Ethereum Classic or ETC was in a downtrend against Ethereum or ETH ever since its inception. The weekly chart for ETC/ETH shows that from the start of the last year until July this year, ETC was trading in a falling wedge against ETH.
Actual historical development of ETC
In August, ETC broke the downtrend and was on a steady climb against ETH since then. This is an actual historical development for ETC, as ever since ETH forked off the original chain, which is now run by ETC, it has garnered a lot of support, as well as attention as most miners and developers switched to the new chain.
However, Ethereum Classic was left to die, but developers such as Igor Artamonov never gave up on the project, as they did not believe in compromises. According to them, a blockchain has been supposed to be immutable. If there is a mistake being made, lessons have to be learned, and responsibility is taken, but changes cannot be made to the code only to reserve a single transaction, as once it starts, where does it all end?
Some developers like Igor Artamonov were also of the view that the DAO experiment has to be conducted with smaller amounts, but greed got the best of some in the Ethereum community, and we all saw what occurred next. No matter of that fact, ETH forked off the original chain, and it also received a lot of support and recognition. Many new ICOs were also held on the new Ethereum chain which left ETH overfunded and ETC underfunded.
The team of ETC focused on IoT or Internet of Things
The difference is quite visible in the market cap of both the coins. Back then, if one has talked of the true, i.e., Ethereum Classic (ETC) overtaking Ethereum (ETH) in market cap, the entire crypto community would have laughed at them, and why shouldn’t they? ETC was nothing more than a dead project back in that time.
This time, the situation is entirely different, as people are starting to see what those hard working developers achieved over the years. The team that is behind ETC was smart enough not to pursue the same idea of ICOs as ETH, which has also made Ethereum controversial over the years.
Instead, they have focused on IoT or Internet of Things. This actually means that although ETC still can deploy Dapps on its blockchain, the community is not going to expect it to host a ton of shady Dapps. Instead, they can actually take their time to permit credible Dapps, while at the same time having some more in the form of IOC to present to the community.
On the other hand, ETH was embroiled in a series of internal and external issues in the past several months. However, that does not mean that ETH is not going to rise to some new highs. The price represented on the chard looks very much likely to make a new top during the following cycle.
ETH will not be attractive as ETC for the following days
However, with all the infighting within the ETH community, as well as differences with miners over mining rewards and the transition to PoS or Proof of Stake, ETH is not going to be as attractive an investment as ETC in the days that follow.
Currently, ETC has a market cap of $1.18 billion whereas ETH has a market cap of $19.4 billion. Until recent times, Ethereum has been 27 times the size of Ethereum Classic. But, for the first time in history, ETH is currently only 16 times the size of ETC. That is actually still a lot larger than the difference between Bitcoin or BTC and Bitcoin Cash or BCH, but as it is shown in the charts, the trend is changing quickly in favor of ETC.
Apart from the immutable, as well as incorruptible blockchain and superior tech factor of ETC, which is going to make the right flipping possible, another critical factor is the fixed supply of ETC. just like BTC has set supply of 21 million, ETC has a fixed quantity of 210 million. On the other hand, ETH has no fixed amount and is because of they prone to inflation.