ETCUSD Ethereum Classic Price Chart

Trading at lows below $1 and highs above $40, Ethereum Classic price is another example of the high volatility dictating trends in the cryptocurrency market. A group of hackers took the majority control of the Ethereum Classic blockchain in January 2019. The group, however, returned the funds to the Ethereum Classic community. In August 2020, the Ethereum Classic network fell victim to another 51% attack. After the DAO hack, it was split from the Ethereum blockchain in July 2016 via a hard fork.

The quantity of all coins/tokens that have ever been issued , minus all coins/tokens that have been removed from circulation . The Total Supply is similar to stock market’s Outstanding Shares. Market Capitalization is the overall value of all coins/tokens that have been mined or issued until now and are in circulation . The cryptocurrency’s market Price changes in percent within the last 24 hours . The emission reduction schedule of ETC initiates after 5 million blocks have been added to the blockchain.

Today’s ETC / Ethereum Classic News for March 8, 2023

Ethereum Classic reached its all-time high of $176 on May 6, 2021. BitDegree Crypto Learning Hub aims to uncover, simplify & share cryptocurrency education with the masses. Based on the Learn and Earn principles, crypto newcomers, students & researchers are enabled to gather core crypto knowledge by collecting incentives while they learn. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place. The cryptocurrency used by the Ethereum Classic ecosystem is specifically known as Ether. As the original version of Ethereum, for a large part, the ETC crypto network adheres to the initial protocol.

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Ethereum Classic ETCUSD

However, it has the additional feature of handling etc ethereu classic all time high price contracts, and this enables Ethereum Classic to be used as a development platform. The other part of the Ethereum community maintained that immutability was a crucial aspect of blockchains, even though it might sometimes lead to undesirable outcomes. This camp opposed the idea of a hard fork being used to essentially alter the history of what happened on the Ethereum blockchain. This part of the Ethereum community supported the side of the hard fork that is known today as Ethereum Classic, with ETC as its native asset.

The open-source and decentralized Ethereum Classic interface supports decentralized applications and runs on the Proof-of-Work consensus mechanism. Classic users rely on the native ETC cryptocurrency to power transactions on the platform. Ethereum co-founder Vitalik Buterin The 2016 launch of the decentralized autonomous organization known as “The DAO”, however, changed things for the new blockchain. The DAO was a decentralized venture capital fund enabling retail investor accounts to crowdfund projects on the Ethereum network. Retail clients could use the tokens to vote and pledge their support for decentralized apps on the network.

The Ethereum Classic crypto network is based on the principles of “Code is Law” and “Build Unstoppable Applications”. It aims to maintain complete decentralization and does not alter its protocol. All smart contracts launched on Ethereum Classic run as they are programming, without external interference. It’s important to note that current Ethereum Classic market capitalization is $2,648,857,465, and the maximum supply is 210,700,000 ETC coins. It is a quantitative metric calculating how many individual units of specific cryptocurrency coins/tokens were traded (bought & sold) within the last 24 hours. It’s a direct cryptocurrency’s supply & demand indicator, and is purely related to its market price.

Over the last day, https://www.beaxy.com/ Classic has had 0% transparent volume and has been trading on 965 active markets with its highest volume trading pairs being . In the last 24 hours, the price of Ethereum Classic has changed by 3.23%. To view the price of Ethereum Classic in the currency of your choice, select a base currency at the top of the page. Binance requires users to complete Identity Verification to increase their account security. Ethereum Classic was the original version of Ethereum, prior to the DAO hack.

What is the fully diluted market cap of Ethereum Classic?

Ethereum currently also runs on the Proof-of-Work consensus, but is making a shift toward the Proof-of-Stake mechanism where nodes must stake Ether tokens to become validators. Staking ensures that validators won’t add any dubious transaction to a block. This shift from PoW to PoS is known as the Merge and will take place by Q3/Q4 2022. He published the original Ethereum blockchain whitepaper in 2014, bootstrapping $17 million for the network. The original version of the Ethereum network went live in 2015 and everything ran smoothly for a year. Considering current bearish trend in Ethereum Classic GAL price movements, it is expected the cryptocurrency will continue meeting price decline.

