After its first big update is released later this month, Ethereum Classic expects to gain significantly.
Ethereum Classic (CCC: ETC-USD), commonly known as the “original Ethereum,” has enjoyed a wild ride in recent months.
The crypto market has been very volatile in recent months, and ETC is no exception. In July, the cryptocurrency has lost nearly 20% of its value. This month, though, is a big one for ETC, since the Magneto upgrade is being sent out.
The upgrade has the ability to change Ethereum Classic’s fortunes and consolidate its standing alongside its more well-known version.
In 2020 and the beginning of this year, ETC had been on a roll. Despite the weakening in the second part of the year, the year-to-date gains are a fantastic 650 percent. ETC was trading at a premium of 65.5 percent to its current price of $133.80.
The Magneto upgrade could provide the coin with the much-needed boost it needs to return to its early-May highs. Furthermore, with its brother selling at more than 43 times its price, ETC may be a superior option for Ethereum (CCC: ETH-USD) investors.
Several significant upgrade suggestions are included in the Magneto update, which was previously announced at an Ethereum upgrade earlier this year in Berlin. The initiative intends to improve network security, lower energy costs, and centralize vital data for easy access by users. ETC’s developers have been testing the beta version on the Morder and Kotti testnets for a time now. The upgrade is expected to be released later this month.
Ethereum and Bitcoin (CCC: BTC-USD) have both been chastised for their high energy usage and security flaws in their networks. As a result, investors may consider Ethereum Classic to be one of the more long-term cryptos available. Green coins are becoming more valuable by the day, and ETC could be a major player in this market.
To avoid problems in the software transfer, Stevan Lohja, an important member of the ETC community, advises users to upgrade to Magneto-compliant software. According to him,
We ask ETC users to upgrade their node software to a Magneto compatible version if they haven’t already done so to ensure a successful fork. If you’re not running any nodes or services but rely on ETC through another service, make sure the service supports the Magneto hard fork.
Ethereum Classic Price Prediction
With the Magento update approaching, it’ll be interesting to watch how analyst projections for ETC have altered over the course of the year and beyond. The majority of analysts remain positive about ETC’s long-term prospects and believe that the upgrade will be beneficial.
Ethereum Classic is expected to end the year at $53.70 and reach $101.30 by the end of 2024, according to TradingBeasts. LongForecast is more optimistic about the company’s chances this year, believing that it might end the year with a market capitalization of $112.10. However, it believes that by the end of 2024, its price will have dropped to $50.20.
Furthermore, according to DigitalCoinPrice, the Ethereum classic might trade at $90.40 by the end of the year and $175.80 by the end of 2025. ETC’s one-year estimate is $80.50, according to WalletInvestor, and it is expected to surpass $200 in the following five years.
The Bottom Line
Ethereum Classic, like the rest of the crypto market, has struggled to acquire traction. Its Magento update, on the other hand, could be its ace in the hole. ETC’s network would become more robust and energy-efficient as a result of the update, something that has evaded other cryptocurrencies.
Analysts are optimistic about the cryptocurrency’s future performance and believe it has a long growth runway ahead of it. Ahead of the Magneto upgrade, Ethereum Classic is a good investment.
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