Ethereum follows Bitcoin closely as one of the top and most popular crypto assets you can invest in but what of Ethereum Classic?
As BTC is a model to several crypto coins, Ethereum’s network has also been used by many other projects. Ethereum Classic is not just run on the Ethereum network but a model of it.
Investors are always after top coins like BTC, USDT, BNB, LTC, and so on. Those who want to diversify their portfolios look towards other cheap altcoins to make a profit. If you see an alternative in Ethereum Classic for your investment, you need to know more about it before investing in it.
In this post, we’ll learn more about the Ethereum Classic token and discuss if it is good for investment today (2022).
What is Ethereum Classic?
Ethereum Classic is a hard fork of Ethereum that launched in 2016. Its native token trades by the symbol ‘ETC’. It was founded by the original Ethereum developers, Vitalik Butin & Gavin Wood.
Ethereum Classic functions as a smart contract network, with the ability to host and support decentralized applications (DApps).
Since its launch, ETC has sought to differentiate itself from Ethereum. The two network’s technical roadmap has been dragging further and further from each other with time.
Ethereum Classic in the Crypto Market Today
The current price of Ethereum Classic is $28.00 USD with a 24-hour trading volume of $44, 743, 625 USD. ETC is currently ranked 34th among thousands of other crypto coins by CoinMarketCap.
ETC has a live market cap of $3, 736, 741, 182 USD. It has a circulating supply of 133, 424, 437 ETC coins and a maximum supply of 210, 700, 000 ETC coins.
What You Need To Know About Ethereum & Ethereum Classic
Ethereum is an open-ended blockchain platform that operates on the basis of numerous systematic algorithm calculations. Ether is the functional currency that operate on the platform.
Ethereum was created in 2015 and has since became one of the most popular crypto coins. As of today, Ethereum is ranked 2nd in the crypto market by CoinMarketCap.
The current price of Ethereum today is $2,758.58 USD with a 24-hour trading volume of $16,528,340,493 USD. It has a live market cap of $330,721,591,894 USD with a circulating supply of 119,888,261 ETH coins.
Ethereum Classic, however, came to being via a contentious hard fork of Ethereum which occurred in July 2016. Participants disagreed over whether to revert the blockchain to cancel out the effects of a major hack. ETC first action was to preserve the integrity of the existing Ethereum blockchain after the hacking which led to the theft of 3.6 million ETH.
The developers of ETC do not aim to turn the network into a for-profit entity. Its users pay transaction fees as with Ethereum, and miners collect them based on work done as per the proof-of-work (PoW) mining algorithm. Unlike ETH, ETC has no plan to convert to a proof-of-stake (PoS) mining algorithm.
What Does ETC Have in Common With Other Crypto
As it is with several crypto assets to proffer solutions to the shortcomings of Bitcoin, the number one cryptocurrency, ETC comes with more supply. The maximum supply is ten times that of BTC with 210, 700, 000 ETC coins.
ETC uses a PoW mining algorithm which functions like Bitcoin. Miners of ETC are rewarded with new coins for validating the blockchain in competition with each other.
The ETC block reward decreases with time, with the most drop due at block 15, 000, 000, roughly in April 2022-from 3.2 ETC to 2.56 ETC per block.
Is ETC a Good Investment In 2022?
Ethereum Classic is one of the growing altcoins in the crypto market today. Following the success of Ethereum, ETC is a good alternative for investors looking to diversify their portfolios.
The token is rising on the crypto ladder by the day which gives it tendency to leapfrog other altcoins above it in the future. Despite this, the volatility of crypto assets makes it the most risky form of investment. This means your hard-earned money could go either way when you invest in it.
Averse risk takers can however give this token a shot. The success and popularity of Ethereum makes it a good altcoins to invest in today. It is a good token for beginners who can’t afford to buy Ethereum or who needs to learn about the crypto market.
Where To Buy Ethereum Classic Token
Ethereum Classic token is a major market cap cryptocurrency and is freely tradeable on a large number of major exchanges/platforms.
It is available for pairing against stablecoins, other crypto assets and fiat currencies, while derivatives and investment vehicles also exist.
You can buy Ethereum Classic today (2022) on leading exchanges such as Binance, OKEX, Huobi Global and so on.
Bitcoin, Ethereum, USDT are still top of most serious investors list. Ethereum Classic is however not a bad option for investors who wants to be diversify.
This does not mean that it is safe to invest in this crypto asset just like other crypto assets. The volatility in price and less acceptance worldwide makes it a risky form of investment. You need to make your own research on any digital asset you are interested in for investment no matter the status.
No matter the status of the crypto assets you’d be considering to invest in, putting 1% of your earning is a good way to diversify your portfolio.
Also Read- Is Cryptocurrency a Good Investment In 2022
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