Ethereum Classic has a litany of supporters…and opponents. There are few smart contract platforms in operation that are derided so hard by some, and doggedly supported by others. This leads to some interesting conversations when considering the future value of Ethereum Classic.
So what do we think? If you buy Ethereum Classic today will you be able to sell it for more later? Let’s take a look at some of Ethereum Classic’s fundamental traits, then try to determine how it is positioned for future success in today’s market.
The Argument For Ethereum Classic
Crypto exchange giant Coinbase just added support for Ethereum Classic. This is the biggest news that ETC has benefited from anytime recently. Coinbase represents a firm foundation for any coin listed thereon. Until recently, only Bitcoin, Bitcoin Cash, Litecoin, and Ethereum have been on Coinbase. And all of these have remained highly relevant in the crypto universe.
Coinbase is still the first place a new cryptocurrency investor is likely to buy coins. It’s a major fiat onramp for America and a growing number of other markets. Coinbase has made major investment to expand operations and services in recent months, in order to make sure that it is at the center of the industry for some time to come. Ethereum Classic benefits immensely from association with the Coinbase brand.
The Coinbase listing could prove to be a rallying point for Ethereum Classic developers. The more technologies, Dapps, and smart contracts are built on the Ethereum Classic blockchain, the more claim ETC has to inherent value. Currently, development on Ethereum Classic is modest, but growing. If this activity persists, and a major rally for crypto prices everywhere finally occurs, Ethereum Classic prices would certainly be swept to new heights.
In early January of this year, ETC was trading about $45. Today, we’re much closer to $9. At the very least, a significant market recovery would likely see ETC matching past highs. The new development (and the Coinbase listing) that has occurred in the meantime could see ETC exceeding previous highs, and maybe even surpassing $100 in value. A lot has to go right for this price action to actualise, but it’s not outside the realm of the possible.
The Argument Against Ethereum Classic
Of course, Ethereum Classic prices might not go to the moon. The reasons for this are many. Ethereum Classic is just one smart contract platform among many. This field has gotten much more crowded in recent months. EOS, NEO, Stellar Lumens, ICON, IOTA, Cardano – all of these platforms are seeing intense development from extremely talented people. The Coinbase listing isn’t going to be enough on its own; Ethereum Classic must outperform these competitors if it wants to see long-term success.
Ethereum Classic’s biggest competition, of course, is Ethereum itself. So much of what’s good about Ethereum Classic comes from the code it takes from its parent blockchain. What’s more, Ethereum Classic is faster and more affordable to use than Ethereum specifically because it is not as popular. Ethereum is constantly pushed to its very limit, and no other blockchain has as much ongoing development activity. In a world where Ethereum achieves its goals and roars into a new market bull run, Ethereum Classic could be left in the dust.
Is Now a Good Time to Buy Ethereum Classic?
Only you can determine which possibility seems more realistic. But, in all likelihood, there are more options on the table, and Ethereum Classic’s fate won’t be sealed for a long time to come anyway. In the meantime, there will be plenty of value fluctuations that the active trader can take advantage of. If you believe in the Ethereum Classic story, for the short, medium, or long term, you may be able to gain big returns from owning it.
The choice is up to you. At the very least, Ethereum Classic is a promising smart contract blockchain, one uniquely advantaged by its inclusion on major trading platforms. Ethereum Classic will surely benefit from any industry-wide changes which lead to new money entering the space. It may even command enough interest and activity that it begins to distinguish itself in new ways, in the midst of this crowded crypto industry. So whether ETC is headed to $1000 or $0, we’ll be paying close attention, and, perhaps, so should you.
(*Information in this article should not be taken as investment advice.)