Ethereum Classic is another open blockchain platform that allows for anyone to build and run applications using blockchain technology. The network is decentralized, meaning no single person or entity controls it. The Ethereum network was designed to flexible, letting users create new applications with ease.
Ethereum’s blockchain is programmable. Users are not limited to pre-defined operations, but rather have the ability to create their own operations. This allows the platform to be used for numerous applications, with cryptocurrencies being just one of them. Ethereum Classic was released in July of 2015. The platform has since been forked into two versions, with the original version being called Ethereum Classic and the newer version being called Ethereum.
Ethereum Classic traded sideways for some time before finally staging an upside breakout in May of 2017. The market made a sharp move higher, eventually trading for over $20 per unit. Those levels were short-lived, however, and the market pulled back to the $15 area. Buying on the dip picked up, and the price went to challenge the $20 level once again. The price again met with significant resistance, and the value saw a steep decline back to the $10 area. After trading in the $10-$11 range for a bit, the market began picking up steam and made another run at the formidable $20 level.
Prices hit $20 and immediately pulled back, but the pullback was quick and very shallow. Prices then went back to $20, and cut right through like a knife through warm butter, quickly making their way to over $30 per unit. After another pullback, prices made a rapid move to over $40 per unit before pulling back again to the $30 area.
Price charts can be very useful for those looking to actively trade Ethereum Classic as well as for those who are looking to make a long-term investment in the technology. Charts can be used to identify overbought and oversold conditions, and may also be used to identify trends in the price of an asset.
Investors may look to buy Ethereum Classic on any significant dips in price, and charts can be a very useful tool for spotting potential areas of price support and resistance. Tax-conscious investors may benefit from investing in ETC in an IRA, as well.
Ethereum Classic and other cryptocurrencies have shown a tendency to rise rapidly and then pullback. This tendency can be seen on the charts, and may potentially continue as these instruments become increasingly popular.
There is no telling how high prices could potentially go. Ethereum Classic and other related technologies could potentially pave the way for digital currencies to become far more mainstream. These currencies are already accepted by many merchants, and their acceptance is likely to grow substantially.
Cryptocurrencies can allow for low-cost and fast transactions anywhere in the world. They may provide a significant cost savings over bank wires or credit card fees when doing international transactions, and do not require any currency conversions. They may also potentially provide added security and protection against fraud.