In August of the same year, Ethereum Classic price broke the psychological level of $1 for the first time and traded at $1.79. All values after Sun Jul 2016 this is the first day when we got ETC stock price data. A loophole in the code allowed someone to repeat a refund request multiple times for the same DAO tokens before the transaction could be registered on the system. The recursive function was able to run until a third of DAO’s funds were siphoned off. ETC is used on the Ethereum Classic blockchain in a similar manner to ETH on the Ethereum network.

In April 2022, another 20% block reward slashing (from 3.2ETC to 2.56 ETC) was implemented. Based on the 5 million block emission schedule, the next reward reduction event will occur in 2024. The price of ETC has historically been heavily correlated to ETH price movements, according to OKX’s ETH and ETC charts. Ethereum Classic is committed to staying as a Proof of Work network, in pursuit of decentralization maximalism, quite unlike its sibling which is soon transitioning to Proof of Stake. Its community lays great emphasis on two core principles – immutability and censorship resistance – with ‘Code is Law’ being the governance motto.

Before making financial investment decisions, do consult your financial advisor. The updates that have occurred to the ETH blockchain since the hard fork do not apply to ETC. For example, ETC has not implemented the EIP-1559 upgrade which introduced an automated fee distribution as well as fee burning. Furthermore, while ETH is planning to shift to the Proof-of-Stake consensus algorithm, Ethereum Classic will remain PoW.

Ethereum Classic is a continuation of the original Ethereum blockchain – described as the classic version, preserving untampered history, free from external interference. Any data, text or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results. CoinDesk is an independently managed media company, wholly owned by the Digital Currency Group, which invests in cryptocurrencies and blockchain startups. DCG has no operational input into the selection or duration of CoinDesk content in all its forms.

• By the end of 2019, ETC price had been through numerous changes caused in part by high volatility, trading between $8 and $3.
• SoFi will apply a markup of up to 1.25% for each crypto transaction.
• You can buy ETC from various reputed crypto exchanges, by paying in a fiat currency, or with other cryptocurrencies, through trading pairs like ETC/USDT, ETC/XRP, ETC/BTC and ETC/ADA.
• In August and September of 2020, Ethereum Classic suffered three consecutive 51% attacks.
• The use of smart contracts is a major advantage of Ethereum Classic.

The two networks have different technical roadmaps and upgrades to Ethereum don’t affect Ethereum Classic. The live price of Ethereum Classic is in constant flux, with frequent radical changes that can bring major gains or major losses. The price is defined by the activity of traders who buy and sell ETC and other cryptocurrencies on various exchanges. The demand for Ethereum Classic is closely related to the number of listings that ETC has on various exchanges, and is expressed through trading volumes. The balance between buying and selling activity will eventually form the price and define a market cycle as bearish or bullish.

As with many other crypto assets, Ethereum Classic price may experience major upswings often followed by major dips, depending on active market trends. Ethereum Classic’s price history can be analyzed with the same techniques used in the stock market. The Ethereum Classic price page is just one in Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. CoinDesk journalists are not allowed to purchase stock outright in DCG. But even though the two coins initially had the same future supply projections, differences came about over time as each coin evolved.

A brief glimpse into the history of the Ethereum protocol will help readers grasp the implications of the DAO hack. In 2013, Vitalik Buterin first proposed the idea of a programming language for automating on-chain tasks and building applications on the blockchain. If you seek to place your assets in long-term investment, ETC may be a bad choice. ETC price history seems to show large increases either when the whole market is growing or when the market is most unstable.

• The hack should therefore remain part of the transaction history.
• It was created in 2016, due to a difference in ideological and technical opinion within the Ethereum community, which came as a result of the infamous DAO attack.
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• As the original version of Ethereum, for a large part, the ETC crypto network adheres to the initial protocol.
• Over the last day, Ethereum Classic has had 0% transparent volume and has been trading on 965 active markets with its highest volume trading pairs being .
• After the split, the Ethereum Classic decided to implement some core changes in the emission system of ETC as part of the plans to solidify its status as an independent blockchain.

Instead, the network arrived at a consensus to hard fork Ethereum, which meant the creation of a new and backward-incompatible blockchain. Unfortunately, DAO’s smart contract code had a security vulnerability known as the ‘Split Function’. Originally, the smart contract included this feature to enable investors to withdraw their investment if they weren’t satisfied with a project. If someone invoked the function, users would get their ETH back, and the smart contract would update the public ledger accordingly.