Chart for ETC/XBT (1W)
Ethereum Classic (ETC) has been fully focused on immutability and decentralization from the very beginning, but in markets like these where most investors are focused on quick returns rather than long term investments in promising technologies, concepts of immutability and decentralization did not matter much in itself. However, what most investors failed to realize was that this amalgamation of immutability and decentralization is what makes Ethereum Classic (ETC) the best fit for emerging technologies like the Internet of Things (IOT) and the Fourth Industrial Revolution.
Most blockchain projects today are centralized. This can be a good thing short term but a bad thing long term. For new projects that are centralized, it gives their creators more freedom and control to experiment and regulate. However, as the project evolves it is up to the creators and core developers to give up control and allow the blockchain to become more decentralized. This was the principle with which the original Ethereum blockchain was founded. However, with the DAO bailout, Vitalik Buterin and the developers who supported the bailout violated the first principle of immutability. Even to this day, there is a growing concern among developers and investors that Ethereum (ETH) is very centralized. Once you break one principle, it leads to another and then finally you are making compromises to a level where you are fine with abandoning your original mission.
Giving up immutability and decentralization might be convenient for the core developers and founders but it comes at a serious cost. It leads to problems like data breaches, corruption, manipulation, infighting, etc. If a blockchain has these issues, it cannot achieve success in Internet of Things (IOT) or the Fourth Industrial Revolution. Any blockchain that can have success at mass adoption for IOT must be immutable and decentralized in the first place.Â Issues like scalability, speed and costs are also important considerations but immutability and decentralization are the prerequisites. If they are not met, no company or organization will even consider using that blockchain for Internet of Things (IOT).
Chart for ETC/USD (1W)
The above chart for ETC/USD shows that Ethereum Classic (ETC) is not just a solid investment from a fundamental standpoint, but also from a technical one. The price of Ethereum Classic (ETC) has been trading in a diamond formation against USD since 2017. It is now at the brink of a breakout as the RSI has reached the extent of its movement within a triangle. In technical analysis, when the price of an asset is rising before entering a diamond pattern, there is a high probability that it will continue to rise after breaking out of that diamond.
In this case, a rally towards new highs seems reasonable from multiple angles. Ethereum Classic (ETC) is currently the cheapest coin on Coinbase and is expected to rise aggressively as the market sentiment reverses. There is an ETC Summit in September which has already been sold out. The event is very important as there will be a live demonstration of Internet of Things (IOT) on the Ethereum Classic (ETC) blockchain. In addition to that, a lot of popular industry figures will also talk about Ethereum Classic (ETC). Ethereum Classic (ETC) will become fully IOT Compatible by Nov 30, 2018 according to their official roadmap.