Since ETC entered the market, there have been a variety of events that have influenced the price of ethereum classic.
Ethereum classic’s price can be influenced by a number of factors including the following.
Supply and demand
ETC’s price depends on how many people want to buy or sell the token. High transaction volume can also directly affect its price. When more people use the network to send and receive ETC, it indicates a higher level of activity on the network.
Just like many other cryptocurrencies, ETC also faces competition from other cryptos that offer similar features. Examples include Polkadot, Cardano and Ethereum have all shown that they can compete with ethereum classic. If these competitors gain more of the market share, it could mean trouble for ETC.
Increased media coverage
Increased media coverage for any particular cryptocurrency can positively or negatively influence its price. For instance, On July 27th, 2022, ethereum classic’s price jumped by almost 29% after it got mentioned by Ethereum co-founder Vitalik Buterin at the annual Ethereum Community Conference in Paris.
ETC operates similarly to ETH as a decentralized platform for executing smart contracts and developing decentralized applications. It uses a Proof of Work consensus mechanism where miners validate and secure transactions on the network. The native token of the project is ETC, which serves a variety of purposes ranging from paying transaction fees, participating in dApps and serving as a store of value.
Since the fork, ethereum classic has sought to be a censorship-resistant and immutable platform for smart contracts. The team behind it has also implemented several upgrades and improvements to its networks, such as increasing block rewards, reducing block times and enabling replay protection. The supply cap for ETC tokens has been fixed.
Traders, new to the market often ask – how much is one ethereum classic? There are several trusted sources from which to get this information. Tracking the live price of ETC provides a lot of advantages such as the following.
Finding out entry and exit points
The live price of ETC provides traders with crucial insights into the optimal entry and exit points. Traders can observe price levels and market dynamics and identify support and resistance levels. These serve as key indicators for determining when to buy into or exit a trade.
Monitoring the live ETC price can also help traders achieve effective risk management. They can easily set stop-loss orders or take-profit levels based on the current price.