Ethereum Classic (ETC) Price Forecast for January 31
Date: 2024-01-12 Author: Dima Zakharov Categories: BLOCKCHAIN
In 2016, the first DAO platform created on Ethereum fell victim to a hack, resulting in the theft of $150 million. This event later became known as the "DAO hack."
Co-founder of Ethereum, Vitalik Buterin, decided to initiate a hard fork, which ultimately led to the recovery of the stolen funds and the split of the blockchain into two networks, Ethereum (ETH) and Ethereum Classic (ETC).
Supporters of Ethereum Classic opposed the hard fork, as it essentially contradicted the blockchain's immutability principle. However, the altered blockchain emerged victorious in the competitive landscape, retained its original name, ticker symbol ETH, and attracted even more capital.
In 2022, Ethereum underwent another hard fork known as "The Merge," transitioning from a Proof-of-Work (PoW) network to a Proof-of-Stake (PoS) network. This prompted miners to switch to Ethereum Classic, significantly increasing its mining power and security.
On the evening of January 11, ETC was trading at $29, marking a 41% daily increase and reaching a local high of $32.16.
A machine learning algorithm by CoinCodex analyzed the data, predicting that ETC will continue its bullish rally, with a price target of $44.41 on January 31.
This forecast implies a 50% increase in Ethereum Classic's current price, and the artificial intelligence model does not rule out the possibility of ETC reaching even higher levels at $53.
It's important to note that Ethereum Classic has a relatively lower hashrate and a modest Web3 ecosystem. The network still faces security risks and has a lower adoption rate, especially when compared to Ethereum, which complicates its growth in the competitive cryptocurrency market.
