Why is ETC going down? Is it a Good time to Invest?

While the cryptocurrency market was blooming with a positive growth rate, it went down a steep fall of over $300 billion between Tuesday, September 7, 2021, to September 8, 2021. While Etheruem Classic coin value touched $76.94 on September 6, 2021, it fell down to $52.02 the very next day. Currently, the price of one Etherium Classic coin is $58.22, and it has seen a negative change rate of 4.43% in the last 24 hours.  

Ethereum Classis’s trading volume has fallen over 71.40% in the last 24 hours and the cryptocurrency now holds a market cap of over $7.5 billion. A 24 hour low and high price of Ethereum Classis is $53.62 and $60.73 respectively. However, an all-time high value of the coin is still a long way to go, which was recorded in May 2021 at $176.16. There are over 130 million ETH coins in circulation. Keep reading to know more about Ethereum Classic price prediction.

Ethereum Classic price prediction 2022-2025

According to CoinPriceForecast, the price of Ethereum Classic will reach $75 by the end of 2022 and $100 by mid-2023. Additionally, the mid-year price for 2025 is predicted to be $162.39. According to WalletInvestor, the cryptocurrency will reach about $116 in one year and $291 in the next five years. According to Gov.Capital, the price of Ethereum Classic is supposed to rise to about $76.36 in one year. That being said, it might be a good time to invest in ETC, given that the prices are low. 

Why is Ethereum Classic etc doing down?

According to the official Ethereum Classic Twitter page, the Geth exploit causes about 20% of the network to fall down. According to a recent report by CoinFomania, “an unknown hacker exploited a bug in older versions of a popular Ethereum network client, Go Ethereum (Geth for short). … It seems that someone found the bug we fixed in @go_ethereum v1. 10.8 and exploited it causing all geth nodes with earlier versions to split from the network.” This might be one of the causes that caused a decline in the price of Ethereum Classis price. However, the cryptocurrency network recovered as well. The Ehtereum Classic market cap still stands strong at over $7 billion.  The coin has a total supply of over 210 million.