Altcoins in general are heating up as this week kicks off, but Ethereum Classic (ETC-USD) really takes the spotlight. A fork of the larger Ethereum (ETH-USD) project, ETC is gaining at a higher magnitude than most other coins on the market this morning. As it continues to rise, investors are seeking out Ethereum Classic price predictions.
Before we dive into ETC predictions, investors should understand what Ethereum Classic is and why it is on the move today.
Ethereum Classic calls itself “the original Ethereum.” While it is much smaller than Ethereum, ETC claims the original Ethereum network from 2015.
In 2016, a hack on the Ethereum network led to a polarizing proposal that divided Ethereum users. One camp — which is now the present-day Ethereum Foundation — wanted to conduct a hard fork, fixing the security issue. Another camp — now Ethereum Classic — wanted to keep things as they were.
As a result, we have two separate projects. And Ethereum Classic really is the original Ethereum project in its purest form; it utilizes the same code written by Ethereum’s founders 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 guidance, calling itself “the decentralized Ethereum.” And while the projects differ in centralization of power, they are about to differ even more. Ethereum Classic is gearing up to hopefully take on a new crowd of crypto miners in 2022, thanks to Ethereum’s Merge.
ETC Surges Ahead of Ethereum Merge
Ethereum’s upcoming Merge upgrade is one of the most widely discussed crypto events among investors. Indeed, investors are hoping the upgrade will be a major ETH price catalyst; after all, it will be the largest upgrade in the network’s history. And as this upgrade nears closer, it is presenting a great opportunity for ETC.
One of the most major changes to Ethereum that will occur with the Merge is a transition from proof-of-work to proof-of-stake. This will vastly improve transaction speeds, but it will also greatly reduce the energy consumption of the network. This is because proof-of-work cryptos are highly dependent on mining, whilst proof-of-stake cryptos are not.
Ethereum Classic is taking an opportunity ahead of the Merge to court crypto miners. The network penned a letter to “disenfranchised” ETH miners who will lose out on their stream of income when the Merge occurs this summer. The project is welcoming these miners with open arms, and it’s already seeing great success. In the last seven days, ETC is up over 50% — its biggest gain since Q2 of 2021. Trading volume, too, continues to trend up. Nearly $3 billion in ETC is swapping hands just today.
Ethereum Classic Price Predictions Rise as ETC Gains
ETC is not slowing down into the new week. This morning, the coin is supplementing its bullish trend with another 7% gain.
Is ETC able to continue its current momentum? Will the coin see a renaissance in 2022, prompted by its biggest rival’s biggest upgrade yet? Let’s take a look at some Ethereum Classic price predictions and see what analysts are thinking:
- CoinPriceForecast has high hopes for ETC; the outlet predicts a price surge, taking it from its current $39.34 price to $53.73 by the end of 2022.
- Similarly bullish is DigitalCoinPrice, which expects ETC to reach $52.92 by the year’s close.
- WalletInvestor’s 12-month forecast shows ETC reaching $65.95 by March 2023.
- Gov Capital is also bullish in its own 12-month forecast, predicting a $55.59 price for the coin at this time next year.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.