It has been a turbulent year for Ethereum Classic (ETC). Though the entire market has been largely bearish, Ethereum Classic (ETC)’s woes were escalated by the financial troubles of the ETCDEV and its eventual collapse. This led to fears that Ethereum Classic (ETC) could be in trouble. In spite of all these issues, Ethereum Classic (ETC) has maintained its market presence, and continues to rise and fall with the rest of the market. This indicates that ETC is still alive, and isn’t going anywhere, anytime soon. With its perpetuity secured by its decentralized nature, focus shifts to its prospects in 2019.
From a look at Ethereum Classic (ETC)’s price action in the past year, both prior to, and after the ETCDEV problems, it is clear that this crypto is heavily correlated to Bitcoin (BTC). Whenever, Bitcoin gains, ETC gains too, and vice versa. As such, its prospects in 2019 are heavily linked to Bitcoin (BTC)’s prospects. If Bitcoin performs well in 2019, Ethereum Classic (ETC) is likely to perform well too.
Looking at Bitcoin’s charts, there is a high likelihood that it will perform well in 2019. That’s because since it broke below $4k and dropped to $3200, has stabilized. This could be an indicator that the weekly 200-day moving average support for Bitcoin is strong, and it is unlikely to break below it. If this support holds, then Bitcoin (BTC) could consolidate in 2019, or gain bullish momentum and start to rise. By extension, this also means that 2019 could be a consolidation year for Ethereum Classic (ETC) or it could end up picking bullish momentum in the year.
On top of its heavy correlation to Bitcoin (BTC), Ethereum Classic (ETC) has a number of factors that could play a role in its potential consolidation, and possibly bullish momentum. One of them is its growing Dapps ecosystem. The end of ETCDEV didn’t mean an end to Ethereum Classic (ETC) or development of applications.
Other organizations are also working on bringing Dapps to ETC. For instance, the ETCLabs has been quite aggressive in pushing for development of Dapps on the ETC ecosystem. Some months ago, the ETCLabs announced that they expect several major Dapps to roll out on the ETC blockchain. This could play a role in supporting the price of ETC and give it a push in case Bitcoin turns bullish in 2019. A growing Dapps ecosystem means that the price of ETC is unlikely to lose momentum in a market where Bitcoin (BTC) is rising.
In essence, 2019 could actually be a good year for ETC so long as Bitcoin performs well. Besides, even if Ethereum Classic (ETC) were to range all through 2019, it would be an opportunity for investors to accumulate for the long haul. The best times to accumulate on any asset is during consolidation periods. It gives a good average for higher profitability in the long haul. Whatever happens, Ethereum Classic (ETC) stands a good chance to hit its all-time highs at some point in coming years.