Why Did Ethereum Classic Drop In 2018
In January of 2018, the price of Ethereum Classic (ETC) surged to an all-time high of over US$40. However, since then, the price has fallen steadily and is now trading at around US$10. So, what caused the Ethereum Classic price to drop so much in 2018?
There are a number of factors that could have contributed to the Ethereum Classic price drop. Firstly, in January of 2018, the price of Ethereum surged to an all-time high of over US$1,400. This may have caused some investors to sell their Ethereum Classic holdings in order to invest in Ethereum.
Secondly, in March of 2018, the Ethereum Foundation announced that it was planning to launch a new version of the Ethereum network called Ethereum 2.0. This may have caused some investors to sell their Ethereum Classic holdings in order to invest in Ethereum 2.0.
Thirdly, in May of 2018, the price of Bitcoin surged to a new all-time high of over US$8,000. This may have caused some investors to sell their Ethereum Classic holdings in order to invest in Bitcoin.
Fourthly, in July of 2018, the price of Ethereum slumped to a new all-time low of US$287. This may have caused some investors to sell their Ethereum Classic holdings in order to invest in Ethereum.
Finally, in August of 2018, Coinbase announced that it was adding support for Ethereum Classic. This may have caused some investors to buy Ethereum Classic in order to take advantage of the potential price increase.
Overall, there are a number of factors that could have contributed to the Ethereum Classic price drop in 2018. However, the main reason seems to be that many investors have been selling their Ethereum Classic holdings in order to invest in other cryptocurrencies, such as Ethereum and Bitcoin.
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What happened with Ethereum Classic?
What happened with Ethereum Classic?
The story of Ethereum Classic starts with the story of Ethereum. In 2015, Ethereum was launched as a decentralized platform that allows developers to build and deploy applications. These applications run on a custom built blockchain, an online ledger that records all transactions. Ethereum is unique in that it allows developers to create smart contracts. Smart contracts are computer protocols that facilitate, verify, or enforce the negotiation or performance of a contract.
In June of 2016, a hacker exploited a vulnerability in The DAO, a decentralized application built on the Ethereum platform. The hacker was able to steal $50 million worth of ether, the native currency of the Ethereum network. This caused a split in the Ethereum community, with some believing that the network should be rolled back to mitigate the losses caused by the hack, and others believing that the network should remain as is, with the stolen funds left in limbo.
This split led to the creation of Ethereum Classic, a version of the Ethereum network that maintained the original blockchain, with the stolen funds still in possession of the hacker. Ethereum Classic has been able to survive in the face of much adversity, including the theft of $2.6 million worth of ether in January of 2017. However, the future of Ethereum Classic is uncertain, as the majority of the Ethereum community has moved on to the new Ethereum network.
When did Ethereum Classic crash?
On July 20, 2018, Ethereum Classic crashed and its value plunged from $17.50 to $13.00. This was a big blow to the cryptocurrency, which had been steadily rising in value since the beginning of the year.
The crash was caused by a sell-off of the cryptocurrency by investors who were spooked by news of a potential hard fork. Ethereum Classic is preparing to hard fork in order to bail out a failed investment fund, but some investors feel that this could damage the cryptocurrency’s reputation. As a result, they decided to sell their holdings and the price crashed.
The crash is not the first time that Ethereum Classic has faced difficulty. The cryptocurrency has been struggling to keep up with Ethereum in terms of value and functionality. In addition, there have been allegations of fraud and money laundering surrounding Ethereum Classic.
Despite these difficulties, Ethereum Classic remains a viable cryptocurrency and it is likely to recover from the recent crash. Investors who are interested in this digital asset should keep an eye on the market and be prepared to buy in when the price falls.
Will Ethereum Classic recover?
The Ethereum Classic (ETC) blockchain is a decentralized platform that enables smart contracts and decentralized applications (DApps). In July 2016, a hacker exploited a vulnerability in the DAO (a decentralized autonomous organization) and stole 3.6 million Ether (ETH), worth approximately $50 million at the time. In order to prevent the hacker from cashing out the stolen funds, the Ethereum community voted to hard fork the Ethereum blockchain, resulting in two separate blockchains: Ethereum (ETH) and Ethereum Classic (ETC).
Since its inception, Ethereum Classic has been struggling to gain traction and achieve adoption. The lack of a clear use case, combined with a bearish market sentiment, has resulted in a significant price decline. In January 2018, ETC was trading at around $4.50. In March 2018, the price dropped to $0.50, and as of May 2018, it is trading at around $1.50.
Despite the price decline, Ethereum Classic does have some advantages over Ethereum. For example, Ethereum Classic is more decentralized than Ethereum, as it does not have a proof-of-stake consensus algorithm. Ethereum Classic also has a larger community than Ethereum, and it is more resistant to censorship.
Despite the advantages, Ethereum Classic faces several challenges that could prevent it from recovering. For example, the lack of a clear use case and the absence of a strong development team could impede its growth. In addition, the market sentiment is still bearish, which could continue to weigh on the price of ETC.
In conclusion, Ethereum Classic faces several challenges that could prevent it from recovering. However, it does have some advantages over Ethereum, and its community is larger and more resistant to censorship.
What happened to ethereum and Ethereum Classic?
What happened to Ethereum and Ethereum Classic?
