As bitcoin (BTC) inches closer to $5000, it is pulling the altcoins market with it, and Ethereum Classic (ETC) is no exception. In the last 24-hours, Ethereum Classic (ETC) has broken below the $7 support level, an indicator that if current conditions persist, it could hit lower levels within the week. However, these are just short-term shocks. From a more long-term perspective, Ethereum Classic has a good future ahead of it. In fact, if its fundamentals are anything to go by, then Ethereum Classic (ETC) could experience a major bounce back in the next crypto bull run.
One key factor that could drive up the value of Ethereum Classic (ETC) is its immutability. This simply means that Ethereum Classic (ETC) accounts can never be changed. This is a fundamental part of its value, just like it is a key segment to bitcoin’s value. The reason why it is so important is that investors can always be sure that their Ethereum Classic is there’s forever.
No one can ever vote to take it away from them through social consensus. It is the whole essence for the existence of cryptocurrencies in the first place. As more people get to understand the value of crypto and how it can protect them from what happened in 2008, when banks took investors deposits, the value of immutable chains will grow. Ethereum Classic (ETC) has shown in its history that it can adhere to this principle, which is a big plus to its future value.
The other key factor that guarantees the rise of Ethereum Classic (ETC) is its utility. The use value of Ethereum Classic (ETC) is not just speculative, it is real. There are Dapps that are already building on the ETC blockchain. The Ethereum Classic (ETC) labs has also been funding entrepreneurs looking to create Dapps on the ETC blockchain. This will over time push up the number of Dapps on the ETC ecosystem, and as a consequence, push up its value.
Another factor that makes Ethereum Classic (ETC) a good bet is the team. The Ethereum Classic (ETC) team is one of the most technically competent in the blockchain space. It is very much comparable to that of bitcoin core. This is not an exaggeration considering that the IOHK team, led by Charles Hoskinson is part of the Ethereum Classic team. This to a large extent guarantees that all Ethereum Classic (ETC) related developments will always be valuable.
With such strong fundamentals backing it up, there is no doubt that Ethereum Classic (ETC) will make a strong come back in the next Bull Run. Besides, it is available on most major exchanges including Coinbase. This ease of accessibility will play a huge role in driving up its long-term demand. That’s because once the market gets bullish and investors FOMO in, cryptos that are accessible through major exchanges like Coinbase will benefit the most. Therefore, this could be the time to look more closely into Ethereum Classic (ETC) and not flee. Once it gains bullish momentum, it could push back all the way to its 2017 highs, and possibly higher, based on its improved fundamentals.