A popular blockchain platform known for its open-source and innovative contract features, Ethereum Classic, has undoubtedly established itself in the cryptocurrency market. It brewed up quite a storm back in 2015 when it was created from the old Ethereum network. So, many investors have their eyes on Ethereum Classic, its rise in the crypto era, and how profitable it is. This article analyzes whether you should trade Ethereum Classic and its profitability.
Introduction to Ethereum Classic (ETC)
Ethereum Classic is an open-source platform built on blockchain technology with modern features like decentralized app support and intelligent contracts. It is created as a permissionless network allowing everyone to participate in the platform. Ethereum Classic has its cryptocurrency, ETC, and the platform was created in 2016 as it entered the cryptocurrency market. Another unique fact about the history of Ethereum Classic is that it was initially an abandoned original chain when Ethereum separated from its blockchain, which resulted in a team picking up Ethereum Classic.
What Is Ethereum Classic Trading, and How It Works?
As it is an open-source platform, it allows everyone to contribute and trade decentralized. The motto of Ethereum Classic is ‘Code is Law’, which means that trading transactions and processes are final and irreversible, aka immutable, thus ensuring that their data cannot be altered. Ethereum Classic Trading works by mining ethers as the platform uses a proof of work algorithm to formulate new coins, and they are mined as ethers that work as a reward for the miners.
Is It Profitable to Trade Ethereum Classic (ETC)?
Ethereum Classic is a profitable investment for those who prefer blockchains that aren’t immutable or altered. It is also perfect for those who aim to diversify their assets in this era of economic turmoil. ETC has participated actively in the crypto market, especially in the pandemic. When it comes to security, ETC is slightly risky because it has been prone to 51% attacks, and that’s why it is advised to play safely while trading ETC.
How to Trade Ethereum Classic and Earn Huge Profit?
There are two ways to trade Ethereum Classic: buy ETC tokens or trade ETC on online crypto platforms. If you want to invest in ETC, buying them as crypto and keeping them in your wallet is better. Moreover, if you explore trading on broker platforms, the second option is preferable. However, trading ETC is more of a short-term profit approach because you don’t need to buy ETC coins for this trading. Here are some tips for profitable ETC trading:
- Before starting your trading adventure, it is advised to research as much as you can about ETC, its earlier price patterns, profitable highs as well as bumps. There are two primary analyses recommended for this: fundamental analysis through news, active addresses, and network value, and technical analysis that looks at MA (Moving Averages), Relative Strength Index, and Bollinger Bands.
- Find the right strategy for your ETC trading by choosing between day trading, swing trading, news trading, scalping, and hedging.
- Locate a safe, secure, and reliable broking platform for ETC trading.
Now See, Ethereum Classic Price Prediction
ETC is for $32.34 in February 2022, and it has been positively predicted that it will reach further as it facilitates the interoperability and security of its platform. It peaked at $176.16 in May last year but recorded a dip in the following months. It has been quite stable with the previous months. Waller Investor has predicted that it will reach $64.8 by this year and even further $199 by the start of 2027. Digital Coin has also stated that it will hit $71.9 by 2025. According to the ETC coin price prediction, the currency will remain in a bullish trend over the next five years.
Future of Ethereum Classic (ETC)
The future of ETC looks hopeful as it has recovered itself from price dips positively to reach better heights this year. Coin Price Forecast believes that it could reach $56.25 by 2025. If these predictions are put together, it can be said that it could reach $1000 in the coming five years. Most analysts and investors hope to cross this mark to become a top cryptocurrency.
Thus, this is all about Ethereum Classic, its history, trading strategies, and hopeful price predictions. It is undoubtedly a profitable and cheaper investment than other cryptos in the market, but we would still advise you with caution for your ETC investments.