Ethereum Classic (ETC) has been in a downtrend against Ethereum (ETH) ever since its inception. The weekly chart above for ETC/ETH
shows that from the beginning of 2017 until the month of July this year, Ethereum Classic (ETC) had been trading in a falling wedge against Ethereum (ETH). In August Ethereum Classic (ETC) broke the downtrend and has been on a steady climb against Ethereum (ETH) since then. This is truly a historic development for Ethereum Classic (ETC) because ever since Ethereum (ETH) forked off the original chain, now run by Ethereum Classic (ETC), it has garnered a lot of support and attention as most miners and developers switched to the new chain. Ethereum Classic (ETC) however was left to die but developers like Igor Artamonov never gave up on the project because they did not believe in compromises. According to them, a blockchain was supposed to be immutable. If a mistake is made, lessons should be learnt and responsibility taken, but changes cannot be made to the code just to reverse a single transaction, because once it starts, where does it all end?
Developers like Igor Artamonov were also of the view that the DAO experiment should be conducted with smaller amounts, but greed got the best of some in the Ethereum community and we all saw what happened next. Regardless of that, Ethereum (ETH) forked off the original chain, it received a lot of support and recognition. A lot of new ICOs were held on the new Ethereum (ETH) chain which left Ethereum (ETH) overfunded and Ethereum Classic (ETC) underfunded. The difference is visible in market cap of both the coins. Back then, if one would have talked of the true flippening i.e. Ethereum Classic (ETC) overtaking Ethereum (ETH) in market cap, the whole crypto community would have laughed at them, and why shouldn’t they? Ethereum Classic (ETC) was nothing more than a dead project back then.
Chart for ETC/USD
This time though, the situation is entirely different as people are starting to see what those hard working developers have achieved over the years. The team behind Ethereum Classic (ETC) was smart enough not to pursue the same idea of ICOs as Ethereum (ETH) which has also made Ethereum (ETH) controversial over the years. Instead, they focused on IOT (Internet of Things). This means that even though Ethereum Classic (ETC) is still capable of deploying Dapps on its blockchain, the community will not expect it to host a ton of shady Dapps. Instead, they can take their time to allow credible Dapps while at the same time having more in the form of IOT to present to the community.
Chart for ETH/USD
Ethereum (ETH) on the other hand has been embroiled in a series of internal and external problems since the past few months. That does not mean though that Ethereum (ETH) will not rise to new highs. The price on the above chart looks very much likely to make a new high during the next cycle. However, with all the infighting within the Ethereum (ETH) community as well as differences with miners over mining rewards and the transition to PoS (Proof of Stake), Ethereum (ETH) will not be as attractive an investment as Ethereum Classic (ETC) in the days ahead.
Chart for The True Flippening (Source: WowBTC)
Ethereum Classic (ETC) currently has a market cap of $1.18 billion whereas Ethereum (ETH) has a market cap of $19.4 billion. Until recently Ethereum (ETH) was 27 times the size of Ethereum Classic (ETC). However, for the first time in history Ethereum (ETH) is currently only 16 times the size of Ethereum Classic (ETC). That is still a lot larger than the difference between Bitcoin (BTC) and Bitcoin Cash (BCH) but as the above charts show, the trend is changing quickly in favor of Ethereum Classic (ETC). One important factor apart from Ethereum Classic (ETC)’s immutable, incorruptible blockchain and superior tech that will make the true flippening possible is Ethereum Classic (ETC)’s fixed supply. Just like Bitcoin (BTC) has a fixed supply of 21 million, Ethereum Classic (ETC) has a fixed supply of 210 million. Ethereum (ETH) on the other hand has no fixed supply and is therefore prone to inflation.