The value of Ethereum Classic (CCC:ETC-USD) climbed more than 25% in the last 24 hours after developers set an end-of-July target for a network upgrade. The ETC-USD market capitalization was about $6.03 billion as of 8 a.m. Eastern, at a per-coin price of $51.87.
The hard fork to implement the project upgrade, named “Magneto” by ETC community members, will include the four Ethereum improvement proposals, or EIPs, first seen in Ethereum’s Berlin upgrade earlier this year, according to CoinTelegraph.
This will incorporate a variety of planned projects that promise greater security and lower gas fees. Those fees are the transaction fees that users pay to miners on a blockchain protocol to have their transaction included in the block, according to CoinMarketCap.
Some blockchain analysts see lower gas fees as a providing a distinct advantage for ETC over peers Bitcoin (CCC:BTC-USD), Ethereum (CCC:ETH-USD) and Dogecoin (CCC:DOGE-USD), which all sport larger market caps. That perceived advantage is considered a big factor in Ethereum Classic (ETC) price predictions.
Ethereum Classic (ETC) Price Predictions: Is ETC Still the ‘Wrong’ Coin?
The range through year end for Ethereum Classic (ETC) price predictions goes from $34.30-$63.50 in July to $67.50-$83.80 in December. FXStreet’s Akash Girimath yesterday wrote that “a minor pullback might occur before ETC rallies 23% to tag $51.45,” while adding that “If the swing low at $37.53 is breached, it will invalidate the bullish thesis.”
The increased popularity of ETC-USD has been attributed to investor confusion with ETH-USD. Last month, some Ethereum Classic aficionados took to describing the project as “the wrong Ethereum” as the price more than tripled.
Ethereum Classic was the original native coin of the Ethereum blockchain. But, following a 2016 hacking incident, there was a schism in this crypto’s community. As a result, Ether, or ETH, split off, and the rest is history.
Fans of Ethereum Classic prefer its commitment to the original technology. On the other hand, Ethereum has become much larger in terms of market capitalization, and is considered more efficient.
On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. His Substack newsletter, TLV Strategist, covers the Israel business scene.