Ethereum Classic (ETC) has performed very poorly against Ethereum this year. Most recently, the price came back significantly in July, which of course is also due to the very good performance of Ethereum during this period. Today could be the start of a sustainable spin of this trend. On a dollar-based basis, ETC today has by far the best daily performance of all coins in the Top30 with an increase of 6.5%.
Even in the long term, it is noticeable that ETC is now back to its long-term lows since its emergence as Ethereum's Hard Fork in 2016 (see 4-year chart below). After Ethereum recently outperformed the big coins, now Ethereum Classic could shine with a better performance.
Ethereum Classic is actually the original Ethereum token and is based on the Smart Contract system introduced in 2015. The reason for its existence is the DAO hack in 2016, in which hackers were able to steal 50 million dollars through a gap in the program code of the first Decentralized Autonomous Organization (DAO) based on the Ethereum blockchain. After the hack, confidence in the blockchain was severely damaged. However, a hard fork offered the opportunity to undo the hack and get the money back. The majority chose to do so, although many in the crypto scene saw this as a blatant violation of blockchain ideology. After all, it is essential that no transactions can be undone. In any case, the hard fork came with two new blockchains: Ethereum (ETH) as the new blockchain and Ethereum Classic (ETC) as the old blockchain. The technical basis of ETH and ETC hardly differs from each other. Ethereum Classic offers smart contracts and dApps as well as Ethereum . There are as well disadvantages over Ethereum as advantages. For example, the Emerald platform offers toolkits that are more cost-effective than Ethereum and offer additional functionalities. This could lead developers to escape the bottlenecks at Ethereum and bring their applications to market faster and at lower prices.