some points it was only worth $9, while at other points it was back up to $20, with no real pattern to be seen.
One the first day of 2018, the price of Ethereum classic was set at $34,17, the highest it had ever been.
On the 6 th February 2018, the price of Etherum classic was at $11.82, but in just 7 short days, it rose in price dramatically to $29.99. This is an increase of just over 90%!
This rapid rise could be attributed to many reasons, but one that stands out is the imminent launch of the Callisto network, however there is not definitely a connection here. Another impact could be the Integration of Sidechains, and the news of a Standard Development Kit which is to be released in the middle of the year.
Things started to go back downhill after this unfortunetly, and by the 5th April, its value stood at $13.64, a far cry of what it had been valued at a few months previously.
Given the rocky life of Ethereum classic since its inception into the market, it is likely that we will regularly see more ups and downs in its value. Unfortunatly, the outlook for Ethereum classic as well as the originally Ethereum are not looking too great. However, many cryptocurrencies are also experiencing the same problem at the moment, so this could just be attributed to a downward trend in the market as a whole.