Is Ethereum Classic Worth Investing in?

Ethereum Classic has been gaining a lot of attention lately. Not least because Ethereum miners who are being phased out are looking for pastures new, and Ethereum Classic is a fine alternative. In this article, we will scrutinize the success probability of Ethereum Classic and let you know whether the cryptocurrency is worth investing in or not.

An Introduction to Ethereum Classic

Ethereum Classic originated from the Ethereum blockchain itself. The appearance of the Ethereum Classic occurred as a partial outcome of the Ethereum blockchain network hack in 2016. To fix the hack, Ethereum committed to a hard fork, but some diehards remained, and Ethereum Classic was born.

Ethereum Classic is identical to Ethereum as it was at the time of the fork and has none of the updates that Ethereum has undergone since that point. Ethereum Classic is a public-accessible, decentralized cryptocurrency with an impressive track record to date.

What Does Ethereum Classic’s Present State Say About its Future?

Investing in a cryptocurrency consists of numerous risk factors, and you should consider them all (or as many as possible). The same applies to Ethereum Classic. Naturally, you need to gather adequate information about the cryptocurrency’s present state and prospects before investing in it. Firstly, let’s have a close look at the current status of the Ethereum Classic in the crypto world.

The Price of Ethereum Classic

According to the latest statistics, Ethereum Classic has been able to achieve an increase of 15x from its previous year’s price. At the end of the last year, the cost of Ethereum Classic reached 5.70 USD. It rose to around 150 USD this year before taking a nosedive.

Doesn’t that sound jaw-dropping? Despite the existence of heavyweight competitors like Bitcoin and Ethereum, Ethereum Classic managed to achieve an astonishing price hike within a year.

Ethereum Classic’s price went upward in a steady manner if we look into the crypto’s performance over the last five years. If we put aside ETC’s price hike in the previous year, we can conclude it to be a fairly stable cryptocurrency with little volatility.

Demand for Ethereum Classic

As time is passing, the popularity of Ethereum Classic is escalating significantly. The success stories of established cryptocurrencies clearly indicate that the circulation surge of a specific cryptocurrency is positively proportionate to its increasing market cap value. The ongoing and upscaling demand for Ethereum Classic doesn’t seem to be changing soon. Instead, Ethereum Classic shows all the signs of keeping its progress intact.

There are a couple of reasons for the increased demand, one is the mining exodus from Ethereum mentioned earlier. The affordability of Ethereum Classic is another reason behind the increase in cryptocurrency’s popularity. Ethereum Classic is comparatively cheaper than other popular cryptocurrencies like Bitcoin or Ethereum.

My Conclusion

Ethereum Classic seems to be an exceptional investment option for crypto investors. All the points mentioned before state the stability and growth factors of the Ethereum Classic. Many investors are considering Ethereum Classic as a short-term medium to increase their investments.

NB: This is not an expert’s advice. This article comes from a crypto enthusiast who observes the market from a subjective point of view. It’s better to embark on personal research on any asset before making any investment decision.

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