Ethereum Classic (ETC) is probably one of the most boring coins to trade in the crypto market. It also remains sluggish for the most part. However, when it does rally, it is hard to catch up with. This might have to do with the audience it derives interest from. Some investors who buy Ethereum Classic (ETC) do so out of principle, believing it is the real Ethereum and that the forked version, Ethereum (ETH) has lost its true vision. Then there are those who invest in Ethereum Classic (ETC) thinking it is an extremely undervalued coin and that it has a lot of catching up to do, thus also having the potential for most gains. A third group of investors buy Ethereum Classic (ETC) because they believe in the vision and leadership of Charles Hoskinsons and Barry Silbert to frame the future of this mysterious cryptocurrency.
The future success of Ethereum Classic (ETC) lies in mainstream adoption and its backers know it. While principles of “code is law” and “immutability of blockchain” may appeal to a limited audience, the question is whether a staunch stance like this is really worth it? This argument has come at a time when Cody Burns is preparing to push for allowing ASIC mining of Ethereum Classic (ETC). While this may appear to be a big move, most miners already admit that general purpose hardware is prone to being outwitted by custom hardware using advanced tactics to dominate an algorithm. This move may hurt Ethereum Classic (ETC)’s long term stance regarding immutability but it will attract a lot of miners to start mining Ethereum Classic (ETC).
Recently, Barry Silbert’s Grayscale listed its ETC Fund on OTCQX which means traditional investors will now be able to buy Ethereum Classic (ETC) without actually owning the coin. Grayscale will hold Ethereum Classic (ETC) coins on behalf of its clients who will be able to buy shares of ETCG at a price of 0.97 ETC per share. ETCG shares can be traded over the counter without having to worry about market volatility. Previously, only accredited investors were able to buy ETCG shares but now any investor can.
ETC Dev and ETC Cooperative members including Athony Lusardi were seen at Consensus 2018. The team is actively building a loyal following as well as seeking partnerships with other blockchain projects and exchanges. Recently, London Block Exchange announced that investors can now buy Ethereum Classic (ETC) paying with GBP. Ethereum Classic team is seen to be active on Twitter educating prospective miners about how to mine ETC. Another big event for Ethereum Classic (ETC) will be held in Seoul, South Korea on September 12th to 13th according to Barry Silbert. Ethereum Classic (ETC) currently trades in a rising bullish channel and the monthly chart signals an imminent outbreak towards new highs. Recently, Thomas Lee of Fundstrat tweeted that they see Ethereum Classic (ETC) at $60 and ETCG at $70 by end of the year.