Why can’t ETC rise (Can ETC rise to $1000)?

08/13/2023 04:56 • Digital Disruptors • 87 views

Why can’t ETC rise? Editor’s note: This article is from the “Wind and Fire Wheel” community (ID: FHBT18), author: Peipei, authorized reprint by Odaily Planet Daily.

In the past month, Ethereum has surpassed a trillion-dollar market value and reached a new all-time high. But at the same time, there are many concerns and worries, such as the recent inability of ETC to rise, and why ETC cannot rise? A) What is Ethereum Classic? As a decentralized blockchain network, Ethereum Classic is called “Ether Chain”, and its core technology is peer-to-peer encrypted transmission protocol. (Note: This project is developed by the Ethereum Foundation and is a code repository for an open-source project), and this ecosystem has also been welcomed by many people, including well-known figures such as Coinbase CEO Brian Armstrong.) According to data from coinmarketcap, since the beginning of this year, the price of Bitcoin has risen by more than 4 times, and the increase in Ethereum Classic has exceeded 200%. And since the end of last year, the price of ETC has been steadily rising. As of now, the total locked value of ETC has risen to about $1 billion (according to the current circulation, ETH has $800 million). But for Ethereum, its development path is still long. B) Why can’t ETC rise? The main reasons are as follows: 1. Ethereum Classic did not adopt sharding to solve the scalability problem; 2. Miners profit by adding block space to the ETC side chain, thereby obtaining stronger mining incentives; 3. Because the difficulty bomb is too frequent and the upgrade of the consensus mechanism cannot be realized, the transaction fees are high and other defects. In addition, if you want to use a single hard drive or bandwidth for power migration, you also need to invest a lot of resources (such as CPU/memory); 4. In order to ensure safety, miners usually choose to store their own held assets in different mainnets; 5. Because ETC itself does not support smart contract functionality, it is difficult to find a public chain that is fully compatible with EVM. So what are the benefits of ETC: 1. It does not rely on any third party, but instead can run software for validating nodes to maintain network security; in addition, it can allow others to directly access transaction data in the entire system and send it to their wallets to earn rewards, and this method will not affect the user experience. 2. Even many exchanges now have ETC transfer services, and these tokens can be used to pay transaction fees; 3. This can not only reduce gas consumption but also provide users with more convenience. Finally, there are two key factors: one is that the ETC token economic model has loopholes, and the other is the lack of correlation between ETC and ETH.

Can ETC rise to $1000?

According to CryptoGlobe news, ETC today on CoinDesk said: The transaction fees on the Ethereum network are very low. According to previous reports, in February of this year, due to the rise in ETH price to over $400, there was a significant drop in this cryptocurrency, resulting in data of abnormal price fluctuations for its upcoming decentralised exchange Coinbase, including major platforms such as Binance Smart Chain (BSC), Bitfinex, Tether, and also several project tokens including OKEx, which have experienced significant drops. ETC has fallen by approximately 25% from its all-time high.

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Why can’t ETC rise (Can ETC rise to $1000)?

Can ETC rise to $1000?

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