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After swift moves down, then up, market has entered a sideways action for almost a week.But this sideways trend seems to be tilting south as the total market cap keeps leaking value by day.
It all begun as market started losing its ground and tumbling way below $200 billion market cap, it bounced back up to $210 and finally settled at the $200 billion level.Right now, it has dropped below this threshold as it is hovering around $197 billion.
One note: below numbers for total market cap are from Tradingview and has a discrepancy of around $8 billion to CMC data.
The total market cap almost dropped to our predicted zone of $162 billion – it stooped all the way to $170B on November 25th before bouncing back up (data by Tradingview).In the jolt up, market touched on the $205 billion zone and bounced off it to another low at $191 billion before slowly losing ground and sliding to the current $189 billion.
Right now, it is sitting an inch above important support level of $187 billion.This is a critical level – if we lose the battle for it, another drift to the $160 billion is in play.
I would argue that total market cap chart is the most important one to pay attention to as it is a leading force and direction leader for all coins, bitcoin included.
As you can see below, Fear & Greed Index is deep in the extreme fear zone.It is still very possible that we actually do drop another $30 billion of value before we can talk about an actual reversal.
Our analysis from almost a week ago is still valid and it reads:
ETC is in a clear channel between two level: $3.54 and $4.43, which are coincidentally two Fib levels (high-low swing August-November).
Since we expect the overall market to drop one leg lower, ETC is also most likely going to touch the $3.54 support before we can expect a rally north.
Below is our long-term ETC price prediction.
Ethereum Classic is currently recovering from the turbulent year 2018.The year 2019 also began bumpy.What is the Ethereum Classic price prediction for the coming years? Will ETC fight back and regain its former glory? Will they be able to catch up with their big brother?
For Ethereum Classic price prediction it is necessary to get a general idea about the project.Ethereum Classic (ETC) is the original Ethereum token.It is based on the Smart Contract System introduced in 2015.The hard fork and the division into the two blockchains Ethereum and Ethereum Classic occurred after the controversy over the Ethereum-DAO hack.
Hackers discovered a gap in the DAO Smart Contract and were able to steal about a third of the tokens.At the time, this was the equivalent of over US$50 million.
Although the stolen tokens had been stolen from the DAO fund, they had not been lost.
A clause in the Smart Contract stipulates that withdrawals will initially be blocked for 28 days.This gave the community time to decide how to proceed.
A hard fork offered the possibility to undo the hack and get the money back.A large part of the community and developers decided for the Hard Fork, including the Ethereum co-founders Vitalik Buterin and Gavin Wood.Only a few refused, as it would be a violation of the blockchain ideology and too convenient of a solution.Nevertheless, the hard fork was executed in July 2016.
ETC is currently in 23rd place with a market capitalisation of around US$ 500 million.Like many others, the crypto currency suffered in the crypto winter of 2018 and lost much of its value.
ETC vs.
ETH : The technical basis of ETC and ETH has so far hardly differed from each other.They both have the same code base.The biggest and perhaps decisive difference is the financial support and community behind the projects.
Ethereum has a clear advantage here, because it is supported by the Ethereum Foundation and almost all prominent blockchain leaders chose ETH.Ethereum Classic is therefore less advanced, has significantly less published DApps, a lower hashrate and with the small community less trading activity than its big brother.For this reason it will probably never reach the success of Ethereum.
Atlantis Update: Ethereum Classic has been working on the Atlantis update for some time.The update aims to prevent further attacks and hacks as ETC made some gain on Ethereum.Atlantis is a continuation of the actual ETH-Blockchain.This step is so crucial for the Ethereum Classic forecast because it would facilitate the migration of dApps between the two networks.Atlantis activation took place on September 17, 2019.The ETC developers are working in parallel on further technical updates that should increase scalability, compatibility and simplify usability for developers.
The assessments of different platforms and forecast methods regarding the Ethereum Classic forecast are very different.
The following predictions are intended to provide a representative picture of the long-term price development:
Wallet investor : For the well-known forecast platform, ETC is not a particularly good long-term investment.By the end of 2019, the average price will be US$4.89.The situation will not improve in the coming years.By 2024, the value of an ETC could be US$0.36.
Changelly agrees with parts of this assessment.They point out that Ethereum Classic has also been extremely volatile in the past.Even within one day the price can experience strong fluctuations.This is acceptable for traders who want to trade in the short or medium term.For people who want to invest long-term, the strong price fluctuations are too great a risk.
Coinpedia : Here, the experts rely in particular on the forthcoming updates.
They are intended to improve functionality and security.In addition, it promises interoperability and compatibility with other blockchains such as Ethereum (Ethereum forecast).According to Coinpedia, this could have a positive effect on the Ethereum Classic forecast.By the end of 2019, a value of US$34.25 per ETC would be feasible.Over the next five years, it is estimated that the token could make the leap into the top 10 crypto currencies and increase in price to US$ 114.84 by 2024.
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