Ethereum Classic Price

Ethereum Classic (ETC) is one of the oldest and largest cryptocurrencies by market cap and enjoys considerable attention from investors. Based on its past performance, it is an exciting crypto asset to trade if you wish to diversify your portfolio.

The Ethereum Classic price statistics could enjoy support whenever the crypto market enjoys a strong bullish sentiment. Such an upbeat mood not only sends the price of market leaders higher but increases investor confidence in buying altcoins such as ETC.

The ETC price action could trend higher as the Ethereum Classic ecosystem grows in the future and more dApp developers build and deploy their applications on it. This could increase the on-chain activity of the blockchain, drive the Ethereum Classic price higher, and make ETC more valuable to invest in and hold.

Although Ethereum Classic is the original Ethereum blockchain from which the DAO hack caused the hard fork, several differences exist between the blockchains. Let’s look at some of the key differences:

Price and Market Cap

ETH, the native digital asset of Ethereum, is the second-largest cryptocurrency by market cap among digital assets. The ETH price is also far higher than the Ethereum Classic price, while ETC enjoys a market cap that ranks it as the 28th largest crypto in the market as of June 2022.

Circulating Supply

Ethereum Classic has a fixed maximum supply of 210.7 million coins and a circulating supply of over 135 million as of June 2022. On the other hand, Ethereum’s ETH has a total supply of over 121 million at the time of writing.

Consensus Mechanism

While Ethereum Classic and Ethereum presently use a proof of work consensus mechanism for securing their networks, Ethereum has plans to migrate to a proof of stake model with ETH 2.0.

Security

The Ethereum Classic network has suffered multiple majority attacks or 51% attacks since its launch, which resulted in the creation of the Ethereum network from a hard fork in the first place. Meanwhile, Ethereum’s blockchain is considered one of the most secure ones in the market, having experienced no attacks to date.

Although Ethereum Classic supports smart contracts and supports dApps, the number of decentralized applications operating on its ecosystem is far lower than those on Ethereum. Notwithstanding the difference in numbers, the Ethereum Classic blockchain has several advantages that could support its future growth and keep it relevant, despite facing stiff competition from Ethereum and other new entrants in the market.

As the continuation of the original Ethereum blockchain, Ethereum Classic remains committed to maintaining its original motto of providing a censorship-resistant platform for dApps. As long as the community supports the open-source blockchain, it could grow. However, it is unlikely that the Ethereum Classic ecosystem could ever compete with Ethereum, which remains the largest ecosystem hosting dApps.

As a cryptocurrency, ETC offers greater usability as it enjoys lower transaction fees than Ethereum’s ETH. In addition, the Ethereum Classic blockchain has not yet faced any network congestion issues and maintains its plans to continue using proof of work consensus to secure its network.

Mining can be a lucrative way to generate ETC while contributing your efforts towards validating transactions and creating new blocks on Ethereum Classic. Here’s how to get started with mining ETC:

⧫ Invest in mining equipment. Ethereum Classic mining requires GPU mining rigs. Research online to find the best-suited ETC mining rigs that work for you.

⧫ Set up an account with a wallet that supports Ethereum Classic (ETC) crypto.

⧫ Find an ideal mining software and install it on your mining rig.

⧫ Configure the mining software and link your ETC wallet address to it. This will ensure that the ETC rewards you earn are stored securely.

⧫ Start mining by submitting your hashrate and receive Ethereum Classic crypto in your wallet.