Cryptocurrency is one of those things that we regret not having. How we all wish that we had accidentally purchased or somehow managed to get even just one Bitcoin or even one Ethereum when they were new to the market. Bitcoin and Ethereum are the top two cryptocurrencies in the market but new currencies are always getting released. Ethereum Classic which was given a stable release recently is one of them. In this article we will do a detailed Ethereum vs Ethereum Classic comparison including Ethereum Classic price prediction.
Ethereum vs Ethereum Classic: A Comparison
Ethereum and Ethereum Classic are two sides of the same coin. People would see them more like the same side of the same coin but that is just because their names are similar and because the two share some similarities. However, there are also quite a few differences between the two with the most notable one being different coins or tokens that each has and their worth is days and nights apart.
Ethereum is a blockchain that is decentralized and open source and cones with smart contract functionality. Ethereum Classic, on the other hand, is also open source but it is a blockchain-based distributed computing platform that again comes with smart contract functionality. The original authors for both of them were Vitalik Buterin and Gavin Wood. So far there is not much difference and so it does not feel like Ethereum vs Ethereum Classic, so let’s get into the comparison aspect.
Ethereum and Ethereum Classic were both released on July 30, 2015, however, their stable releases occurred on 15 September 2022 and 12 February 2023, respectively. The software used by Ethereum is EVM 1 Bytecode and the one used by Classic is EVM 61 Bytecode. Ethereum is written in Go, Rust, C#, C++, Java, Python, Nim, and TypeScript languages whereas Classic is written in C++, Go, Python, Rust, and Scala languages. The active hosts for Ethereum are 8,000 nodes whereas the total hosts for Classic are 498 notes.
So we know Ethereum is the second-largest cryptocurrency in the market just behind Bitcoin. Its market cap stands at a mammoth figure of 215 billion dollars. On the other hand, Ethereum Classic has a market cap of 5.1 billion dollars which is much lower than Ethereum. In 2022 itself the ETH coin has seen highs and lows of 3,700 dollars to 1,040 dollars per coin whereas the Classic coin has seen its price move between the range of 13 and 51 dollars which shows a stark difference.
If there is one thing about Ethereum that is problematic to some people then it is the fact that the coins have no maximum supply limit and the number keeps on increasing, however, for Classic the supply is fixed at 21,07,00,000 coins which might be a better thing to do. Ethereum has moved from a proof-of-work system to a proof-of-stake system whereas Classic has no such plans and for now, is continuing with its proof-of-work system.
So these were some of the major factors or differences and similarities that Ethereum and Ethereum Classic share, however, one thing that is clear here is that in the battle of Ethereum vs Ethereum Classic there is just one winner and that’s Ethereum. It was originally one Ethereum network that was formed, however, a hack that took place in 2016, split Ethereum and Ethereum Classic and thus today we have two blockchain systems in place. Next, we look at the pricing and predictions of the Classic version to determine if it will ever reach levels of Ethereum or if it will even grow significantly.
Ethereum Classic Price Prediction
If we go by predictions for Ethereum Classic the price of the coin was supposed to range between 29.68 dollars and 44.52 dollars. The average price was set at 37.10 dollars. However, this year the coin has seen a high of 51 dollars and a low of 13 dollars. So not sure how these predictions work or if they work at all. Yet it is interesting to look at the numbers to get an idea of what people expect is in store for a certain asset. Though Ethereum at this point is out of reach for Classic, who knows what’s waiting down the line?
So starting with a prediction for the next few days, it is expected that the coin will have an average price of 20.40 dollars on 19th November 2022 with the possible high being 21.83 dollars and the low being 18.97 dollars. On 20th November the prediction says the average price might be 19.10 dollars, the high price to be 21.98 dollars, and the low price expected to be 20.54 dollars. On 21st November the predictions say that the average price would be a bit high at 19.30 dollars and the high and low prices will be 22.09 dollars and 20.65 dollars respectively.