In short, Ethereum experienced a hard fork, while Ethereum Classic did not.
What is a hard fork?
A hard fork is a radical change to the software of a blockchain network that results in two separate versions of the blockchain. In the case of Ethereum, the hard fork happened when the network split into Ethereum and Ethereum Classic.
Why did Ethereum experience a hard fork?
In June of 2016, The DAO, a decentralized autonomous organization built on the Ethereum platform, was hacked. A hacker managed to steal 3.6 million ether, worth around $50 million at the time.
To prevent the hacker from cashing in on their theft, the Ethereum community decided to execute a hard fork. This hard fork resulted in a split in the Ethereum network, with the majority of miners and nodes going on to support the new Ethereum chain, while a minority continued to support the original chain, now known as Ethereum Classic.
What is Ethereum Classic?
Ethereum Classic is the original chain of the Ethereum network, unaffected by the hard fork that created Ethereum. Ethereum Classic is often viewed as being more decentralized than Ethereum, as it has a smaller community and a lower hash rate.
What is the difference between Ethereum and Ethereum Classic?
The primary difference between Ethereum and Ethereum Classic is that Ethereum experienced a hard fork after The DAO was hacked, while Ethereum Classic did not. Ethereum Classic is also more decentralized than Ethereum, as it has a smaller community and a lower hash rate.
Is Ethereum Classic abandoned?
When Ethereum (ETH) forked into Ethereum Classic (ETC) and Ethereum (ETH) in July 2016, many people believed that Ethereum Classic would soon become abandoned.
This turned out not to be the case, as Ethereum Classic has continued to be developed and supported by a community of developers and users.
However, there have been some concerns that Ethereum Classic may be abandoned in the future, as the developers have not been as active as some people would like.
Nevertheless, Ethereum Classic has continued to exist and function as a cryptocurrency, and it is still possible to use it to make transactions and payments.
So, is Ethereum Classic abandoned?
At this point, it is difficult to say for certain.
The developers have not been as active as some people would like, but they have not abandoned the project altogether.
Ethereum Classic still exists and functions as a cryptocurrency, and it is still possible to use it for transactions and payments.
However, it is possible that Ethereum Classic may be abandoned in the future, if the developers do not become more active.
Does ETH Classic have a future?
The Ethereum Classic (ETC) blockchain is a decentralized platform that enables developers to create and deploy decentralized applications (dapps).
ETC was created in July 2016, after a hard fork of the Ethereum blockchain. The hard fork was a result of The DAO hack, in which over $50 million worth of Ethereum was stolen.
The Ethereum Foundation (EFF) decided to hard fork the Ethereum blockchain in order to return the stolen funds to The DAO investors. This decision was met with significant opposition, and led to the creation of Ethereum Classic.
ETC is a fork of the Ethereum blockchain, and shares many of the same features and benefits. However, there are some key differences between the two platforms.
The biggest difference between ETC and ETH is that ETC is mined using the same algorithm as Bitcoin (SHA-256). ETH, on the other hand, is mined using the Ethash algorithm, which is ASIC-resistant.
This difference has led to a significant disparity in hashrate between the two platforms, with ETC having a fraction of the hashrate of ETH.
This Hashrate disparity has made it difficult for ETC to compete with ETH, and has led to the development of a number of Ethereum clones.
Despite these challenges, there are a number of reasons why Ethereum Classic may have a future.
First, Ethereum Classic has a much lower market cap than Ethereum, making it a more attractive investment opportunity.
Second, Ethereum Classic is one of the few blockchains that is Turing-complete, which makes it a valuable platform for developers.
Third, Ethereum Classic is backed by a strong community of developers and supporters.
Finally, Ethereum Classic has a number of advantages over other blockchain platforms, such as lower transaction fees and faster transaction times.
Ultimately, whether Ethereum Classic has a future depends on the success of its developers and community in competing with other blockchain platforms.
Is it worth keeping Ethereum Classic?
Since Ethereum Classic was created after a hard fork of the Ethereum blockchain, there are a few key differences between the two projects.
Ethereum Classic is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum Classic is identical to Ethereum, except for the fact that the Ethereum Classic blockchain preserves the original Ethereum protocol.
One of the key benefits of Ethereum Classic is that it is more decentralized than Ethereum. Ethereum Classic has a much smaller community than Ethereum, and there is no central authority that can make decisions about the future of the project. This makes Ethereum Classic more censorship-resistant and more immune to political influence.
Another key benefit of Ethereum Classic is that it is more secure than Ethereum. Ethereum Classic has been tested by fire and has survived several attacks, while Ethereum has been vulnerable to attacks and has suffered several losses.
However, there are also a few key disadvantages of Ethereum Classic.
First, Ethereum Classic has a much smaller community than Ethereum. This makes it less viable as a platform for mainstream adoption.
Second, Ethereum Classic is not as well-funded as Ethereum. This makes it less likely that Ethereum Classic will be able to compete with Ethereum in terms of development.
Third, Ethereum Classic is less developed than Ethereum. This makes it less user-friendly and less likely to be adopted by mainstream users.
Overall, it is up to each individual to decide whether Ethereum Classic is worth keeping. Ethereum Classic has some key advantages over Ethereum, but it also has some key disadvantages.
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