Ethereum Classic (ETC) started out as a hard fork derived from Ethereum blockchain, due to the infamous DAO faulty that took place at the time. With Ethereum dev team setting new rules in form of a system update, there was a group that refused to follow that current, instead choosing to go for a hard fork, which then created Ethereum Classic.
In the beginning, ETH holders started to sell ETC units they have gotten in the moment of the fork, but since a part of ETH holders didn’t show appreciation for the new project, they would sell their ETC whenever the currency would show any sign of progress in the market.
Since the moment of its original issuance through the fork, ETC started out at the price of 2$, being held under that value for almost 9 months before it touched its first high in May of 2017, being traded at the price of around 7$.
Later on, ETC touched its all-time high of over 40$, but has since lost over -70% of its value, currently trading in the red across all monthly and weekly charts. However, Ethereum seems to be even in the deepest state of plummeting as it is touching its new low on October 12th dealing at the price of around 196$.
However, since then, mainly driven by the Coinbase announcement that came months ago, Ethereum Classic is preparing for new goals and new developments, which might take it to the increased demand.
Ethereum Classic Aims at Creating a Highly Scalable Environment
It appears as if the Coinbase listing that was announced back in June provided the needed boost for the revival of the project that makes Ethereum Classic since the dev team behind Ethereum’s fork came up with some major plans regarding the future of Ethereum Classic soon afterward.
Coinbase is known as one of the most rigorous exchange markets when it comes to listing new assets, only offering by far Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), and as of the most recent case, Ethereum Classic (ETC), which is why any listing on this exchange would have made quite an impression on the market.
However, Ethereum Classic goes beyond the hype around the Coinbase listing, so the team announced some major changes within the ETC ecosystem, also stating that ETC is slowly entering the IoT industry.
The team even tackled the case of Dapp creation, aiming at becoming more than just a hard fork derived from Ethereum blockchain.
In that spirit, the team announced quite an impressive roadmap for 2019, which should further address the issue of scalability.
Since Ethereum Classic is derived from Ethereum blockchain, it also carries the issues that weren’t addressed at the time of the hard fork, which includes the scalability issues that ETH is also suffering from.
As ETH team is reasoning around utilizing several options for acquiring of a scalable ecosystem, which includes Plasma technology and Sharding, the Ethereum Classic team is also planning on exploiting the technological capabilities of Sharding that should allow the platform to process over 1000 transactions in a single second.
This case should most definitely enable Ethereum Classic to acquire a fair momentum in the market, potentially increasing the demand for ETC.
Ethereum Classic and UTrust to Come with ETC Payment Solution
Another case that might affect the rise in the demand for ETC is the fact that Ethereum Classic joined hands with UTrust in order to bring a payment solution for Ethereum Classic.
UTrust is focused on creating cost-effective and smooth processing of transactions for cryptocurrencies, representing an international payment gateway, which should further bring ETC to a case of the increased adoption.
Combined with the Coinbase listing and the fact that the roadmap of Ethereum Classic for 2019 should bring ETC to interoperability as well as to a light client for the Internet of Things, Ethereum Classic seems to be generally heading towards new paths of greatness.
Although the value of ETC dropped with the latest market dip on October 12th, Ethereum Classic shouldn’t have many problems with spiking back up above 10$ with the first sign of positive market trends.
