When it comes to average daily transactions, most people believe that LTC, BCH and Dash coin take the top spot. Dash, for instance, would easily come up as a top contender considering that it is widely accepted in many countries, more so in Venezuela, a country where local fiat is now worthless. Therefore, it might come as a shocker that Ethereum Classic beats it, and all the other coins that would arguably have more daily transaction volumes.
The average daily transactions for Ethereum Classic (ETC) stand at 50k. BCH averages at 22k, Litecoin at 24k, Dash 10K and 3k for ZCash. This is a clear signal that the market is slowly accepting Ethereum Classic (ETC), and it’s only a matter of time before this reflects in its price.
The growing demand for Ethereum Classic (ETC) can be attributed to its adherence to the principle of code is law. Everything about it has an element of certainty, and this is what gives Ethereum Classic the impetus to scale socially, and gain widespread adoption as a “currency.” According to Ethereum Classic’s Anthony Lusardi, the social scaling of cryptocurrencies is the biggest challenge for this space because it entails setting out rules and adhering to them irrespective of the circumstances. Anthony stated that,
“Social scaling is hard, it’s harder than tech scaling in many respects, and the only way to properly scale socially is to agree on a set of rules. Violating these rules is not just a disagreement, it is a threat to the underlying core of what makes Cryptocurrency work. We need to agree on predetermined rules because, at its basic level, Cryptocurrency is designed so that as long as you agree to these rules you get:
- A known monetary supply; no secret printing of money.
- Counterfeit prevention; no one can make copies of money.
- Freedom to transact wherever and whenever you want; no banks to freeze your money.”
Besides its philosophy that makes it acceptable as money, and pushes up its volumes, Ethereum Classic (ETC) also has a growing demand in the Dapps ecosystem, and this is pushing up transaction volumes. The number of Dapps launching on the ETC blockchain has been rising, driven mainly by increased awareness, compatibility to the Ethereum blockchain and its immutability. Long-term, immutability will play a crucial role in the growth of the ETC blockchain. That’s because, it gives it the leverage to be used in Dapps aimed at sensitive industries, where contract irreversibility is a basis of the whole contract.
In essence, the fast-rising transaction volumes on the Ethereum Classic (ETC) blockchain paint a picture of a fast-growing blockchain. It may not be as hyped as the rest, but the market is slowly recognizing its value. As transactions increase, its price will slowly catch up too. At the moment, it has stabilized at $9, and once money starts flowing back into crypto, Ethereum Classic (ETC) could easily hit $50 and above within a very short time. It has the fundamentals to support such a valuation in a Bull Run.