Ethereum Classic rose to over $17 a few days back but quickly dropped to the $15-5 price level at press time. ETC was trading at $15.41 and previously rose to $10 a day after Ripple secured a partial victory in its legal battle with the U.S. Securities and Exchange Commission on July 13th. However, its price went down soon after. ETC’s price action in the first quarter of this year was praiseworthy, but the subsequent two quarters showed a shoddy performance. The network has been losing popularity from a long-term perspective.
On the other hand, AI has taken off this year, with ChatGPT leading the charge. We can leverage the power of AI to find out what the future has planned for ETC. ChatGPT provided a detailed and concise explanation of Ethereum Classic and its fundamentals. It highlighted the reasons for ETC’s less popularity compared to Ethereum, such as lack of updates and slower transaction times.
Ethereum Classic’s commitment to immutability and proven technology based on the original Ethereum blockchain are its advantages. However, limited use cases and a smaller ecosystem of decentralized applications have hindered its adoption. Despite these challenges, Ethereum Classic remains a reliable and secure platform for installing and transferring digital assets.
The future of Ethereum Classic is uncertain. Predictions from AI and on-chart indicators suggest a bearish price movement in the short run. However, the long-term prospects of ETC are not very bright due to the minimal amount of activity on the network. It remains to be seen if ETC can regain its popularity and attract more investors in the future.
