Ethereum Classic (ETC) is running on the similar protocol as of Ethereum (ETH) but ETC has pretty differences when compared with ETH. They both differ in their philosophy (i.e. Ideology) but in some way you can that both of these digital assets belongs to same ecosystem. Both the currencies broke after the DAO attack, in which hackers almost stole $50 million of worth currency. But the question remains that; Will Ethereum (ETH) downfall effect Ethereum Classic (ETC)? Just like BTC has an effect on BCH.
Well at the moment the market is still down and Ethereum Classic (ETC) is also facing the bear trend. But apart from the market, we have seen Bitcoin and Ethereum’s legacy almost started to fade away due to technologies introduced and provided by XRP (XRP), Stellar (XLM), IOTA (MIOTA), and such other famous altcoins. Still Bitcoin is the leader but the way it has been hit by the bear market, we can surely assume that Bitcoin’s future is in doubt, because the cryptocurrency industry has largely expanded and assets like XRP and XLM are a real threat to the legacy of Bitcoin (BTC).
Ethereum Classic (ETC) is still doing very much different things to keep itself in the market, but does the ‘Ethereum’ tag haunt ETC? Well, the market currently decides that. This is because Ethereum (ETH) has been speculated as one of the fading crypto’s in coming year. So, this might affect ETC in coming days, we can only wait for that. But a part from that ETC has enlarged its ecosystem and is trying to improve every single day. If ETC in future gets away from this Ethereum tag and goes high, then it would be a big win for Classic. Still ETC has a chance to prove itself in the market, which it hasn’t and this aspect drives ETC to be a different story altogether from ETH.
Moreover, Ethereum (ETH) has been quiet for a while know and has brought nothing big in the market. Whereas, Ethereum Classic (ETC) is one of the newest assets on Coinbase listings, which is a good sign for ETC, but it hasn’t raised that much after the announcement of the Coinbase listing. The harsh market can be one reason, but moving forward this listing is a good sign for ETC and will help the coin to stable itself in the market with much certainty. Examining current circumstances Coinbase has provided Ethereum Classic (ETC) fresh air in this severe condition of market. Though the coin is dropping but Coinbase listing in coming time will support ETC, helping it to stabilize.
Another big thing for Ethereum Classic which they recently explained was the Gravity (GRAV) & Orbita sidechains. These sidechains will explore more of the ETC ecosystem and will help the Ethereum Classic grow its adoption. Ethereum Classic team has still a lot of work to put on before ETC becomes an asset with auspicious use cases, which will make the ETC network completely reconcilable with IoT. If this happens soon than it would boost the whole system of Ethereum Classic (ETC).
At the time of writing, the market position is not good enough and is similar just like the way it has been in last couple of weeks. Currently, Ethereum Classic (ETC) is down by –9% and in last seven days it has dropped up to –30%. It is trading around $5.25 and has a market cap of $558 million. Well, we can just wait for the market to settle and hope 2019 brings good things for ETC and the market.