These figures on November 22nd will change to 19.42 dollars on average, 22.34 dollars will be the high price and 20.88 dollars will be the low price. On 27th November the coin will have an average price of 22.10 dollars and the highest price on the day will be 25.43 dollars and the lowest price on the day will be 23.76 dollars.
On 2nd December 2022, the average price of the coin will be 25.05 dollars while the price will touch highs and lows of 28.82 dollars and 26.94 dollars respectively. Lastly, on December 12th the price is expected to be at an average figure of 31.10 dollars and the high and low values for the day are set at 35.78 dollars and 33.44 dollars respectively.
So you see that as the year-end approaches the Ethereum Classic price prediction improves and delivers bigger and better numbers with each passing day. This means that the short-term future of the coin is good for current investors but what about the long-term investors? Let us take a look at Ethereum Classic Price Prediction for the long term.
Also Read: How to Mine Ethereum? (Beginners Guide)
Long Term Price Prediction
So for the short term, that is, up to mid-December the coin seems to have a good potential as per the price predictions but how do things stand for it in the long run? Is it a good investment or is it just a waste of time? In the Ethereum vs Ethereum Classic debate the one thing that got left out was the fact that Ethereum can increase its coin supply by 4.5% every year whereas the Classic has a fixed upper limit in place and this is where the coin has the upper hand and thus this is what the future looks like for Classic.
In the year 2022, Ethereum Classic was supposed to have an average price of 37.10 dollars and highs and lows of 29.68 dollars and 44.52 dollars which it has already surpassed. Keeping this in mind we move ahead as we look at predictions for the upcoming years. In 2023, the coin is expected to have an average value of 61.28 dollars with the lows and highs being 49.03 dollars and 73.54 dollars respectively. These same numbers in 2024 look like an average of 81.51 dollars and the highs and lows look like 97.81 dollars and 65.20 dollars.
In the year 2025, Classic is predicted to have an average value of 108.40 dollars and it should play in the area of high and low of 130.08 dollars and 86.72 dollars. By 2026 the figures change to an average of 144.17 dollars and the highs and lows stand at 173.01 dollars and 115.34 dollars.
By 2027 we can expect a new high for the coin when its average touches figure of 191.75 dollars and the high and low prices are valued at 230.10 dollars and 153.40 dollars. The jump in value keeps getting bigger from here on as we see an average price of 255.03 dollars in 2028 to go with it the high and low prices have been predicted to be 306.04 dollars and 204.02 dollars.
The Ethereum classic price prediction doesn’t stop here as we look at an average price of 339.19 dollars in 2029 with the high and low values predicted to be 407.03 dollars and 271.35 dollars respectively. In 2030 the average value is predicted to be 451.12 dollars and the high and low prices come in at 541.35 dollars and 360.90 dollars.
In 2031 the average price is predicted to be 600 dollars and the high and low prices stand at 719.99 dollars and 480 dollars. The numbers for 2032 are an average price of 797.99 dollars with highs and lows coming in at 957.59 dollars and 638.40 dollars. And lastly, for 2033, the prediction says that the average price will be 1,061.33 dollars with lows and highs of 849.07 dollars and 1,273.60 dollars.
So it is safe to say that if these numbers do come to life or if the coin performs better than expected each year then in more than a decade it will finally be close to the price that Ethereum was once available for. Also, we are no magicians and the data is just collected and served to you. Proceed ahead at your own risk, this article is just for informational purposes and has been made on a reference basis.
Ethereum vs Ethereum Classic Price
There is no comparison to make here. Ethereum blows Ethereum Classic out of any competition that includes comparing their prices. Ethereum while writing this article stands at a value of 1,220.95 dollars per coin while Ethereum Classic at the same time stands at 19.83 dollars per coin. There is a difference of more than 60 times between the current value of these coins.
