Ethereum Classic core development community had just issued an anouncement specifically on its monetary policy on March 1. The noteworthy signatories include startup IOHK, which is led by former ethereum CEO Charles Hoskinson, Digital Currency Group, and major mining pools including F2Pool.
Thanks to the Ethereum Classic community's agreement on a new monetary policy, the @EthereumTrust is a go
Stay tuned for details & timing
— Grayscale (@GrayscaleInvest) March 3, 2017
The two major points on the disclosure are implementation of a deflationary monetary policy and total foresseable ETC token supply in the range of 210 million to 230 million. The block reward will be reduced by 20% at block number 5,000,000, and another 20% every 5,000,000 blocks thereafter. Uncle block rewards will also be reduced. Due to variations in the reward rate of ETC, we anticipate the total supply to be approximately 210 million ETC, not to exceed 230 million ETC.
— Ethereum Classic (@eth_classic) March 6, 2017
Read more about ETC development roadmap here.
Meanwhile, U.S. investment firm Grayscale Investments plans to launch first-ever private fund focused on ethereum classic. This marked the second cryptocurrency fund after the Bitcoin Investment Trust which kickoffed in 2013. But no date or total funs size are not available yet. Keep up the latest from Grayscale website.
— Grayscale (@GrayscaleInvest) January 20, 2017
✘ Further development not as exciting, but sorry we are spoilt of choice. Ethereum Clasic needs something special to excites us.
✘ The roadmap doesn’t furnish much details as everything still on the discussion among interest parties.
✘ The future adoption and functionality of ETC is totally vague
✘ The total supply seems too blimp and could pressure the ETC price
✘ The miner pools/nodes are getting more and more akin to a cartel.
✘ BUT the latest collaboration shows the commitments and a welcome sign for the Ethereum Classic and cryptocurrency industry.
Ethereum Classic (ETC/BTC) Technical Outlook March 07 2016
The Ethereum Clasic price against Bitcoin still incapable to move out from the bearish pattern despite the ETC dev latest outline. But the price is gradually improving from the record low based on latest data from Poloniex.
Ethereum Classic (ETC/BTC) daily chart. Data source:Poloniex
:: check the the real time chart here.
The ETC/BTC still stick on the top of key price of Ƀ0.011370 on modest volume. The price could on route to test on cutting 50-day moving average in the next few weeks in order for a turnaround trend. Meanwhile, slower fundamental development and the big increased of total token supply will be take time for the market digestion.
Ethereum Classic (ETC/BTC) daily chart. Data source:Simple FX
Important Ethereum Classic (ETC/BTC) price levels,
✘ Year High – 0.0016900 January 06 2017
✘ Year Low – 0.00099769 February 25 2017
The ETC/USD is still firmly above $1.40 , 100% up agianst the low of $0.72 from November. The technical indicators siganalling the tendency to move near to the north side but the key level $1.50 could curb the apathetic surge.
Trade The Ethereum Classic/Bitcoin (ETC7D) Futures on BitMex
A clear double bottom pattern in sight but the sluggish buying interest might not helpping any reversal. But as Bitcoin ETF looming, altcoins including ETC could see a major shift in volatility in the coming days.
Open Interest: 39,907
Session Volume: 100
24H Turnover: 3.2184 XBT
Total Volume: 25,695,556
Lot Size: 1
Ethereum Classic/Bitcoin (ETC/XBT) is tracking closely with DASH price in other exchanges defying the BTC momentum.
The Ethereum Classic derivative is in the form of a Futures Contract and allows traders to speculate on the future value of the Ethereum Classic/Bitcoin (ETC/XBT) exchange rate. Traders need not have ETC to trade the futures contract as it only requires Bitcoin as margin.
Trade Ethereum Classic on BitMex Futures
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Please let us know what your thoughts on this latest cryptocurrency sensation and update us if you have any insights in the comment section below.
Chart via tradingview, data source from Poloniex, Bitfinex and SimpleFX.