Will Ethereum Classic Fail?
Ethereum classic, if you didn’t already know, is a result of the hard-fork that Ethereum conducted July 20, 2016. The hard-fork happened due to issues relating to the DAO hack.
Now that there are two chains where Ethereum classic is plagued by the occasional replay attacks and similar issues,but the question is will Ethereum classic survive on its own? Will it become a separate cryptocurrency and retain value similar to its counterpart? We’re here to analyze all of this provide you with our take on the situation.
Ethereum Classic is almost doomed to fail- the hacker’s stolen cryptocurrency is now dropping quickly in price on the old chain. The good news is that the hacker’s stolen Ethereum is now worth absolutely nothing on the new chain (regular Ethereum), but it is still worth around 7 million USD on the classic chain. Due to this issue, Ethereum classic will most likely keep dropping in price due to the fact that the hacker’s stolen Ethereum is still worth something on the old chain; the price for Ethereum classic actually started out fairly high at nearly 0.005 BTC during its peak, but later started plunging to where it is today, a measly 0.002 BTC. The other issue with Ethereum Classic is that the hashrate on the coin is very, very small- only 20% of Ethereum classic hashrate and market cap is on Ethereum classic. This leads us to believe that the classic chain will simply not be sustainable. The only way classic would ever be more dominant than Ethereum is if it rose to be at a higher price and have a higher hashrate, which it has neither of the two. In addition, having two chains is very painful for a cryptocurrency like Ethereum- the community and new users can be easily confused when dealing with two nearly identical chains.
One of the two coins will be the winner of this competition, and it’s likely to be Ethereum. With its higher price, hashrate, and investor count as well as developers, Ethereum Classic will fade away slowly in the coming months and will just be a memory by the time next year arrives.
Ethereum Classic is not postured for success and will most likely not become anything major- the price and hashrate shows that, and even initial supporters who vowed that the coin would come out on top are starting to back off. With less support than the primary chain in addition to all of this, we just see Ethereum Classic becoming a very minor coin in the cryptocurrency ecosystem and ultimately disappear like the hundreds of other coins in the before it.