To be precise today 1 ETH would get you around 61.57 ETC. And even with the hugely ambitious price rise mentioned above, which is predicted for Ethereum Classic till 2033 the coin still doesn’t manage to reach the current price value of one Ethereum which should be enough to paint a picture. If we were to go about Ethereum vs Ethereum Classic price this way then one could only wonder when the latter even comes close to the former’s all-time high price of 4,815.01 dollars.
The two things that can help Ethereum Classic in the future are its connection with Ethereum and its fixed supply which play an important role in demand and supply. Also not having an upper limit on price increases works well for Classic and might see the coin gain momentum when it comes to its price.
In any case, Classic has a long way to go before it can even think of challenging the price of Ethereum. However, this low price is what makes Ethereum Classic a more affordable option for now and also the coin that has more potential and thus should attract more investors.
The Purpose of Ethereum 2
Let’s say you download an app or game on your phone. You use this app/game daily and get to know its user interface, functions, etc. Then one day you get an option to update it and go ahead with it. Now sometimes these updates are just to fix certain bugs and errors to introduce small new features but once in a lifetime or a few years the app/game gets a revamp and the functions, interface, etc. you knew once are now gone. This is what Ethereum 2 is for the unversed. It is a revamped version of the original Ethereum and it should not bother those that own the coin.
The main aim to introduce Ethereum 2 was to shift from the Proof-of-work system to a proof-of-stake system which they had been planning for a long time. With the PoS in place the blockchain now automatically chooses an ETH holder as a validator who is tasked with hashing the new block. This person has to stake at least 32 ETH or must join a stake pool to proceed.
The staked funds can be taken away if the validator abets any fraud or illegitimate transaction. This new system is more sustainable and with it now people don’t need to set up expensive devices to mine crypto and so you have more miners which also makes it a more decentralized process. Ethereum vs Ethereum Classic showed that there are quite a few differences between the two, however, Ethereum and Ethereum 2 also have their set of differences.
Also Read: What is Crypto Insurance? How does it Work?
Ethereum and Ethereum 2: Some Other Differences
There are a few difference between Ethereum and Ethereum 2. One is in terms of Sharding. When it comes to programming and stuff if multiple devices are used through which data is distributed then we refer to it as sharding. From 1 shard you have now arrived at 64 shards. This means multiple routes have been added to an existing pathway, thereby reducing the load on the system and improving its speed.
Previously the system could process only 15 transactions per second which have now been increased to 1,00,000 per second. It’s like adding bridges and underground tunnels to divide the traffic and make traveling more convenient.
Another difference is the introduction of the Beacon Chain or the brain of the process. Yes, there are 64 new pathways now and the validator is also picked randomly but who does it? Who makes sure to take care of it? The answer is Beacon Chain. It connects all pathways and controls them and also enables all transactions to go through if valid. Also, the system decided on the next validator and will monitor their activity to ensure no foul play takes place. Also, the slashing of ETH mentioned above in case of wrongdoing is applied by Beacon Chain.
To be immutable is to be unalterable after creation. This is what the Ethereum Classic is all about. It follows the original system that didn’t allow any changes to be made to transactions that have happened in the past whereas Ethereum follows a system that allows for such changes to take place.
Like Bitcoin, Ethereum Classic opts for a Proof-of-work system as opposed to Ethereum’s Proof-of-stake system. This point also illustrates the fact that Ethereum Classic has decided to keep up with the original Ethereum system and rules, whereas Ethereum is open to modifications and changes at present and in the future.
Both of these platforms aren’t run by just one person but rather a bunch of computers/nods are operating these blockchains. To keep both platforms safe and secure both of them operate with smart contracts and that is what makes them safer than they used to be earlier. Not all of your details will be unveiled to the setup as both systems are pseudonymous. Both these systems aim to help with decentralized app development and smart contracts. Both systems give transaction fees as mining rewards.
Source Reference : https://moneymint.com/ethereum-vs-ethereum-classic/