Ethereum Classic vs. EUR – Cryptocurrencies

Min Spread *
Target Spread *
Swap point Long/Short
-3.28 / -3.28
Nominal Value of one lot
Trading hours

Instrument description

Cryptocurrency has developed into one of the best alternative forms of making digital transactions with its decentralized network that offers secure and fast service. Today, people are familiar with numerous types of digital currencies that include Bitcoin, Ethereum, Ripple, Dash, and Litecoin.

Bitcoin (BTC) was the first cryptocurrency that quickly set trends in digital transactions. Bitcoin is the most widely traded cryptocurrency and has the largest market capitalization. Ethereum (ETC) is the second most renowned digital currency and operates on similar blockchain technology.

The rapid advancement in technology allowed researches and miners to try some changes to improve the capabilities of Bitcoin and Ethereum further, and most of the digital currencies we see and hear today are derived due to changes in the encryption code of Bitcoins and Ethereum.

The changes or introduction of bug, also called ‘forks’ in Bitcoin, led to Bitcoin Gold (BTG) and Dash, while fork in Ethereum led to Ethereum Classic (ETC). Ethereum was launched at the end of 2013 by Vitalik Buterin, but the network went live on July 30, 2015, and almost 72 million coins were mined, which was said to be 65% of the total Ethereum coins ever mined. Bitcoin allowed secure transferring funds while Ethereum allowed people to make ‘Smart Contracts’ that ensures that two people can come into an agreement and carry put transactions without any third party.

Ethereum Classic is an open-source and offshoot version of Ethereum. The split or fork occurred due to a hack that occurred in Ethereum in June 2016, where almost $50 million coins were stolen. The fork was done so that the stolen funds or coins could be returned to the owners based on the records and details before the hack took place.

The fork led to two versions, the older one was called ‘Ethereum Classic,’ and the newer one was ‘Ethereum.’ Ethereum Classic has a slightly low market capitalization compared to Ethereum, but it is quite popular compared to other digital currencies and has a market cap of $1.5 billion. The currency traders can try to take advantage of the high volatility of Ethereum Classic as its prices can vary into double digits in a single day, ETC can also be used as a hedging tool to try to securing one’s investment.

What is the ETC/EUR currency pair?

The Ethereum Classic (ETC) pairing with Euro (EUR) is given by ‘ETC/EUR’ where ETC is the base currency, while EUR is the quote or counter currency. The ETC/EUR pairing indicates a combination of ETC, which is old or original version of Ethereum, and EUR, which is one of the most important currency in the world after the United States Dollar (USD).

The ETC/EUR shows the relationship of Ethereum Classic with the Euro. The ETC/EUR pair shows how many Euros are needed to buy one Ethereum Classic. The current exchange rate is 1 ETC = €4.33.

History of ETC/EUR Pair

Ethereum Classic was derived from the original Ethereum cryptocurrency. The smart contracts in Ethereum served many purposes such as use in insurance, , rent, investments, and gaming. The smart contracts guarantee that a contract will be executed fairly, and seeing the success, a Decentralized Autonomous Organization (DAO) was formed which would serve as venture capital in a decentralized setting.

But DAO required significant investment from the digital currency community, and in just 28 days, $150 million worth Ethereum was raised, which was 14% of all Ethereum in circulation. However, unfortunately, when the investment was completed, somebody hacked or stole more than $50 million from the DAO wallet.

The hack was not due to any security breach, but the developers made an error in formulating the technology. The price of Ethereum fell from $20 to $13 after the hack, and developers decided to address the issue by doing a hard fork chain in Ethereum blockchain, which would help the investors get their lost money back.

After the split on July 20, 2016, the original Ethereum blockchain was called the ‘Ethereum Classic’ while the new hard fork was named ‘Ethereum.’ The total market capitalization of ETC is €500 million. The current circulating supply of ETC is 120 million coins, while it is a market cap at 211 million coins.

Euro is the official currency of 19 countries from the 27 member states of the European Union (EU). Some of the major and financially strong members of the EU include Germany, France, Italy, Spain, Portugal, Netherlands, Sweden, and Denmark. United Kingdom (UK) was part of the EU, but in a referendum in 2016, its people decided to opt-out of the EU, and exit was completed in January 2020.

Euro is the second most important currency in the world after the USD. Euro was introduced in 1999, but the paper notes and coins were introduced in 2002. Euro is regularized and monitored by the European Central Bank (ECB).

How to analyze the ETC/EUR Price Chart

If we analyze the price chart of the ETC/EUR pair, we observe that value remained in the range of €7.00 to €12.00 from the second week of January 2020 to the last week of February 2020. The ETC/EUR pair saw a significant decline from the first week of March 2020, but it again started to gain, and the highest value was €6.6348 on August 1, 2020. The ETC/EUR pair again started to fall from the first week of September 2020, and the current lowest value was €4.3434 on September 16, 2020.

Currently, ETC/EUR pair trades on €4.33. The Bid price is 4.296, while the Ask price is 4.399.

If you think that the price of ETC will increase as compared to EUR, then you will go long or Buy, and similarly, if you guess the price of ETC will drop against the EUR, then you will go short or Sell.

What causes price change in the ETC/EUR pair?

The value of Ethereum Classic is influenced by the current news regarding the adoption, acceptance, and legitimacy of cryptocurrencies. Ethereum Classic is a smaller currency such as Bitcoin Gold and Dash, and the prices of smaller cryptocurrencies are often impacted by changes in the larger cryptocurrencies such as Bitcoin and Ethereum.

The changes and upgrades in the software and network also affect the value of ETC, such as those regarding transaction time and liquidity. The adoption and legitimacy of Ethereum Classic and other cryptocurrencies also affect the value of ETC as in many developed and developing countries common population is not familiar with the concept of digital currency.

The monetary policy of the EU plays a key role in giving stability to the value of the Euro. Other important factors that impact the value of the Euro are interest rates, economic growth in EU member states, employment rate, inflation, and domestic politics in the Eurozone countries.

The information above is for education purposes only and cannot be considered as investment advice. Past performance is not reliable indicator of future results.

Available Cryptocurrency CFDs on R1investing

Symbol Description Trading hours
BTCUSD Bitcoin vs. USD 00:00-23:59 Buy Sell
BTCEUR Bitcoin vs. EUR 00:00-23:59 Buy Sell
BTCGBP Bitcoin vs. GBP 00:00-23:59 Buy Sell
ETCUSD Ethereum Classic vs. USD 00:00-23:59 Buy Sell
ETHEUR Ethereum vs. EUR 00:00-23:59 Buy Sell
ETHGBP Ethereum vs. GBP 00:00-23:59 Buy Sell
DSHUSD Dashcoin vs. USD 00:00-23:59 Buy Sell
ETCEUR Ethereum Classic vs. EUR 00:00-23:59 Buy Sell
ETCGBP Ethereum Classic vs. GBP 00:00-23:59 Buy Sell
ETHUSD Ethereum vs. USD 00:00-23:59 Buy Sell
LTCEUR Litecoin vs. EUR 00:00-23:59 Buy Sell
LTCGBP Litecoin vs. GBP 00:00-23:59 Buy Sell
LTCUSD Litecoin vs. USD 00:00-23:59 Buy Sell
BTGUSD Bitcoin Gold vs. USD 00:00-23:59 Buy Sell
DSHEUR Dashcoin vs. EUR 00:00-23:59 Buy Sell
DSHGBP Dashcoin vs. GBP 00:00-23:59 Buy Sell

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